October 2, 2015 2:18 PM MS
Wall Street
Photo by Spencer Platt/Getty Images
It has been a long time since the Bureau of Labor Statistics (BLS) published the real unemployment
numbers for all Americans who fit the criteria of being able to work in
the economy, but have not been able to find a job for one reason or
another. Instead, the BLS has simply changed their data models
numerous times since 1980, and now we have reached the point where
there are actually more people between the ages of 16-54 who don't have a
job versus those in that same age range who do.
And with the Federal Reserve using these BLS numbers as the catalyst for whether to raise interest rates after nine years of them being pushed down to near zero, one regional central bank on Oct. 2 laid the blame for there being over 94 million Americans out of work and not counted in the unemployment models as simply 'not wanting to get a job'.
And with the Federal Reserve using these BLS numbers as the catalyst for whether to raise interest rates after nine years of them being pushed down to near zero, one regional central bank on Oct. 2 laid the blame for there being over 94 million Americans out of work and not counted in the unemployment models as simply 'not wanting to get a job'.
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There Are Not Enough Jobs, And Austerity Is To Blame
The September jobs report is spooking even the optimists.
The especially poor September jobs report reinforces what many economists have been saying for months: The six-year recovery from the Great Recession has been too weak to create enough jobs for America's growing population, let alone restore significant wage growth.
Domestic fiscal austerity, not recent global volatility, is primarily to blame for the inadequate job growth, these economists argue.
The U.S. economy created 142,000 jobs in September, bringing average monthly job growth to 198,000 this year -- way down from the monthly rate of 260,000 in 2014. Average hourly wages decreased slightly in September, meaning pay has risen just 2.2 percent in the past 12 months.
In addition, the percentage of the population working or looking for work has dropped to 62.4 percent, the lowest it has been during the Obama presidency. The progressive Economic Policy Institute estimates that we need 2.6 million more jobs to keep up with population growth.
Economic Policy Inst
To keep up with population growth, we still need 2.6 million more jobs. http://on.epi.org/1L8D7mk
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