The U.S. economy added 113,000 jobs in January. This was a tiny improvement over December’s numbers, but the figures are already being touted by pundits as proof of an “economic recovery.” In spite of the claims, these figures fell well below forecasters’ predictions of 185,000 new jobs.
The Labor Participation Rate, which is used as a gauge of the percentage of working-age Americans currently employed, was 63%, up from December’s 62.8% in December. While that might sound like an improvement, these are amongst the lowest rates in four decades.
Statistics from the Labor Department said most job growth in January was in construction, manufacturing, wholesale trade and mining. But many of these jobs are hiring for part-time hours.
While the number of long-term unemployed – those who’ve been out of work for 27 weeks or more – has declined by 232,000 to 3.6 million, those obtaining jobs are more often than not finding low-paying jobs. In fact 75% of jobs created so far in this “recovery” have been low-wage jobs.
If you live in the United States, there is a good chance that you are now living in poverty or near poverty, in spite of the declining unemployment figures. Nearly 50 million Americans, (49.7 Million), are living below the poverty line, with 80% of the entire U.S. population living near poverty or below it.
That near poverty statistic is perhaps more startling than the 50 million Americans below the poverty line, because it translates to a full 80% of the population struggling with joblessness, near-poverty or reliance on government assistance to help make ends meet.
Meanwhile, we’re told of some “Economic Recovery” that many Americans just aren’t seeing in their day-to-day lives.
(Article by James Achisa; image via International Business Times)