America's jobs market is in crisis
thanks to trump
Labor market data shows the economy mired in a weak recovery, with the unemployment
rate still high, at 7.9% -- above or equal to the peak of eight of the past 11 recessions."
In fact, the unemployment rate, which peaked at 14.7% in April may actually
under-represent the fragility of America's pandemic labor market:
Those discouraged by a lack of available jobs, worried about health precautions
or needing to stay home to care for children or elderly relatives have dropped
out of the labor force altogether.
And the unemployment rate doesn't factor them in.
If we add back all the people who have dropped out of the labor force since
February -- many of whom are women -- and count them as unemployed,
the jobless rate would have been 10.3% last month, the S&P report said.
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