The Bureau of Labor Statistics has released the jobless numbers for October 2014. There’s good news, not-so-good news, and bad news.
Good news: The official unemployment rate is:5.8%. 214,000 new jobs were added to the workforce last month, 2.3 million so far this year.
Not-So-Good News: The real unemployment rate is 11.1% (U6, includes people who no longer get unemployment benefits, need work but have stopped looking because it’s futile, or have only found part-time work). Learn more here.
Bad News: Wages for those new jobs are low. Very low, down where they were in 2009. And 2.9 million people have been out of work for half a year or more.
The economy may suck for working people, but Wall Street is doing just fine, thank you.
“America’s dual economy,” Heather Long and Patrick Gillespie, CNN Money
“American workers are still waiting for their raise,” Matthew Yglesias, Vox
“Job Growth Is Picking Up. But What About All the Sidelined Workers?” Josh Bivens, Wall Street Journal blog
“Black Unemployment Falls to 10.9 Percent,” Joyce Jones, BET News
Short link: http://wp.me/p6sb6-k9J
Image (from a WPA photo) by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com
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