The US economy continues to limp along, with jobs being shed at a high rate, despite the 'green shoots' some see.
The latest figures show some alarming numbers:
"How bad is the current recession? Here's one measure: the United States now has fewer jobs than it did nine years ago, even though the work force — the number of people either working or looking for work — has grown by 12.5 million people since then. It's the first time since the Great Depression that a recession has wiped out all the jobs created during the previous business cycle…"
US unemployment is now at a 26-year high of 9.7%.
But that's only half the story.
There is a massive total of underemployed as well:
"8.9 million: Number of part-time workers who would have preferred full-time work last month. 2.17 million: People without jobs who wanted to work, were available and had looked in the last 12 months, but had not looked in the last month. 16.5 percent: Unemployment rate if you include involuntary part-time workers and those without jobs who hadn't looked for work in 12 months — the highest in records dating to 1994."
Those green shoots will need to flourish fast if the US engine is to provide meaningful jobs for these millions of unemployed and underemployed.
