The New Normal in the Obama Economy Lackluster job growth, a shrinking workforce, long-term joblessness – all hallmarks of the new normal in the Obama economy, according to the latest unemployment report released by the Department of Labor today. Far from a one-off, several key facts in today’s report point to a long-term pattern of weak growth that has kept full-time work out of reach for millions of Americans. Here’s more: 312,000 Fewer Americans in the Workforce. “115,000 fewer Americans had jobs in August than did in July, and 312,000 fewer Americans participated in the workforce entirely.” (Washington Examiner, 9/6/13) Lowest Labor Force Participation Since 1978. “[T]he participation rate — the share of working-age Americans who either have a job or are looking for one — dropped to its lowest level since August 1978.” (Reuters, 9/6/13) Average Length of Unemployment More than Eight Months. “The average unemployed worker has been out of work for more than eight and a half months—a figure that rose for the second month in a row.” (The Wall Street Journal, 9/6/13) No Change in the Proportion of Working Americans. “The proportion of the U.S. population that had a job in August was 58.6 percent. Six […]
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