by Michael Snyder, The Economic Collapse Blog:
Did you know that when you take the number of working age Americans that are officially unemployed (8.2 million) and add that number to the number of working age Americans that are considered to be “not in the labor force” (94.3 million), that gives us a grand total of 102.5 million working age Americans that do not have a job right now? I have written about this before, but today I want to focus just on Americans that are in their prime working years. When you look at only Americans that are from age 25 to age 54, 23.2 percent of them are unemployed right now. The following analysis and chart come from the Weekly Standard…
Here’s a chart showing those in that age group currently employed (95.6 million) and those who aren’t (28.9 million):
“There are 124.5 million Americans in their prime working years (ages 25–54). Nearly one-quarter of this group—28.9 million people, or 23.2 percent of the total—is not currently employed. They either became so discouraged that they left the labor force entirely, or they are in the labor force but unemployed. This group of non-employed individuals is more than 3.5 million larger than before the recession began in 2007,” writes the Republican side of the Senate Budget Committee.
Clearly, we have never recovered from the impact of the last recession.
But let’s try to put these numbers in context.
Below, I would like to share two charts with you. They show what has happened to the inactivity rates for men and for women in their prime working years in the United States in recent years.
In order to be considered “inactive”, you can’t have a job and you can’t be looking for a job. So this subset of people is smaller than the group that we were talking about above. The 23.2 percent of Americans in their prime working years that are unemployed right now includes those that are looking for a job and those that are not looking for a job.
These next two charts do not include anyone that has a job or that is currently looking for a job. These charts only cover “inactive” people in their prime working years that are not considered to be in the labor force.
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