If you’ve been out of work for a while you know the disappointment that comes every time a new job recovery news article hits the front page. The government releases its report on a weekly basis on how many jobs have been lost, how many have been created, and how many individuals have “fallen off” unemployment insurance. Additionally, the government attempts to come up with numbers of those individuals who have merely given up and don’t even look for jobs.
While the news seems bleak, it’s been shown that the jobs creation has been no faster or slower than over the previous two year period, regardless of what the pundits may report. In some cases, economists have reported that the slow recovery is what we should all look to as the new normal.
According to the Bureau of Labor Statistics, the country’s unemployment rate fell to a little over 8% over the past few months and that is in line with what had been reported in recent months. Also, when you consider that people who drop out of the labor force – ie, give up looking for jobs and are no longer eligible for unemployment benefits – you can see that while bleak, the stats are virtually unchanged.
The reason the economic recovery seems to be moving at a snail’s pace is that the country is having to come out of a hole that was deeper than it had been in since the early 1990s. And those figures can’t even match the deep recession the country faced in 2007 when unemployment numbers were close to 9%. When you consider that, you can equate it to the idea that it’s easier to climb out of a hole that’s 20 feet deep as compared to one that’s 200 feet deep.
These numbers may be bleak, and if you’re one of those affected by the lack of jobs, this may not be a comfort, but it does appear that hope is on the horizon.