Government acknowledges exclusion of millions of jobless from recent employment data.
Unemployment Numbers Conceal the True State of the Economy
When the June jobs report came out, President Joe Biden proudly declared it as a testament to his economic policies, dubbing it “Bidenomics in action.”
However, a closer look at the report from the Bureau of Labor Statistics reveals a different story. Buried within the depths of the report is the shocking revelation that over five million Americans who are not working were not even counted in the official unemployment rate, which stands at 3.6 percent.
Every American willing to work hard should be able to get a job no matter where they live – in the heartland, in small towns, in big cities – to raise their kids on a good paycheck and keep their roots where they grew up.
That’s the American dream.
That’s Bidenomics. pic.twitter.com/QtLmYZJBp6
— President Biden (@POTUS) July 29, 2023
The report states, “The number of persons not in the labor force who currently want a job was 5.4 million in June, little changed from the prior month.” These individuals were not considered unemployed because they were not actively seeking employment or were unavailable to take a job.
Unemployment, according to the official definition, requires individuals to have made specific active efforts to find employment. This means being involved in some government-linked activity to find work, for example.
The report also highlights that 1.1 million people are classified as long-term unemployed, having been out of work for 27 weeks or more. This group accounts for 18.5 percent of the overall population of unemployed individuals.
Furthermore, the report reveals that many Americans are trapped in part-time jobs. It states, “The number of persons employed part-time for economic reasons increased by 452,000 to 4.2 million in June, partially reflecting an increase in the number of persons whose hours were cut due to slack work or business conditions. These individuals would have preferred full-time employment but were working part-time due to reduced hours or the inability to find full-time jobs.”
The report also highlights that the labor force participation rate stands at 62.6 percent, which remains below pre-pandemic levels during the Trump era, as documented by the Federal Reserve.
Additionally, the report reveals that while many Americans struggle, the government sector continues to grow. Government jobs increased by 60,000 in June, with an average of 63,000 jobs added per month this year, compared to 23,000 jobs per month in 2022.
According to the Congressional Budget Office, the future does not look much brighter. They predict a slowdown in economic growth, with the growth of real gross domestic product (GDP) projected to slow to a 0.4 percent annual rate in the second half of 2023. This slowdown will lead to an increase in unemployment, with the rate reaching 4.1 percent by the end of 2023 and 4.7 percent by the end of 2024, before slightly declining to 4.5 percent in 2025.
The CBO’s most recent report also projects a decline in job growth, with the number of added jobs in the economy projected to fall from an average of 298,000 per month in the first half of 2023 to an average of 111,000 per month in the second half.
Overall, the report reveals that the true state of the economy is not accurately reflected in the official unemployment numbers. Millions of unemployed individuals are not counted, and many Americans are struggling to find full-time employment. As the government sector continues to grow, the future remains uncertain for the economy and job market.
Source: Gov’t Admits Millions of Unemployed People Were Not Counted in Latest Job Stats
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