Posted by: Joe Eds | March 5, 2010

Sobering

Not out of the woods yet, as our friends at the Economic Policy Institute remind us. They have a report out this morning stating that the jobs market is officially “on pause.” 35,000 jobs lost in the month of February, leaving the official unemployment rate at 9.7%. Here however is the more troubling news:

However, the underemployment rate (which includes not just the officially unemployed, but also jobless workers who have given up looking for work and part-time workers who want full time jobs) rose from 16.5% to 16.8%, offsetting some of the gains made in January, as the number of involuntary part-timers increased by nearly half a million workers.  In February, there were 2.6 million marginally attached workers, 8.8 million involuntary part-timers, and 14.9 million unemployed workers in the United States, for a total of 26.2 million workers who are either unemployed or underemployed.

The chart above signals long-term unemployment (six months or more) .

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