America’s labor market depression continues
James Pethokoukis’ graph says it all:
…the graph is indicative (please note the jobs gap in green) but let me add my obligatory juicy part:
– If the size of the U.S. labor force as a share of the total population was the same as it was when Barack Obama took office—65.7% then vs. 63.8% today—the U-3 unemployment rate would be 10.9%. Even if you take into account that the LFP should be declining as America ages, the unemployment rate would be 10.5%.
Ten point five freaking percent. Go read all of it to see how bad it is. Yuk.
Related from Investor’s Business Daily: 10 reasons why jobs market even worse than weak June employment report