May 3. The percent employed as a share of the population (e-pop) went up 0.1 percent last month, a very small change. It’s really been stuck at the same level for 3 years. The number “not in the labor” force dropped 31,000, good, but still a very small amount. (Remember it dropped 600,000 last month.) The New York Times reporter Benyimim Applebaum summed it up this way, ” The economy continues to add jobs in proportion to population growth. Nothing less, nothing more.” He said the U.S. is ten million jobs short of where it should be.
Later in the day another NYT article pointed out that the U.S. which used to have the lowest percent of young people without jobs (compared to Canaqda and European countries) now has the highest. Since 2000 the number has gone from 18.5 to 26.6% in the age group 26-34. The lack of jobs for young people was reported on last August on this blog here.
And we have to mention the news about the sharp increase in the suicide rate in the U.S. The biggest increase is among the baby boomer generation. Dr. Julie Philips at Rutgers said, “The boomers had great expectations for what their life might look like, but I think perhaps it hasn’t panned out that way.” Read the “comment” on the article by Jen D about how joblessness slowly destroyed her brother and drove him to suicide.
May 13, a major article on austerity and suicide on the New York Times, click here