The seasonally adjusted July unemployment rate of 7.4 percent showed a slight decline from last year’s 8.2 percent, but the gains came largely as a result of declining labor force participation rather than job creation.
Due to this, this Labor Day, among many others have proven over time that people are still underemployed, unemployed, and/or underpaid. There is a large measure of unemployment called U-6 that includes people working part-time because they cannot find full-time work, and those who want a job and have looked for one in the last 12 months but have given up looking for one. A year earlier, this ratio was 14.9%. Well, it’s a modest 14% now. Below is a chart courtesy of the Department of Labor.
-data from the US Dept of Labor
When we get unemployment to a more feasible level, I can agree 100% with the cerebration of working our behinds off and taking one day off of the hard labor. Until then, I continue to pray for job opportunities for those who are less fortunate.
Happy Labor Day all! To all those employed, be blessed. Tho those who are still searching, there is a light at the end of the tunnel. Keep pushing!