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Long-Term Hardship Continues: 200K Job Increase, 50K Stop Looking

LPH

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The U.S. economy continues to stagger for many people. Today's numbers released by the government suggest the economy grew by 200,000 jobs. However, 50K people gave up looking.

Additionally, average hourly earnings rose by 4 cents, while the average workweek slightly increased by .1 hours to 34.4 hours.

"I think it's a very positive report, unambiguously," said Mark Zandi, Chief Economist of Moody's Analytics. "Generally you have a lot of cross currents, but this suggests that the job market and the economy are gaining broader traction."

On a related note, John Schmitt, a senior economist at the Center for Economic and Policy Researchm coined the term long-term hardship: The individual who lost a job, and can't find one with similar skills is employed for far less money in a part-time job.
 
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