A Snapshot of the U.S. Economy

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IT'S NOT LIKE I'VE HAD A REAL JOB FOR ANY LENGTH OF TIME

Most of the unemployed no longer receive benefits. Nearly one-third of the 14 million unemployed have been out of work for more than a year or two. If Congress does extend the 99 week benefits, it won’t help much because most have been unemployed for more than 99 weeks. This is the longest period of time without a recovery since the Great Depression.

In the wake of the Great Recession, the figure reached 41 weeks in September. That’s the longest on records dating to 1948. The figure is now 39 weeks.

46 million receive food stamps

Disability insurance has jumped 50% since 2007

Unemployment benefits have been extended nine times. The benefits were never meant to be anything but a short term solution.

9.3 Americans are underemployed according the the Bureau of Labor Statistics.

According to theGuardian, there is some good news. The unemployment rate edged down to 9% from 9.1% in September and is the lowest since April, according to the Bureau of Labor Statistics report. It was a small move but should still give some boost to Obama as he battles stubbornly high unemployment.

Analysts cautioned that while employment continued to grow, the pace is still too slow to keep pace with US population growth or to claw back all jobs lost in the downturn. It bodes ill for the high unemployment rate, which has more than doubled since before the global financial crisis.

Chris Redfern, senior dealer at Moneycorp, said: “The data is generally positive but at the current rate of job creation it would take over 30 years to recover the 2m-plus jobs that were lost during the recession. This is a major concern for the US economy and Obama, especially leading into an election year.”

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