Last week, the Bureau of Labor Statistics released its monthly jobs report for April. While most of the focus is on the unemployment rate, here are four troubling stats after looking more closely:
1. The Labor Force Participation Rate to now at its lowest level since the Carter Administration, with 806,000 Americans leaving the workforce in April.
2. More than 3.45 million Americans have been unemployed for more than 27 weeks, signaling the development of a permanently unemployed class.
3. The percentage of working-age Americans who are employed (the Employment-Population ratio) is 58.9%, nearly 2% lower than it was when President Obama took office.
4. Compared to the average post-1960 economic recovery, the current recovery has resulted in $4.0 trillion in lost economic output. The average growth rate in the current recovery stands at 2.2%, nearly 2% below previous average recoveries.
More Americans are unemployed, underemployed, and long-term unemployed – which is anything but an America that works. House Republicans have passed stacks of jobs bills that are collecting dust on Harry Reid’s desk. Maybe the President should use his phone to call Senator Reid and tell him to vote on those to help Americans find jobs.