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Labor Day 2011: Are you better off?

UT Econometer - Panelists see some good, some bad


Sunday, September 4, 2011

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Kelly Cunningham, National University Systems
Answer: No

Although job numbers have slightly improved, more are actually unemployed than ever before as employment is not keeping up with population growth. One must actively be seeking work to be counted in the labor force. The Bureau of Labor Statistics shows another 6.8 million available and wanting to work but not included in the official count of 14.4 million unemployed as of July 2011. The number not working therefore is actually higher in 2011 than in 2010. Young people in particular show lower labor force participation rates. In addition, as the economy sputters, rising inflation is eating into “real” income gains.