According to a recent Washington Post story,
The proportion of Americans in their prime working years who have jobs is smaller than it has been at any time in the 23 years before the recession, according to federal statistics, reflecting the profound and lasting effects that the downturn has had on the nation’s economic prospects.
By this measure, the jobs situation has improved little in recent years. The percentage of workers between the ages of 25 and 54 who have jobs now stands at 75.7 percent, just a percentage point over what it was at the downturn’s worst, according to federal statistics.
Before the recession the proportion hovered at 80 percent.
While the unemployment rate may be the most closely watched gauge of the economy in the presidential campaign, this measure of prime-age workers captures more of the ongoing turbulence in the job market. It reflects “missing workers” who have stopped looking for work and aren’t included in the unemployment rate.
During their prime years, Americans are supposed to be building careers and wealth to prepare for their retirement. Instead, as the indicator reveals, huge numbers are on the sidelines.
“What it shows is that we are still near the bottom of a very big hole that opened in the recession,” said Heidi Shierholz, an economist at the Economic Policy Institute, a left-leaning think tank.
The Post story goes on to point out that the percentage of prime-age men who are working is smaller now than it has been in any time before the recession, going all the way back to 1948, while the proportion of prime-age women is at a low not seen since 1988. A 50-year-old heating and AC technician from Alexandria, Virginia, was out of work in 2009 but found a job right away. He was laid off again about six months ago and, standing outside the Alexandria unemployment office, said it seems harder this time around.
“The economy is just really messed up right now,” he said.
Indeed it is.
Yesterday, we also learned that Americans’ confidence in the economy suffered the biggest drop in eight months. The Conference Board said that its Consumer Confidence Index now stands at 64.9, down from 68.7 in April. “Consumers were less positive about current business and labor market conditions, and they were more pessimistic about the short-term outlook,” said Lynn Franco, director of economic indicators at The Conference Board.
These are more signs (as if we needed them) that the economic recovery under Obama is historically weak. With a little more than five months left in the election, there’s nothing the president seems able to do about it. And the human suffering caused by his misguided policies continues to mount.