Sunday, November 8, 2009

Unemployment and underemployment

The new numbers are in and they are staggering - 10.2% unemployment - higher in NYC -where I happen to be underemployed - yes, I have pretty much given up on the idea of getting a job with benefits or a full time job until the economy rebounds. It is 15.3% in Michigan where most of my immediate family resides, as of September of this year. The overarching figure of underemployed is 17.5% and for those who have been unemployed for six months or longer (and dependent on savings, separation pay and extended jobless benefits), their numbers are a whopping 35.6%. These figures tell a story, folks. The economy is working for some, but the average American is still struggling to find their way.

According to this excerpt from an editorial piece in the NY Times today: "President Obama said that "bold, innovative action would be needed from the Administration, Congress and the private sector - to undo the devastation in the labor market."

These are difficult times indeed - the figures also do not take into account the staggering rate of unemployment amongst teens ages 16-19 - 27.6%. This figure is particularly of interest to me as I am a mother of a 20 year old who is fortunately employed, but a 22 year old who has been unemployed for some 2-3 years on and off.

I await some direction and guidance from the administration - in the meantime, I, as do many other adults my age, continue to complete our degrees and hope that when the economy does finally turn around, I can be gainfully employed once more.

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