The NFP report confirms the picture we have all known to grow and love – the people “entering” the labor force are temp workers, those with marginal job skills, and making the lowest wages. For everyone else: better luck elsewhere: the number of people not in the labor force has soared by 7.5 million since January 2007, and the average duration of unemployment is 40.8 weeks – essentially in line with last month’s record 40.9. Bottom line – if you are out of a job, you are out of a job unless you are willing to trade down to an entry level “temp-like” position with virtually no benefits or job security.
Click the link for the charts. In prior posts I’ve reproduced Scary Charts on my website. For these charts I’d like my readers to go to the source, especially if you have never read Zero Hedge.
I spend a lot of my “free” time catching up on the news. Saturday mornings are my favorite time to catch up on news, think, and reflect. We all need time to think deeply.
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