Anything But "Incredible": For Millennials And Women, The Jobs Report Was Catastrophic
When we dig through Friday's US unemployment numbers we soon find out that the "incredible" jobs report as pointed out by Trump is at the MOST abysmal level observed in modern history.
My job in this article is to present you the facts and reserve my personal opinions.
The total US employment is basically where it was at the depth of the financial crisis, while 21 million workers find themselves unemployed. This number was 6 million just two months ago.
In context:
133 million employed workers.
103 million who are not even in the labour force
92.7 million don't even want a job
Those who are lucky enough to get a job are shifting from full to part time.
According to Deutsche Bank the only jobs that were created in May were for highly-skilled, highly-paid workers as low and medium wage jobs continue to shed millions of workers - mostly young, recent graduates - as employers shift to zoom-ing or outsourcing.
The unemployment rate for those without college education is 16%
The unemployment rate for those who never finished high school is 20%
Millennials(age 25-24) already had a hard time finding a good job/career post Global Financial Crisis, but here we go again.
Millennial employment rate at recession levels
The core, prime-aged segment of the workforce (ages 25-54) also saw a historic collapse in their job prospects
While the modern economy also face the worst pension crisis of all time, those who are 65 and older are getting laid off left and right, plunging to crisis levels as well.
Lastly, female unemployment is also higher than male unemployment at current times.
And here is Nasdaq hitting all time high. Hmm....
More knowledge, More power!
-CS