Here is the number that matters: 15.3 million. That's how many folks remain unemployed.Today's news on the unemployment rate seems bittersweet. About 290,000 jobs were added, but the unemployment rate rose to 9.9 percent. If you're among the longtime unemployed, this news can be seen as more bitter than sweet. Here's why.
Despite the substantial increase in new jobs, there are more people percentage-wise looking for work. Therefore, the competition for jobs is fiercer. Those job-seekers who are at a disadvantage for whatever reason aren't likely to find it any easier to obtain work. Many will settle for being underemployed, which doesn't really do a lot of good for them or the economy.
What the 290,000 number doesn't specify is what kind of jobs are being created. From my perspective, it appears many advertised job openings are for entry-level positions or in limited fields. Good news for those graduating from college or trade schools. Not so much for mid and senior-level professionals.
I take today's news with a grain of salt. The politicians and media commentators will spin it in various ways that suit them. But the current reality for 15.3 million Americans, plus the millions who are underemployed, remains essentially the same. We welcome each bit of good news, but we also know that employers are still getting hundreds of applications for every decent job opening.
There is no doubt that the bleeding is slowing down. That's the good news. But the economy is still not generating enough jobs to shorten the unemployment line. That is just a fact. With the stock market wobbling lately, the Gulf of Mexico spill expanding and other growing stresses on the economy, it's going to take more than one or two semi-positive job reports to restore real optimism. Those who have been out of work for a long time and have exhausted their resources simply don't have much time left to get back on their feet.
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