Unemployment fell by 267,000 to 14.5 million. The labour force declined by 422,000, which means the jobless rate fell because people dropped out of the work force, not because they got jobs. The employment-participation rate fell from 65.7% to 65.5%.
Nearly 5 million people -- more than a third of the unemployed -- had been out of work for longer than six months. It the highest percentage of long-term employed since the Depression.
The weak employment market continues to suppress income growth and consumer confidence, suggesting that consumers are unlikely to lead the recovery.
We believe this is important since businesses, faced with tight credit and a host potential new government burdens, appear unlikely to drive the recovery either.
Nearly 5 million people -- more than a third of the unemployed -- had been out of work for longer than six months. It the highest percentage of long-term employed since the Depression.
The weak employment market continues to suppress income growth and consumer confidence, suggesting that consumers are unlikely to lead the recovery.
We believe this is important since businesses, faced with tight credit and a host potential new government burdens, appear unlikely to drive the recovery either.
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