A Rebounding Job Market? Nearly 50% Of Unemployed Americans Have Given Up Job Hunting
Is the government painting a misleading picture of America’s job landscape? Recent job reports have used words such as “rebounding,” “improving,” and “snap back,” which all allude to an optimistic outlook for the job market. But — eh — Policy Mic just isn’t buying it!
The April jobs report boasted that the unemployment rate dropped from 6.7 percent to 6.3 percent. But Policy Mic says that the government neglects to reveal one thing: 47 percent of unemployed Americans, according to a Harris Poll survey commissioned by Express Employment Professionals, have “completely” abandoned their job search.
The poll, which surveyed 1,500 unemployed adults, also found that 46 percent did not attend a job interview the month prior. Nearly a quarter revealed they haven’t had an interview since 2012. As for government assistance, 80 percent of respondents are not receiving jobless benefits.
“This survey shows that millions of Americans are at risk of falling into the trap of prolonged unemployment, and it should give policymakers a greater sense of urgency to focus on the singular goal of creating jobs,” Bob Funk,CEO of Express, said in a press release.
Another fact that the April job report “forgot” to mention? The labor force is also experiencing its lowest participation rate in decades — 62.8 percent. That figure is the percentage of workers, over the age of 16, who are currently employed in the job market. Think about it. Is the unemployment rate dropping because oh-so-many jobs are being created or because more people are leaving the workforce?
These statistics, Policy Mic points out, affects America’s youngest employees the most. In fact, the survey’s respondents tended to be of a younger age since “more than half of all unemployed are under 40 and one third are under the age of 30.” Guess it’s not looking too good for Class of 2014, huh?
“. . .[T]he nation’s job market continues to force college graduates to take jobs they’re overqualified for, jobs outside their major, and generally delay their career to the detriment of at least a decade’s worth of unearned wages,” USA Today said.
Among Americans between 25 and 34, the April jobs report noted a drop from 75.9 to 75.5 percent in the unemployment rate. But like Policy Mic, Labor Market Economist Heidi Shierholz points out that job creation has nothing to do with it. “The entire drop (in unemployment) was due to people dropping out of the labor force, in particular young people,” she said.
“Unfortunately for young Americans,” said Evan Feinberg, president of Generation Opportunity, a youth advocacy organization, “the recession never ended.”