This month marks the third anniversary of the start of the Great Recession. It’s officially over now, according to the economic statistics, but the economy is still horrible for many people. Remember back in 2008 how far away it seemed when the economists said things wouldn’t improve significantly until late 2010?
It’s late 2010 and an analysis from the liberal think tank Economic Policy Institute suggests it’s getting worse, at least for people looking for meaningful work. It says the “underemployment rate” is going up, not down.
The large numbers of workers who have stopped looking for jobs or can only find part-time work suggest that high rates of unemployment will likely persist even when more jobs are created. Moreover, even the 17% underemployment rate does not include people who are working full-time but have had to take jobs below their skills, training or experience level.
Or is it?
Black Friday drew big crowds, CyberMonday sales were up 19 percent, consumer confidence is at the highest point since the beginning of the summer, and today the stock market is having its best day in three months.