More Than 105 Million Working Age Americans Do Not Have A Job Right Now

More Than 105 Million Working Age Americans Do Not Have A Job Right Now
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Our long slide toward economic oblivion continues, and survey after survey has shown that most Americans are deeply unsatisfied with the current state of the U.S. economy.  Inflation is out of control, most Americans are getting poorer due to the rapidly rising cost of living, the housing bubble has started to burst, and the commercial real estate market is a giant mess.  But employment is supposed to be our bright spot.

The Biden administration continues to tell us that the unemployment rate is less than 4 percent and that there are lot of jobs available for those that want them.  But is this really true?

Please do not believe the garbage that the federal government is trying to sell you. Unemployment is not low.  In fact, John Williams estimates that the real rate of unemployment in this country is somewhere around 25 percent.

If you are out of work at this moment, please realize that you are not alone. In April, 37-year-old North Carolina resident Al Brown lost his job, and now his family is really struggling

Al Brown and his fiancée faced a tough call in May when reviewing their weekly budget: What’s a higher priority, more food or dish soap?

Based in Concord, North Carolina, Brown was the main breadwinner for his fiancée and their two children. Then in April, he was let go from his job as a global director of business development at software company Cascade.

He’s since quit his gym membership and sold miscellaneous items around his home, including a computer and yard furniture, to make ends meet. His 13-year-old son quit the basketball team. While losing the family’s source of income has taken a financial toll, it’s also resulted in a mental one.

Since he was laid off, Brown has submitted more than 600 job applications, but that has produced only a few interviews and no job offers…

Brown, 37, now spends his days scouring the internet for jobs or reaching out to potential connections. After filing over 600 applications, only a handful have produced interviews, he says.
If jobs are easy to get, why hasn’t Al Brown been able to find one?

Meanwhile, the cost of living just continues to rise, and that has resulted in a “collapse of household savings”

In February, the U.S. personal savings rate was estimated to be around 4.6 percent—much below the decades-long average of about 8.9 percent, according to the Bureau of Economic Analysis. But what does this mean?

Some economists think that the collapse of household savings could lead to a spending slowdown and trigger a recession.

The Biden administration may never admit that we have entered a major economic downturn, but that is precisely what we are witnessing.

https://fred.stlouisfed.org/series/UNEMPLOY

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