Got Jobs?

Generation Opportunity, one of America’s largest organizations connecting with young adults through a strategy of social media outreach coupled with on-the-ground grassroots organizing, is today releasing the non-seasonally adjusted (NSA) 18-29 unemployment rate data for May:

· The youth unemployment rate for 18-29 year olds specifically (NSA) for May 2012 is 12.1 percent.

 · The declining labor participation rate has created an additional 1.7 million young adults that are not counted as “unemployed” by BLS because they are not in the labor force, meaning that those young people have given up looking for work due to the lack of jobs.

· If the labor force participation rate were factored into the overall 18-29 youth unemployment calculation, the actual 18-29-unemployment rate would rise to 16.9 percent (NSA).

Generation Opportunity President Paul T. Conway, former Chief of Staff of the United States Department of Labor, where the Bureau of Labor Statistics (BLS) is housed, and the former Chief of Staff of the United States Office of Personnel Management (OPM) responds to the May 2012 jobs numbers:

 “The young adult unemployment rate, now at 12.1 percent for those 18-29 years old, represents yet another chapter in the indefensible saga of how a great generation is being denied economic opportunity, jobs, critical skills, and the ability to pursue their dreams.”

 “As summer begins, the ranks of all those frustrated by the lack of opportunities are joined by recent high school and college graduates.  Their enthusiasm to join the work force has been slammed by the same harsh economic status quo their brothers and sisters have been experiencing for the past few years – one marked by record high unemployment, a patchwork of part-time jobs, or jobs outside their chosen profession.

“Through no fault of their own, an increasing number of young Americans have begun to lose hope and have dropped out of the workforce entirely, disillusioned by the lack of jobs and dismayed at a White House that attacks America’s job creators and employers, while simultaneously putting Americans and their futures into deeper debt.”

“Today, we are calling on young Americans across the nation – all those who are unemployed, those who are working multiple part-time jobs, and those concerned about friends and family members who are themselves in this situation – to call the White House in the coming days and tell President Obama the time is now for real change. America can do better.”

 Generation Opportunity is encouraging its Facebook fans, as well as its thousands of grassroots supporters across the nation, to call the White House at (202) 456-1414 and demand that the policies of the last three and a half years, which have stifled job creation, be reversed in favor of policies that free up Americans to create jobs, to hire, and to restore the American tradition of access to opportunity for all. To see our Facebook call to action, go to:
https://www.facebook.com/BeingAmericanByGO

Adding insult to injury, our dear President plans to add another 800,000 (his estimate) illegals to an already suffering young workforce. My estimate is at least double, if not triple that number.

Of course, we know Obama doesn’t really care if these illegals actually find work. It’s for votes, not work.

Attribution: New York Post

We’re Hummin Now

By Ed Carson, INVESTOR’S BUSINESS DAILY:

The U.S. economy added 227,000 jobs in February vs. expectations for 206,000, continuing a recent trend of decent hiring activity. The unemployment rate held at 8.3%.

But America remains mired in the longest jobs recession since the Great Depression. It’s been 49 months since the U.S. hit peak employment in January 2008. And with nonfarm payrolls still 5.33 million below their old high, the jobs slump will continue for several more years.

The previous jobs recession record — 47 months — came during and after the comparatively mild 2001 recession, which saw unemployment climb to only 6.3%. The average job recovery time since 1980 is 29 months, not including the current slump.

The labor market won’t truly return to health until some 10 million positions are created to rehire all those who lost their jobs and to absorb new workers.

The longest jobs recession in decades coincides, not coincidentally, with the longest stretch of anemic economic performance on record.

U.S. gross domestic profit hasn’t risen 4% or more in any quarter since the first quarter of 2006. That’s by far the longest such stretch on record going back to 1950. The only other sizable sub-par stretch was a three-year span from late 2000 to mid-2003 during the prior recession and sluggish recovery.

The current expansion, which began in mid-2009, is particularly disappointing, given the deep recession that preceded it. The best growth was a three-quarter run of 3.8%-3.9% gains.

After the severe 1981-82 recession, the U.S. economy enjoyed a five-quarter stretch of 7% or more — following a 5.1% annualized gain.

The U.S. economy is up just 6.2% above the level at the end of the recession vs. 14.9% in the 10 quarters after the 1981-82 slump.

President Obama may take hope that the U.S. economy has picked up from near-stall speed to a modest pace in recent months. But after the mild 1990-1991 downturn, the U.S. economy rose tepidly for a few quarters before growing more than 4% in every quarter of 1992. That still wasn’t enough to keep the first President Bush from losing to Bill Clinton.

And nobody is predicting 4% growth in 2012.