Longer. Deeper. And flat at the bottom. Unfortunately that describes the 2007 employment recession...
The Employment-Population ratio decreased to 58.4% in July from 58.5% in June...
The Labor Force Participation Rate decreased to 64.6% from 64.7% in June...
The reason the unemployment rate was steady at 9.5% was because people left the workforce - and that is not good news. As the employment picture improves, people will return to the labor force, and that will put upward pressure on the unemployment rate...
According to the BLS, there are 6.572 million workers who have been unemployed for more than 26 weeks and still want a job. This is 4.3% of the civilian workforce, just below the record set last month.
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