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25+ Million Americans Now Looking for Work

More than 25 million Americans are unemployed, underemployed or who have gotten so discouraged from looking for work fruitlessly for so long that they have given up.  

That's not the 9.1% unemployment rate everyone focuses on.  That's the 16.5% underutilization rate referred to as the U6 measure, which gets very little attention.  The bad news is that the U6 has jumped up from 15.7% in March and is now the highest it's been all year.  

"In addition to the 14 million officially counted as unemployed, there were more than 9 million people working part-time who wanted full-time jobs and about 2½ million who want work but aren't actively seeking employment," the Wall Street Journal reported. 

Making matters even worse, "the enormous amount of slack in the labor market is keeping wages from growing substantially. Over the past 12 months, average hourly earnings have risen by 1.9%, failing to keep up with a 3.8% inflation rate over roughly the same period."

That is the employment crisis facing the country.  It is dire and getting worse.

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