Posted February 12, 2018 11:25:51 The number of people who are out of work in the United States has hit a record high, with the unemployment rate surpassing 9.1% for the first time in two decades, according to a report from the Economic Policy Institute.
The number is now nearly twice the pre-recession peak in December 2009.
The unemployment rate is the official unemployment rate by which to gauge a nation’s overall unemployment rate.
For the first quarter of 2018, it has climbed to 9.7%.
The unemployment for the full year is currently 5.3%, which is still more than double the prerecession low in October 2008.
The report also said the number of Americans who have dropped out of the labor force has reached an all-time high, reaching more than 9 million people for the third straight month, a record.
The increase is especially worrisome because, according the report, “the labor force participation rate for young people ages 25-54 has dropped for a fourth straight quarter.”
For some, that could be a sign that the economic recovery has been slow to take hold in the U.S., with many people finding it difficult to find work because of low-paying jobs and the threat of higher costs to their retirement savings.
For others, it could be that many Americans have lost hope that things will get better in the near future, given the economic downturn and other factors.
The survey showed that the largest percentage of workers who have stopped looking for work or are looking for a job dropped out between January and June, from 13.7% to 12.4%.
Another 5.1 million workers reported a job loss, and the unemployment among those workers was 11.9%.
While the number dropped, the number that was most likely to be jobless was people ages 65 and older, which accounted for more than half of all jobless workers.
For those ages 25 to 54, that number was 13.6%.
The report said that in the past two years, the share of people dropping out of their jobs has grown by 10.3% for people ages 18 to 64, from 16.1 percent to 17.1%.
The numbers also showed that among those who were in the labor market, the unemployment rates among men ages 25 and older was 13% in July and 11.5% in August, while the unemployment for men ages 55 and older fell to 12% in those two months.
For women, the labor-force participation rate was 9.3%.
In total, the report said, “there are now about 11.6 million unemployed workers, including 2.7 million people who have given up looking for jobs.”