The Economy and Where I Work

[Woodsheal]

The average unemployment rate in the US for the last 20 years, including the "boom" times of the '90s, was 6%. We're below that right now at around 5.5%....

[ncof300d]

The average unemployment rate in the US for the last 20 years, including the "boom" times of the '90s, was 6%. We're below that right now at around 5.5%....

I believe that in northwest Ohio the rate over 10%. There have been some big losses around here and the speculation is that the losses are no over. Also, you need to look at the wages of then compared to now and how the wages adjust for inflation.

[Keith A]

The average unemployment rate in the US for the last 20 years, including the "boom" times of the '90s, was 6%. We're below that right now at around 5.5%....

Don't forget that once a persons unemployment benefits are run out, they are dropped from the Gov stats on unemployment. So to go by the 5.5% that the Gov puts out, is really falling short of the true mark. Then when you figure many Americans are under employed, you have an even greater disparity.
Just like when the inflation rate is posted it does not factor, the cost of food, fuel, housing, or medical insurance, to mention a few.
Many of the older brothers of my lodge who have lived through the depression, tell me that things went just the same way back then just before it hit. Except with have one major difference now, we no longer have the manufacturing base that we one had that helped pull us out of the depression.

[JimB]

Well, all I can add is that I've been laid off twice. Both times it was devastating. The blow to the ego and the loss of security is immense. But both times I have ended up better than I was before.
It's hard to see it at the time, but sometimes these sort of things open up possibilities that you would have never seen.

[Woodsheal]

Don't forget that once a persons unemployment benefits are run out, they are dropped from the Gov stats on unemployment. So to go by the 5.5% that the Gov puts out, is really falling short of the true mark.

True, the figure is based upon new unemployment claims. But, that's the way it's always been measured, so the comparison to the 20 year average is valid. Plus, the half-percentage point bump up in May was due to the sudden influx of students into the job market (happens every year). The point is that, although there are regional disparities (Ohio, as mentioned, for example), a 5% national unemplyment figure is hardly cause for despair. It was higher in the '90s...!