Business News - Jobs picture surpasses early '80s lows

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Jobs picture surpasses early '80s lows

WASHINGTON (UPI) -- The levels of U.S. unemployment and underemployment announced this week has made it official that joblessness is worse than in the early 1980s, analysts say.

Figures released Friday by the U.S. Labor Department showed more than one out of every six workers -- 17.5 percent -- were unemployed or underemployed in October, eclipsing the record-high total of 17.1 percent in December 1982 -- which were the worst figures since the Great Depression, The New York Times reported.

The broad figures included those who are officially unemployed -- set at 10.2 percent -- as well as "discouraged workers," or those who have looked in the past year and millions of part-time workers who would rather be working full time, the newspaper said.

The Labor Department figures indicate nearly 16 million Americans are unemployed and more than 7 million jobs have been lost since late 2007.

The Times said its analysis shows while a smaller share of today's workforce are officially unemployed than in the early 1980s, there are many more part-time workers seeking full-time work today. Their ranks have reportedly increased rapidly in the last two years.

Copyright 2009 by United Press International

This news arrived on: 11/07/2009

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