unemployment (Photo credit: Sean MacEntee)Yes, the employment numbers of this week were good, unemployment is now down to 8.3%. When, if ever, it will go back to what was a 'normal' rate - 5% - years ago is questionable.
Mohamed El-Erian looks a little deeper into the numbers and doesn't like what he sees: almost half of the unemployed have been out of work for at least 27 weeks; almost a fourth of the 16- to 19-year-olds in the work force are unemployed. And we need to remember that the unemployment numbers don't include those who have given up on finding a job.
El-Erian thinks that we won't really solve the problem in the long term unless we do a better job of creating jobs today, improve our educational system and make sure our social safety nets are adequate. How can you argue with him?
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