Tuesday, February 19, 2008

Low unemployment rate hides rise in long-term jobless

Kevin G. Hall | McClatchy Newspapers
last updated: February 19, 2008 12:39:40 PM

WASHINGTON — Bill Clinton's campaign famously defined the 1992 election with the phrase, "It's the economy, stupid." Today, "It's the jobs, stupid."

The latest employment figures, released in late January, showed a 52-month streak of job creation ending with a loss of 17,000 jobs in January. The Bush administration acknowledged the contraction, but pointed to the national unemployment rate of 4.9 percent to say that the labor market wasn't a harbinger of recession.

A closer look at unemployment data by McClatchy, however, found that jobless Americans are spending more time looking for work and that those who can't find work now make up a greater share of the unemployed.

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