The government touted that the economy added 155,000 jobs in December. While the number is encouraging, let us look in the numbers released by the Bureau of Labor Statistics (BLS) to see the real state of employment (click here to access data prepared by the BLS).
—total number of employed: 143.3 million, a net increase of 28,000 from November
—total number of unemployed: 12.2 million, a net increase of 164,000 from November. The reason why we have both increase in number of employed as well as unemployed while the economy added 155,000 jobs is the labor force increased by 192,000.
—total number of people who were counted as not in the work force but wanted a job: 6.8 million. Add this with 12.2 million and we have 19 million who are truly unemployed. This number reflected an increase of 87,000 from November.
—unemployment rate for African Americans: 14%.
—there are over 3 million unemployed young Americans between 18-24 years-old, an increase of 256,000.
Where is the good news? I could not find it.