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ADA Updates
The real unemployment rate released today by the Bureau of Labor Statistics is 14.8%, nearly 7 points higher than the rate officially reported. The real rate includes marginally attached workers which the BLS reports “are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not looking currently for a job. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.” Since December 2007, 5 million people have lost their job. ADA’s Real Rate of Unemployment represents a staggering 23 million people. The steep increase of 651,000 newly unemployed for February was the highest monthly job loss in 59 years, and underscored the urgency for Congress to support President Obama’s historic budget that will rebuild and renew the American economy for the 21st Century. ADA National Director, Amy Isaacs, said, “President Obama is offering a bold plan to rebuild and renew the American economy. He campaigned on these ideas and voters elected him to put them into action. It’s time for Congress to listen.” |