Graph of the Day: Unemployment

Via Calculated Risk. <a href="http://1.bp.blogspot.com/_pMscxxELHEg/S0dSamkpncI/AAAAAAAAHNU/8xA6hqTts6c/s1600-h/UnemployedOver26Weeks.jpg">CLICK HERE FOR BIGGER VERSION OF GRAPH</a>

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The latest unemployment data released today paint a somewhat disheartening picture—the jobless rate remains at 10 percent, and the economy shed 85,000 jobs last month—especially for this reason: Although jobs were lost, the unemployment rate held steady from the month before, meaning a large number of people had simply given up looking for a new job.

Which brings me to this graph from Calculated Risk. The blue line represents the number of people out of work for more than 26 weeks, and the red line represents the percentage of the workforce those long-term unemployed people represent. As you’ll see, those 6.13 million people unemployed for more than 26 weeks constitute 4 percent of the civilian workforce—a record since the the Bureau of Labor Statistics started collecting this data in 1948.

Now, there are a few bright signs in today’s jobs report. A crucial manufacturing index showed an encouraging uptick, raising the possibility of some growth in manufacturing industries, while the Labor Department revised jobs estimates from November to reflect gains of 4,000 jobs (the government had originally projected 11,000 lost jobs), the first gain in jobs in almost two years.

Krugman says the report supports his and others’ belief that the stimulus was too small, and Brad DeLong uses the report as evidence that our economic recovery, if that’s what this actually is, is likely going to be a jobless one. All in all, a decidedly mixed report, especially when it comes to the record numbers of the chronically unemployed, a total that’s only likely to grow in the coming months.

(H/T Calculated Risk)

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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