Not only is close to a one-10th of the U.S. labour force not working, many more are "underemployed" - that is, working only part-time when they'd prefer to be working full-time, or working in low-paying jobs that do not adequately make use of their skills. Counting all unemployed and underemployed together, roughly one-sixth of U.S. households are in financial panic mode.
The bad news doesn't end there. The duration of unemployment has risen in the U.S., helped somewhat by the fact unemployment benefits have been extended in some areas to 99 weeks (!) under the government's stimulus plans. Admittedly, jobless benefits in the States are less generous than they are in Canada or Europe. Still, by offering nearly two years of support to the unemployed, the urgency to find work is reduced.
For more: Many Americans in financial panic mode
The bad news doesn't end there. The duration of unemployment has risen in the U.S., helped somewhat by the fact unemployment benefits have been extended in some areas to 99 weeks (!) under the government's stimulus plans. Admittedly, jobless benefits in the States are less generous than they are in Canada or Europe. Still, by offering nearly two years of support to the unemployed, the urgency to find work is reduced.
For more: Many Americans in financial panic mode
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