Recent figures from the Bureau of Labor Statistics (BLS) estimate that the number of unemployed citizens in the US aged 16 or older stands at 92,898,000.
Despite creating 295,000 net new jobs in February, figures for those in employment has averaged around 62.9% or lower in 13 of the 17 months since October 2013.
In March 1978, the rate of unemployment reached a staggering 63%, making these latest figures the worst seen in 37 years.
Another area of disappointment was wage growth – which showed average hourly wages rising just three cents from January 2015.
However, areas where hiring was strongest included restaurants, health care and administrative services.
Some news outlets such as RT have attested that the data from BLS points to an “aging baby boom generation” as a primary reason for the significant drop. While others have focused on recent events such as the crash of crude prices in the oil and gas industry.
More to follow…