Welcome to the Friday edition of Wall Street Daily. As usual, I’ve enlisted the help of some graphics to capture the most pressing investing and economic issues of the week.
Today, we’re focusing on one thing – jobs. Or better yet, the lack thereof.
As you know, the President delivered his plan to jumpstart the labor market to a joint session of Congress last night. While it would be un-American to root against his proposed initiatives, let’s just say a compelling speech – by the President, or any presidential candidate for that matter – won’t be enough to revive our dying jobs market.
And here are two charts that prove it…
The Daunting Task Ahead
Forget slow. Glaciers move faster than the recovery in the jobs market following the Great Recession.
Granted, the depth of the decline in job losses was much worse than any other recession since World War II. But the latest employment info reveals that the pace of recovery is flat lining.
We need jobs – and lots of them – stat! But not just any old jobs will cut it.
We need jobs for men, minorities and young Americans more than anything else.
Why? Because the housing collapse literally erased millions of male-dominated construction jobs… male minority populations have been the hardest hit… and the unemployment rate is heavily skewed in favor of older Americans.
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Consider: The unemployment rate for 55-and-older, able-bodied and able-minded Americans is just 6.6%. But for teens and workers aged 20 to 24, the unemployment rates are 25.4% and 14.8%, respectively.
With the workforce growing, if we don’t put the youngins to work, there won’t be anyone around to fund Social Security.
To quote the classic horror flick, “The Fly,” older Americans should “be afraid. Be very afraid.”
Washington Needs to Shut Up… and Put Up!
Like I said before, it’s going to take a lot more than a compelling speech by any politician to revive the jobs market.
Let’s just hope all of our elected representatives realize the same and get to work immediately on solutions, instead of doing the usual – wasting our time and tax dollars bickering back and forth!
That’s all the depressing jobs info I have for you this week. (Don’t kill the messenger.) But before you sign off, do me a favor. Let me know what you think about this column or any of our work at Wall Street Daily. All you have to do is send an email to firstname.lastname@example.org or post a comment below.
Thanks and enjoy the weekend!
Ahead of the tape,