The good news out today from U.S. May jobs data is that America has finally recovered all of the jobs lost during the recession. It took six years but a gain of 217,000 jobs in May helps get back to even, well almost even. Here is the first chart form Zerohedge (this is the good chart).
Once more, with a small introduction from Zerohedge (this is the bad chart).
…virtually every job gain since the trough of the depression has been matched by at least one person dropping out of the labor force. In fact, since December 2007, the total number of jobs is virtually unchanged, while the number of people not in the labor force has increased by an unprecedented 12.8 million from 79.2 million to a record 92 million. Recovery?
That gap is the visual proof that people are dropping out of working society. They are moving off the grid by force, circumstance or choice. The trend is not sustainable long term, but does coincide nicely with the gradual disappearance of the middle class.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.