>February Jobs Numbers: Young Americans Denied Opportunities to Enter the Workforce
Gallup Indicates Increase in Unemployment Rate from 8.6% to 9.1% without Seasonal Adjustment
Washington, DC – (3/9/12) – Generation Opportunity President Paul T. Conway, former Chief of Staff of the United States Department of Labor under Secretary Elaine L. Chao, responds to the February 2012 jobs numbers report released by the Bureau of Labor Statistics:
“We talk about how historic these numbers are – not since WWII have we seen this level of unemployment persist. But the bigger story is what it represents – millions of lives – moms, dads, brothers and sisters, construction workers, veterans, young Americans, and many more trying to enter a workforce with fewer and fewer opportunities. These figures represent denied opportunity – heartache and angst for millions of Americans, and young Americans are being hit especially hard. While young Americans are being denied opportunities today, they are being saddled with record levels of debt to pay off tomorrow. It is unconscionable. The reality is that policy decisions coming out of this administration have consequences, and Americans are feeling the impact firsthand, every day. The path forward requires leadership, courage, and a dramatic shift from the policy direction of the last few years.”
Prior to the release of today’s unemployment report, Federal Reserve Chairman Ben Bernanke told Congress on February 29th that “… the job market remains far from normal: The unemployment rate remains elevated, long-term unemployment is still near record levels, and the number of persons working part-time for economic reasons is very high.”
Also, last month, the U.S. Department of Labor’s Bureau of Labor Statistics recorded a 63.7% civilian labor force participation rate – a 30-year low – which revealed that more than one million Americans simply gave up looking for work, dropping out of the labor force. The Congressional Budget Office forecasted, in a January 2012 report, that unemployment will likely increase this year and in 2013.
Yesterday, Gallup released their U.S. Unemployment Rate, Monthly Averages showing the unemployment numbers, without seasonal adjustment, have risen from 8.6% in January to 9.1% in February, following an upward trend from 8.5% in December.