The Uncounted Unemployed

Updated September 21, 2010, 09:44 AM

Mike Konczal is a fellow with the Roosevelt Institute. He was formerly a financial engineer and mathematical analyst.

Recovery in output, which is the technical definition of a recession, is very different than recovery in the labor market.

The country faces structural problems that have not gone away with the recession's end and still require a government response.

The labor market is very fragile. There has been a huge spike in the amount of workers who have dropped out of the labor force entirely. There is a record high percentage of people working part time involuntarily because of slack business conditions and a lack of demand. Small businesses' largest complaint is a lack of sales and customers. And foreclosures remain near peak levels, reflecting continued weaknesses in both the housing market and employment. All of this points to an uncertain recovery.
More at: http://www.nytimes.com/roomfordebate/2010/09/20/is-this-what-a-recovery-feels-like/the-uncounted-unemployed