Indeed.com Shocking Report: 70% Collapse In Jobs
When we discuss economic matters on YouTube, whether it's housing, stocks, or data overall, what really grabs our attention is how it impacts our daily lives. Amidst all these discussions, there's a crucial focal point that stands out: jobs. The employment rate isn't just another statistic; it's the heartbeat of every household, shaping lives from coast to coast. It's the one data point that truly resonates with everyday Americans, affecting their well-being and livelihoods.
And here's the thing: since around 2015, the employment rate in the United States has lingered below 5%. Except for that one-time spike in April 2020, the job market has exhibited remarkable strength, unlike any other historical period. According to Federal Reserve data, the unemployment rate has been on an undefeated streak for nearly 8 years. Such a robust labor market is unprecedented; it's not something you'll find on any ordinary chart. The closest comparison we can draw is to the period from 1965 to 1970 when unemployment dipped to levels akin to what we're experiencing today, in the 3s. Interestingly, from 1974 to practically 1997, a period spanning roughly 23 years, the unemployment rate never dropped below 5%, underscoring the rarity of the current situation.
Now many are saying we are headed to something similar, and that the job market is essentially collapsing following nearly a decade-long winning steak.
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