It's terrific to see unemployment rate dip below the 10 percent mark. But, unemployment in the Great Reset remains quite a bit deeper than in previous ones, as the NYT's Catherine Rampell shows. The overall U-6 measure of unemployment - which includes discouraged workers - stands at 16.5 percent.
A close look at the numbers finds some groups are doing far better than others. Men continue to fare substantially worse than women: The unemployment rate for adult men remains 10 percent, while the rate for women is now 7.9 percent.
The effects of the economic crisis continue to be extremely uneven. Unemployment remains much higher for the less educated. The unemployment rate for workers without a high school degree, 15.2 percent, is 50 percent higher than that for workers with a high school diploma, 10.1 percent, and three times higher than for college-educated workers, 4.9 percent.
Unemployment also varies substantially by industry. The unemployment rate for blue-collar workers remains quite high. The unemployment rate for manufacturing workers stands at 13 percent while construction workers face a staggering 24.7 rate. The rate for professional services workers has grown to 11.1 percent, but financial professionals have unemployment of 6.6 percent. The rate for educational professionals stands at 5.5 percent, and that for government employees is 4.3 percent.
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