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By HaleStewart October 30, 2013 4:54 pm
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No Matter Friday's Jobs Number, US Employment Is Still In Terrible Shape

On Friday, the Department of Labor will issue the latest employment report.  However, regardless of the numbers (and according to the latest ADP report, the report will be weak) the overall US jobless situation is still poor five years after the end of the recession. 

Let's start by looking at the labor utilization -- that is, how effectively (or ineffetivley) the US is using its current labor force.

The percentage of the unemployed who have been unemployed for longer than 27 weeks is still at some of the highest levels in over 50+ years.

And the percentage of people who are unemployed, marginally attached or unemployed for economic reasons is also near its highest level in over 20 years.  

And consumers aren't that confident in their ability to find another job:

 

In a healthy economy, people are more likely to quit their current job because they think they can find another.  However, now people are still quitting at low rates, telling us they don't think they can find another job that fast.

And small businesses total job openings and planned job openings are still at low levels.

At the heart of the problem is that while the economy is creating jobs, we're still down about 2 million from the last economic peak.

The monthly job report is really a lot of noise.  But when you look underneath the surface, the overall job situation in the US is utterly terrilble.

Hale Stewart is a former bond broker who has been writing about economics and financial markets since 2006 on the Bonddad Blog.  He is also a tax attorney with a domestic and international practice while also forming and managing captive insurance companies for US companies.   You can follow him on twitter at:@captivelawyer

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