Unemployment Rates Only a Part of the Story

Looking only at unemployment rates to judge the direction of the economy may be as cliché and only partially accurate as “the pink sky at night being the sailor’s delight.”

The reality is, taking such a narrow view of the figures completely neglects the segment of New York City and beyond that are underutilized or under employed. Adding in these figures certainly makes the economic outlook even harder to smile at.

What, exactly is underemployment?

“A situation in which a worker is employed but not to the desired capacity, whether in terms of compensation, hours, or level of skill and experience. While (they are) not unemployed, the underemployed are often competing for available jobs,” if you ask investorwords.com.

What’s worse, a Gallup poll suggests the idea that those with jobs should be thankful that they are even employed may not necessarily be true.

In an effort to combat this, some communities have instituted programs to help the unemployed and underemployed become more attractive to a highly competitive marketplace.

Other displaced workers, both local and across the country, have taken a good long look at their employment situation, and have taken a much more optimistic approach to their supposed misfortune.

The figures suggest that perhaps the recovery isn’t moving as fast as many would hope, but that the Empire State may be in a better situation than some others.

So take heart, New Yorkers, “at least you’re not mining coal.”