According to the BLS, the exhaustion rate, or the number of people who have used up their benefits, and will no longer be receiving unemployment checks, has hit an all time high of 52.40% for August.
In other words, over half of those who lose their jobs cannot find a new job before their benefits expire. What they do then is anyone's guess. I suppose they move to tent cities or become hobos (on the railcars that are still moving, that is).
This is a staggering number, and whats worse it was grown in practically a linear fashion with not even a hope of a second (third or fourth) derivative green shoot in sight. In fact, the deterioration in "employability" is accelerating. And yet assorted "pundits" claim the employment picture is improving.
They talk about a "jobless recovery" and the "post-industrialist economy," so the natural next step is the phrase "jobless economy." You'll hear it on CNBC first!
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