U6 Unemployment Reaches 13.9%

The following are the update employment rates for the month of January. The data show that, in the past month, the official (U3) unemployment rate has risen to 7.6%; concomitantly, the U6 unemployment rate has risen .4% to 13.9% of the civilian workforce. This table provides more bad news to a worsening situation. I'm not sure that the word "crisis" is appropriate, since it denotes a temporary timeframe, a turning point, a crucial moment. This looks more like a long slide than a crisis. If you look at the economic indicators in the United States, then it should be evident that the current situation has distal causes resulting from the transformation of the macroeconomy in the United States since the 1970s (link to full Bureau of Labor Statistics report).