Despite the decline in the unemployment rate in May—from 14.7%in April to 13.3%—that bit of good news was more of a blip than alasting trend. The outlook for the unemployed remainsprecarious.
That's according to the Economic Policy Institute, an independent, nonprofit think tank thatresearches the impact of economic trends and policies on workingpeople. The actual rate ofMay's unemployment was a staggering 19.7%. What the official 21million worker employment rate fails to include are the 4.9 millionfurloughed workers (misclassified as "employed, not at work") andthe 6.6 million who have dropped out of the labor force as a resultof the virus. Add it all upand it means 32.5 million people are jobless—nearly one in fiveworkers.
What's more, there's a sizableshare of the workforce—10.7%—that's out of work with no reasonablechance of returning to a prior job.
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