The Unemployment numbers came out recently and the numbers shook Wall street and Main street like an earthquake:

5.5% Unemployment Rate, up from 5.0 just a month before.  The highest monthly unemployment rate since October of ‘04.  The highest monthly increase in 22 years.  A loss of another 49,000 jobs on top of the 275,000 lost in the previous 5 months. 8.5 million unemployed, up from 6.9 million just a year earlier when unemployment was running at 4.5%.  Construction lost another 34,000 jobs, Manufacturing lost 26,000 and Professional Services lost 39,000.  The economy has lost an average of 65,000 jobs in each of the last five months.

HOWEVER…  (you knew there was going to be one)

Healthcare added another 34,000 jobs last month, nearly 400,000 in the last year.  Leisure & Hospitality and Accommodations & Food Services continued their year long job growth.  And of course, our friends in government continue to hire new workers to replace those retiring or leaving the industry.

How many of you hire only 16-19 year olds, who are included in the national unemployment rate?  For the two of you raising your hands life is GOOD!  Unemployment rate for these kids is 18.7%.  That is more than three times the national rate of 5.5%.  Once you take these young adults out of the unemployment equation, the rate for adults 20+ drops to 4.8% for women and 4.9% for men.

And here is the kicker.

Even with unemployment at 5.5% nationally and 4.9% for adults over 20 years of age, it is an astounding 2.2% for college grads, 2.199999999999% if my recently graduated son ever finds gainful employment.  For employees with some college education, the number is close to the government’s “full employment” definition at 4.3%.

Let me make this clear.  I am not diminishing the impact of 8.5 million Americans without jobs, or how that fact ripples through the lives of families and communities.    I’m not being lighthearted about the fact that things will get worse before they get better.  But facts are facts.

The economy continues to change from  manufacturing-based to service and knowledge-based.  We’ll continue to shed jobs in manufacturing while increasing numbers in service and healthcare to account for an aging population.

Anyone remember November and December 1982 when unemployment was 10.8%?