Landing a job like getting into Harvard

From a CNN opinion piece, on the difficulty of finding a job:

... The exclusion of these so-called "discouraged" workers from statistics means that the official number of unemployed severely understates the weakness in the labor market. If you include these workers, the unemployment rate would rise to 13 percent, or 21.3 million.

If these workers were to apply for the 2.4 million jobs available, the odds of securing a job would be 11.2 percent, or roughly the same as getting into the Massachusetts Institute of Technology.

It gets worse. Another group excluded from the official unemployment report is the growing number of part-time workers who would prefer to have a full-time job. These workers are forced into part-time jobs or are forced to take part-time hours because no full-time work is available.

During the current recession, workers who are "part time for economic reasons" have grown from 4.6 million to 9.3million.

Adding part-time workers to the number of officially unemployed and the discouraged workers, as labor market expert Leo Hindery, Jr., has observed, results in a rise in the real unemployment rate to 19.2 percent, or 30.6 million people.

The odds of any one of these 30 million securing one of the 2.4 million full-time jobs available is 8 percent, the same as the admissions rate of the Ivy League gold standard, Harvard University. ...

Read it here.