Why the Recession Isn't the Cause of High Unemployment

This clip from CBS News Sunday Morning taps Lakshman Achathan of the Economic Cycle Research Institute for his insight. While first-time unemployment claims are a rough short leading indicator of jobs growth, this eye-opening reality check makes the case that it’s not the recession, but a structural shift in the type of jobs available in the U.S job market that is the bad guy here. Listen to this clip carefully, and you’ll discover that jobs are coming back, you just don’t notice because there is such a large hole to fill. And your job may have been replaced by Information Technology.