The Job market is poised for a possible depression, much worse than people think

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Jobs: Worse than you think

By Chris Isidore @CNNMoney August 10, 2011: 11:46 AM ET

High unemployment and modest hiring in July's jobs report doesn't tell the whole story. Economists say the percentage of Americans with jobs shows even greater weakness.

NEW YORK (CNNMoney) — The U.S. labor force is shrinking, as more Americans are giving up hope.

Last month, only 58.1% of Americans age 16 and over were employed, a significant drop from before the recession and the lowest since 1983.

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