January 2014

JANUARY 2014 UNEMPLOYMENT DATA*
(U.S. BUREAU OF LABOR STATISTICS)

OFFICIAL UNEMPLOYMENT: 6.6%*
A year earlier, the number of unemployed persons was 12.3 million,
and the jobless rate was 7.9 percent. [BLS]

White

     5.7%

African American

12.1%

Hispanic

8.4%

Asian**

                          4.8%

Persons with a disability**

    13.3%

Men 20 years and over

6.2%

Women 20 years and over

5.9%

Teens (16-19 years)

20.7%

Black teens

38.0%

Officially unemployed

10.2 million

*If the LFPR were at its pre-recession level, the unemployment rate in January 2014 would have been 9.9%  instead of 6.6%. [See “The Labor Force Participation Rate and Its Trajectory”]

HIDDEN UNEMPLOYMENT

Working part-time because can’t find a full-time job:  7.3 million
People who want jobs but are not looking so are not counted in official statistics (of which about 2.3 million** searched for work during the prior 12 months and were available for work during the reference week.)   6.3 million

Total: 23.8 million (14.7% of the labor force)

Source: http://www.bls.gov/news.release/pdf/empsit.pdf See also Current Employment Statistics–Highlights

**Not seasonally adjusted.
*See Uncommon Sense #4 for an explanation of the unemployment measures, and Is the Decline in the Labor Force Participation Rate During This Recession Permanent?.

In addition, millions more were working full-time, year-round, yet earned less than the official poverty level for a family of four. In 2012, the latest year available, that number was 18.0 million, 17.5 percent of full-time, full-year workers (estimated from Current Population Survey, Bur. of the  Census, 9/2013).

In November 2013, the latest month available, the number of job openings was 4.0 million.  “The number of openings was little changed in total private and government, as well as in all industries and in all four regions…” Job Openings and Labor Turnover Summary, January 17, 2014.+

Thus there are about 6 job-wanters for each available job.

MISSING WORKERS:
THE MISSING PART OF THE UNEMPLOYMENT STORY Private Payroll Employment Has Grown For 47 Months
(cbpp
2/14)

Long-Term Unemployment Remains Near Historic Highs
(cbpp 2/14)

The Share of Population with a Job
Remains Depressed
(cbpp 2/14)

Missing Jobs: How many jobs
we should have had
(epi)

We lost 8,695,000 jobs in the downturn, but we have since gained
back 7,844,000, so we are now “only” 851,000 jobs below where we
were when the recession began in December 2007.
”  —Heidi Shierholz, EPI

Labor Force Participation Rate vs. Unemployment Rate 9/6/13


GDP Fell Far Below What the Economy
Was Capable of Producing (epi)

+“There were 4.0 million job openings in November, little changed from October.  The number of openings was little changed in total private and government, as well as in all industries and in all four regions.  The number of job openings (not seasonally adjusted) was essentially unchanged over the year for total nonfarm, total private, and government.. Over the year, the number of job openings increased in several industries but decreased in federal government. The West region experienced an increase in job openings over the 12 months ending in November.” (http://www.bls.gov/news.release/pdf/jolts.pdf)

 

 

 

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