December 2012

DECEMBER 2012 UNEMPLOYMENT DATA*
(U.S. BUREAU OF LABOR STATISTICS)

OFFICIAL UNEMPLOYMENT: 7.8%
A year earlier, the number of unemployed persons was 13.0
million, and the jobless rate was 8.5 percent. [BLS]

White

     6.9%

African American

14.0%

Hispanic

9.6%

Asian**

                          6.6%

Persons with a disability**

    11.7%

Men 20 years and over

7.2%

Women 20 years and over

7.3%

Teens (16-19 years)

23.5%

Black teens

40.5%

Officially unemployed

12.2 million

 

 

HIDDEN UNEMPLOYMENT

Working part-time because can’t find a full-time job:  7.9 million
People who want jobs but are not looking so are not counted in official statistics (of which about 2.6 million** searched for work during the prior 12 months and were available for work during the reference week.)  6.8 million

Total: 26.9 million (16.6% 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.

In addition, millions more were working full-time, year-round, yet earned less than the official poverty level for a family of four. In 2011, the latest year available, that number was 17.9 million, 17.6 percent of full-time, full-year workers (estimated from Current Population Survey, Bur. of the  Census, 9/2012).

In November 2012, the latest month available, the number of job openings was 3.7 million, unchanged from October. The number of openings increased in retail trade and was little changed in all remaining industries and in all four regions in November. The level of total nonfarm job openings was 2.4 million at the end of the recession in June 2009.” Job Openings and Labor Turnover Estimates, January 10, 2013.+

Thus there are now more than 7 job-wanters for each available job.

http://www.offthechartsblog.org/

http://www.offthechartsblog.org/

Employment-population ratio 1/1948 to 11/2012

http://www.cbpp.org/cms/index.cfm?fa=view&id=3252

+“The number of job openings in November (not seasonally adjusted) rose over the year for total nonfarm and total private but was little changed for government. Job openings increased over the year for retail trade and for health care and social assistance. The Midwest and Northeast regions experienced an increase in job openings over the 12 months ending in November.”

 

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