February 2013

FEBRUARY 2013 UNEMPLOYMENT DATA*
(U.S. BUREAU OF LABOR STATISTICS)

OFFICIAL UNEMPLOYMENT: 7.7%
A year earlier, the number of unemployed persons was 12.8
million, and the jobless rate was 8.3 percent. [BLS]

White

     6.8%

African American

13.8%

Hispanic

9.6%

Asian**

                          6.1%

Persons with a disability**

    12.3%

Men 20 years and over

7.1%

Women 20 years and over

7.0%

Teens (16-19 years)

25.1%

Black teens

43.1%

Officially unemployed

12.0 million

 

HIDDEN UNEMPLOYMENT

Working part-time because can’t find a full-time job:  8.0 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: 26.8 million (16.5% 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 December 2012, the latest month available, the number of job openings was 3.6 million, little changed from November. The number of openings decreased in retail trade and was little changed in all remaining industries and in all four regions in December. 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, February 12, 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 1/2013

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

+“The number of job openings in December (not seasonally adjusted) was little changed over the year for total nonfarm, total private, and government. Job openings increased over the year for retail trade, real estate and rental and leasing, educational services, and health care and social assistance but decreased in mining and logging and in professional and business services. The Midwest region experienced an increase in job openings over the 12 months ending in December.”

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