March 2013

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

OFFICIAL UNEMPLOYMENT: 7.6%
A year earlier, the number of unemployed persons was 12.7
million, and the jobless rate was 8.2 percent. [BLS]

White

     6.7%

African American

13.3%

Hispanic

9.2%

Asian**

                          5.0%

Persons with a disability**

    13.0%

Men 20 years and over

6.9%

Women 20 years and over

7.0%

Teens (16-19 years)

24.2%

Black teens

33.8%

Officially unemployed

11.7 million

 

HIDDEN UNEMPLOYMENT

Working part-time because can’t find a full-time job:  7.6 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.)  6.7 million

Total: 26.0 million (16.1% 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 January 2013, the latest month available, the number of job openings was 3.7 million, little changed from December. The number of openings rose in professional and business services but decreased in health care and social assistance; the number was little changed in all remaining industries and in all four regions in January.” Job Openings and Labor Turnover Estimates, March 12, 2013.+

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

http://www.offthechartsblog.org/

http://www.offthechartsblog.org/

Employment-population ratio 1/1948 to 2/2013

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

+“The number of job openings in January (not seasonally adjusted) was up over the year for total nonfarm, total private, and government. Job openings increased over the year for retail trade, other services, and federal government, but decreased in mining and logging. The Northeast and West regions experienced an increase in job openings over the year.”

 

 

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