May 2013

MAY 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

13.5%

Hispanic

9.1%

Asian**

                          4.3%

Persons with a disability**

    13.6%

Men 20 years and over

7.2%

Women 20 years and over

6.5%

Teens (16-19 years)

24.5%

Black teens

42.6%

Officially unemployed

11.8 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 2.2 million** searched for work during the prior 12 months and were available for work during the reference week.)  6.7 million

Total: 26.4 million (16.3% 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 March 2013, the latest month available, the number of job openings was 3.8 million, “little changed from February. In March, the number of job openings was little changed in all industries and regions.” Job Openings and Labor Turnover Estimates, May 7, 2013.+

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

Private Payroll Employment Has Grown For 38 Months cbpp 6/13

http://www.offthechartsblog.org/

Employment-population ratio 1/1948 to 5/2013

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

+“The number of job openings in March (not seasonally adjusted) was little changed over the year for total nonfarm, total private, and government. Job openings decreased over the year for nondurable goods manufacturing and federal government; openings ncreased over the year for accommodation and food services. Job openings were little changed over the year for all regions.”

 

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