June 2012

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

OFFICIAL UNEMPLOYMENT: 8.2%
A year earlier, the number of unemployed persons was 14.0 million, and the jobless rate was 9.1 percent. [BLS]

White

     7.4%

African American

14.4%

Hispanic

11.0%

Asian**

                                  6.3%

Persons with a disability**

    13.3%

Men 20 years and over

7.8%

Women 20 years and over

7.4%

Teens (16-19 years)

23.7%

Black teens

39.3%

Officially unemployed

12.7 million

HIDDEN UNEMPLOYMENT

Working part-time because can’t find a full-time job:  8.2 million
People who want jobs but are not looking so are not counted in official statistics (of which about 2.5 million** searched for work during the prior 12 months and were available for work during the reference week.)  6.5 million

Total: 27.4 million (16.9% of the labor force)

Source: http://www.bls.gov/news.release/pdf/empsit.pdf

**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 2010, the latest year available, that number was 16.8 million, 17.0 percent of full-time, full-year workers (estimated from Current Population Survey, Bur. of the  Census, 9/2011).

In April, 2012, the latest month available, the number of job openings was 3.4 million, a decline from March. Job openings decreased for total nonfarm, total private, and government as well as in manufacturing, professional and business services, and state and local government. The number of openings also decreased in April for the Midwest region. Although the number of total nonfarm job openings declined in April, the number of openings was 1.0 million higher than at the end of the recession in June 2009.” Job Openings and Labor Turnover Estimates, June 19, 2012.+   Thus there are now 8 job-wanters for each available job.

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

Employment-population ratio 1/1948 to 3/2012

The Waste [of output] by Paul Krugman August 11, 2011blog
cumulative loss because of recession: $2.8 Tr.

….
+ “The number of job openings in Arpil (not seasonally adjusted) increased over the year for total nonfarm and total private but was little changed for government. Job openings increased over the year for several industries and the Northeast and South regions.”

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