September 2013

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

OFFICIAL UNEMPLOYMENT: 7.2%* A year earlier, the number of unemployed persons was12.1 million, and the jobless rate was 7.8 percent. [BLS]

White

     6.3%

African American

12.9%

Hispanic

9.0%

Asian**

                          5.3%

Persons with a disability**

    13.1%

Men 20 years and over

7.1%

Women 20 years and over

6.2%

Teens (16-19 years)

21.4%

Black teens

35.1%

Officially unemployed

11.3 million

 

*If the LFPR were at its pre-recession level, the unemployment rate in July, 2013 would have been 11.0% instead of 7.4%. [See “The Labor Force Participation Rate and Its Trajectory”] 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 2.3 million** searched for work during the prior 12 months and were available for work during the reference week.)  6.2 million

Total: 25.4 million (15.7% 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, and Is the Decline in the Labor Force Participation Rate During This Recession Permanent?. In addition, millions more were working full-time, year-round, yet earned less than the official poverty level for a family of four. In 2012, the latest year available, that number was 18.0 million, 17.5 percent of full-time, full-year workers (estimated from Current Population Survey, Bur. of the  Census, 9/2013). In July 2013, the latest month available, the number of job openings was 3.7 million, “little changed from June. The number of job openings was little changed in July in all industries and regions except professional and business services where the level dropped.” Job Openings and Labor Turnover Estimates, September 10, 2013.+ Thus there are now nearly 7 job-wanters for each available job.

MISSING WORKERS:  THE MISSING PART OF THE UNEMPLOYMENT STORY

Private Payroll Employment Has Grown For 42 Months cbpp 9/13

Long-Term Unemployment Remains High

The Share of the Population with a Job Fell to Levels Not Seen Since the Mid-1980s

Labor Force Participation Rate vs. Unemployment Rate

Unemployment-rate-Labor-participation-rate_chartbuilder

GDP Fell Far Below What the Economy Was Capable of Producing

+“The number of job openings in July (not seasonally adjusted) was little changed over the year for total nonfarm, total private, and government. Increases in job openings in several industries were offset by decreases in job openings in several other industries, leading to little change at the total nonfarm level. In the Midwest region, the number of job openings rose over the year.”

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