MAY 2016 Unemployment Data–the Full Count*
(U.S. BUREAU OF LABOR STATISTICS)
OFFICIAL UNEMPLOYMENT: 4.7%*
|Persons with a disability**||
|Men 20 years and over||
|Women 20 years and over||
|Teens (16-19 years)||
*If the LFPR were at its pre-recession level, the unemployment rate in May 2016 would have been 6.4% instead of 4.9% [sic]. [See “The Labor Force Participation Rate and Its Trajectory”]
|Working part-time because can’t find a full-time job:||6.4 million|
|People who want jobs but are not looking so are not counted in official statistics (of which about 1.7 million** searched for work during the prior 12 months and were available for work during the reference week.)||5.9 million|
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 2014, that number was 19.3 million, 17.7 percent of full-time, full-year workers (estimated from Current Population Survey, Bur. of the Census, 9/2015).
In April 2016, the latest month available, the number of job openings was 5.8 million. Job Openings and Labor Turnover Summary, June 8, 2016. Thus there are approximately 3.4 job-wanters for each available job.
Job Openings and Labor Turnover Summary
Unemployment Rate Vastly Understates Labor Market Weakness EPI
Chartbook: The Legacy of the Great Recession (CBPP)