OCTOBER 2016 Unemployment Data–the Full Count*
(U.S. BUREAU OF LABOR STATISTICS)
OFFICIAL UNEMPLOYMENT: 4.9%*[Analyses]
White |
4.3%
|
African American |
8.6%
|
Hispanic |
5.7%
|
Asian** |
3.4%
|
Persons with a disability** |
9.9%
|
Men 20 years and over |
4.6%
|
Women 20 years and over |
4.3%
|
Teens (16-19 years) |
15.6%
|
Black teens |
27.6%
|
Officially unemployed |
7.8 million
|
*If the LFPR were at its pre-recession level, the unemployment rate in October 2016 would have been 6.1% instead of 5.0%. [See “The Labor Force Participation Rate and Its Trajectory”]
HIDDEN UNEMPLOYMENT
Working part-time because can’t find a full-time job: | 5.9 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 For BLS State and area data, see Geographic Information
**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 September 2016, the latest month available, the number of job openings was 5.5 million. Job Openings and Labor Turnover Summary, November 8, 2016. Thus there are approximately 3.6 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)
See BLS slides