OCTOBER 2014 UNEMPLOYMENT DATA*
(U.S. BUREAU OF LABOR STATISTICS)
OFFICIAL UNEMPLOYMENT: 5.8%*
A year earlier, the number of unemployed persons was 11.1 million,
and the jobless rate was 7.2 percent. [BLS]
|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 October 2014 would have been 9.1% instead of 5.8%. [See “The Labor Force Participation Rate and Its Trajectory”]
|Working part-time because can’t find a full-time job:||7.0 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.)||6.5 million|
|Total: 22.5 million (13.8% 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 2013, the latest year available, that number was 18.5 million, 17.5 percent of full-time, full-year workers (estimated from Current Population Survey, Bur. of the Census, 9/2014).
In August 2014, the latest month available, the number of job openings was 4.8 million, “up from 4.6 million in July…This was the highest level of job openings since January. The number of job openings increased for total private and was little changed for government in August.” Job Openings and Labor Turnover Summary, October 7, 2014.+ Thus there are more than 4.5 job-wanters for each available job.
Unemployment Rate Vastly Understates Labor Market Weakness
Missing Jobs: How many jobs
we should have had
Private Payroll Employment Has Grown For 56 Months
Long-Term Unemployment Remains Near Historic Highs
The Share of the Population with a Job Fell
to Levels Not Seen Since the Mid-1980’s
GDP Fell Far Below What the Economy
Was Capable of Producing CBPP 11/7
+“The number of job openings (not seasonally adjusted) increased over the 12 months ending in August 2014 for total nonfarm, total private, and government. The job openings level increased in many of the industries and in all four regions.”http://www.bls.gov/news.release/jolts.nr0.htm