DECEMBER 2013 UNEMPLOYMENT DATA*
(U.S. BUREAU OF LABOR STATISTICS)
OFFICIAL UNEMPLOYMENT: 6.7%*
A year earlier, the number of unemployed persons was 12.0 million,
and the jobless rate was 7.8 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 September 2013 would have been 10.2% instead of 7.2%. [See “The Labor Force Participation Rate and Its Trajectory”]
|Working part-time because can’t find a full-time job:||7.8million|
|People who want jobs but are not looking so are not counted in official statistics (of which about 2.4 million** searched for work during the prior 12 months and were available for work during the reference week.)||6.1 million|
Total: 24.3 million (15.1% 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 October 2013, the latest month available, the number of job openings was 3.9 million, “The number of openings
was little changed for total private and government. The number of job openings increased in arts, entertainment, and recreation and in the Midwest region and was little changed in the remaining industries and regions.” Job Openings and Labor Turnover Summary, December 10, 2013.+
Thus there are about 6.25 job-wanters for each available job.
THE MISSING PART OF THE UNEMPLOYMENT STORY
Private Payroll Employment Has Grown For 44 Months
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 9/6/13
GDP Fell Far Below What the Economy Was Capable of Producing
+“The number of job openings (not seasonally adjusted) increased over the year for total nonfarm and total private and was little changed for government. Over the year, the number of job openings increased in several industries but decreased in federal government. The Midwest and West regions experienced an increase in job openings over the 12 months ending in October. (http://www.bls.gov/news.release/pdf/jolts.pdf)