MAY 2014 UNEMPLOYMENT DATA*
(U.S. BUREAU OF LABOR STATISTICS)
OFFICIAL UNEMPLOYMENT: 6.3%*
A year earlier, the number of unemployed persons was 11.7 million,
and the jobless rate was 7.5 percent. [BLS]
|Persons with a disability**||12.7%|
|Men 20 years and over||5.9%|
|Women 20 years and over||5.7%|
|Teens (16-19 years)||19.2%|
|Officially unemployed||9.8 million|
*If the LFPR were at its pre-recession level, the unemployment rate in April 2014 would have been 9.9% instead of 6.3%. [See “The Labor Force Participation Rate and Its Trajectory”]
|Working part-time because can’t find a full-time job:||7.3 million|
|People who want jobs but are not looking so are not counted in official statistics (of which about 2.1 million** searched for work during the prior 12 months and were available for work during the reference week.)||6.4 million|
|Total: 23.5 million (14.5% 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 March 2014, the latest month available, the number of job openings was 4.0 million, “little changed from 4.1 million in February”. The number of job openings was little changed for total private and for government. The number of job openings was little changed in all industries. The West region experienced a decrease in job openings in March.” Job Openings and Labor Turnover Summary,May 9, 2014.+
Thus there are nearly 6 job-wanters for each available job.
THE MISSING PART OF THE UNEMPLOYMENT STORY
Private Payroll Employment Has Grown For 50 Months
Long-Term Unemployment Near Historic Highs
Employment to Population Ratio Remains Depressed (cbpp 5/2)
Missing Jobs: How many jobs
we should have had
If Missing Young Workers Were Looking
GDP Fell Far Below What the Economy
Was Capable of Producing
+“The number of job openings (not seasonally adjusted) was little changed over the year ending in March for total nonfarm, total private, and government. Over the year, the job openings level increased in three industries and decreased in three industries. Over the 12 months ending in March, the number of job openings increased in the Midwest region but decreased in the Northeast.”(http://www.bls.gov/news.release/jolts.nr0.htm)