JULY 2013 UNEMPLOYMENT DATA*
(U.S. BUREAU OF LABOR STATISTICS)

OFFICIAL UNEMPLOYMENT: 7.4%
A year earlier, the number of unemployed persons was12.7
million, and the jobless rate was 8.2 percent. [BLS]

White	6.6%
African American	12.6%
Hispanic	9.4%
Asian**	5.7%
Persons with a disability**	14.7%
Men 20 years and over	7.0%
Women 20 years and over	6.5%
Teens (16-19 years)	23.7%
Black teens	41.6%
Officially unemployed	11.5 million

 

HIDDEN UNEMPLOYMENT

Working part-time because can’t find a full-time job:	8.2 million
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.)	6.6 million
Total: 26.3 million (16.2% 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.

In addition, millions more were working full-time, year-round, yet earned less than the official poverty level for a family of four. In 2011, the latest year available, that number was 17.9 million, 17.6 percent of full-time, full-year workers (estimated from Current Population Survey, Bur. of the  Census, 9/2012).

In May 2013, the latest month available, the number of job openings was 3.8 million, “little changed from April. The number of job openings was little changed over the month in most industries but rose in retail trade and fell in professional and business services. The number of job openings rose in the Midwest but was essentially unchanged in the other three regions.” Job Openings and Labor Turnover Estimates, July 9, 2013.+

Thus there are now nearly 7 job-wanters for each available job.

Private Payroll Employment Has Grown For 41 Months cbpp 8/13

Long-Term Unemployment Remains High

Employment-population ratio 1/1948 to 7/2013

GDP Fell Far Below What the Economy Was Capable of Producing 

+“The number of job openings in May (not seasonally adjusted) was little changed over the year for total nonfarm, total private, and government. Several industries experienced an increase in job openings over the year, including retail trade; transportation, warehousing, and utilities; and finance and insurance. Industries experiencing a decrease in openings over the year were durable goods manufacturing and professional and business services. In the Midwest region, the number of job openings rose over the year.”