{"id":1278,"date":"2014-05-09T20:09:06","date_gmt":"2014-05-09T20:09:06","guid":{"rendered":"http:\/\/njfac.org\/wpb\/?page_id=1278"},"modified":"2016-12-11T02:44:07","modified_gmt":"2016-12-11T02:44:07","slug":"jobnews3-14","status":"publish","type":"page","link":"https:\/\/njfac.org\/index.php\/jobnews3-14\/","title":{"rendered":"March 2014"},"content":{"rendered":"

MARCH 2014 UNEMPLOYMENT DATA*<\/strong>
\n(U.S. BUREAU OF LABOR STATISTICS)<\/p>\n

OFFICIAL UNEMPLOYMENT: <\/strong>6.7%<\/strong>* <\/strong>
\n<\/strong>A year earlier, the number of unemployed persons was 11.7 million,
\nand the jobless rate was 7.5 percent. [BLS]<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
White<\/strong><\/td>\n\u00a0\u00a0\u00a0 \u00a0<\/strong>5.8%<\/strong><\/td>\n<\/tr>\n
African American<\/strong><\/td>\n12.4%<\/strong><\/td>\n<\/tr>\n
Hispanic<\/strong><\/td>\n7.9<\/strong>%<\/strong><\/td>\n<\/tr>\n
Asian**<\/strong><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0 5.4%<\/strong><\/td>\n<\/tr>\n
Persons with a disability**<\/strong><\/td>\n\u00a0\u00a0\u00a0<\/strong>\u00a014.5%<\/strong><\/td>\n<\/tr>\n
Men 20 years and over<\/strong><\/td>\n6.2%<\/strong><\/td>\n<\/tr>\n
Women 20 years and over<\/strong><\/td>\n6.2%<\/strong><\/td>\n<\/tr>\n
Teens (16-19 years)<\/strong><\/td>\n20.9%<\/strong><\/td>\n<\/tr>\n
Black teens<\/strong><\/td>\n36.1%<\/strong><\/td>\n<\/tr>\n
Officially unemployed<\/strong><\/td>\n10.5 million<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

*If the LFPR were at its pre-recession level, the unemployment rate in \u00a0March 2014 would have been 9.8% \u00a0instead of 6.7%<\/a>. [See “The Labor Force Participation Rate and Its Trajectory”<\/a>]<\/strong><\/p>\n

HIDDEN UNEMPLOYMENT<\/strong><\/p>\n\n\n\n\n\n
Working part-time because can’t find a full-time job:<\/td>\n7.4<\/strong> million<\/strong><\/td>\n<\/tr>\n
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.)<\/td>\n\u00a06.1 million<\/strong><\/td>\n<\/tr>\n
Total:<\/strong> 24.0 million (14.8% of the labor force)<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: http:\/\/www.bls.gov\/news.release\/pdf\/empsit.pdf<\/a> See also Current Employment Statistics–Highlights
\n<\/a>
\n**Not seasonally adjusted.
\n*See Uncommon Sense #4<\/a><\/em> for an explanation of the unemployment measures, and Is the Decline in the Labor Force Participation Rate During This Recession Permanent?<\/em><\/a>.<\/p>\n

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\u00a0 Census, 9\/2013<\/a>).<\/p>\n

In January 2014, the latest month available, the number of job openings was 4.0 million<\/strong>.\u00a0 “The number of openings was little changed in total private and government. The number of job openings decreased in retail trade; the number increased n health care and social assistance and in arts, entertainment, and recreation. The West region experienced a rise in job openings in January.” Job Openings and Labor Turnover Summary<\/a>, <\/strong>March 11, 2014.+ <\/strong><\/p>\n

Thus there are 6 job-wanters for each available job.<\/p>\n

THE MISSING PART OF THE UNEMPLOYMENT STORY<\/strong><\/a><\/p>\n