{"id":5152,"date":"2015-11-28T15:33:17","date_gmt":"2015-11-28T15:33:17","guid":{"rendered":"http:\/\/njfac.org\/?page_id=5152"},"modified":"2017-05-13T01:49:59","modified_gmt":"2017-05-13T01:49:59","slug":"jobnews7-15","status":"publish","type":"page","link":"https:\/\/njfac.org\/index.php\/jobnews7-15\/","title":{"rendered":"July 2015"},"content":{"rendered":"

JULY 2015\u00a0Unemployment Data–the Full Count*<\/strong>
\n(U.S. BUREAU OF LABOR STATISTICS)<\/p>\n

OFFICIAL UNEMPLOYMENT:\u00a05.3%*<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
White<\/strong><\/td>\n\u00a0\u00a0\u00a0 \u00a04.6%<\/strong><\/td>\n<\/tr>\n
African American<\/strong><\/td>\n9.1%<\/strong><\/td>\n<\/tr>\n
Hispanic<\/strong><\/td>\n6.8%<\/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\u00a04.0%<\/strong><\/td>\n<\/tr>\n
Persons with a disability**<\/strong><\/td>\n\u00a0\u00a0\u00a010.4%<\/strong><\/td>\n<\/tr>\n
Men 20 years and over<\/strong><\/td>\n4.8%<\/strong><\/td>\n<\/tr>\n
Women 20 years and over<\/strong><\/td>\n4.9%<\/strong><\/td>\n<\/tr>\n
Teens (16-19 years)<\/strong><\/td>\n16.2%<\/strong><\/td>\n<\/tr>\n
Black teens<\/strong><\/td>\n28.7%<\/strong><\/td>\n<\/tr>\n
Officially unemployed<\/strong><\/td>\n8.3\u00a0million<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

*If the LFPR were at its pre-recession level, the unemployment\u00a0rate in\u00a0July 2015 would have been 7.3%\u00a0\u00a0instead of\u00a05.3%<\/a>. [See “The Labor Force Participation Rate and Its Trajectory”<\/a>]
\n<\/strong>
\nHIDDEN UNEMPLOYMENT<\/strong><\/p>\n\n\n\n\n\n
Working part-time because can’t find a full-time job:<\/td>\n6.3\u00a0million<\/strong><\/td>\n<\/tr>\n
People who want jobs but\u00a0are not looking so\u00a0are not counted in official statistics (of which about 1.9 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: 20.7\u00a0million (12.7%\u00a0of the labor force)<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source:\u00a0http:\/\/www.bls.gov\/news.release\/pdf\/empsit.pdf<\/a>\u00a0See also\u00a0Current Employment Statistics–Highlights
\n<\/a>
\n**Not seasonally adjusted.
\n*See\u00a0Uncommon Sense #4<\/em>\u00a0<\/a>for an explanation of the unemployment measures, and\u00a0Is 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 2013, the latest year available, that number was 18.5 million, 17.5 percent of full-time, full-year workers (estimated from\u00a0Current Population Survey, Bur. of the\u00a0 Census, 9\/2014).<\/p>\n

In May 2015, the latest month available, the number of job openings was 5.4 million,\u00a0<\/strong>“the highest since the series began in December 2000, the US Bureau of Labor Statistics reported today. …..The number of job openings was little changed for total private and government. Job openings increased in nondurable goods manufacturing and in state and local government. Job openings were little changed in all four regions.”\u00a0Job Openings and Labor Turnover Summary<\/a>,\u00a0<\/strong>July 7, 2015.+\u00a0<\/strong>Thus there are nearly 4 job-wanters\u00a0for each available job.<\/p>\n

Unemployment Rate Vastly Understates Labor Market Weakness\u00a0<\/a>EPI<\/p>\n

Chartbook: The Legacy of the Great Recession<\/a><\/strong>\u00a0(CBPP)<\/p>\n

See BLS slides<\/strong><\/a><\/p>\n

+<\/strong>“The number of job openings (not seasonally adjusted) increased over the 12 months ending in May for total nonfarm, total private, and government. Job openings rose over the year for many industries with the largest increases occurring in retail trade, professional and business services, and health care and social assistance. Job openings decreased over the year in mining and logging and in arts, entertainment, and recreation. The number of job openings increased over the year in the Sourth, Midwest, and West regions.”
\nhttp:\/\/www.bls.gov\/news.release\/jolts.nr0.htm<\/a><\/p>\n

The JOLTS Technical note describes the numbers: “A job opening requires that: 1) a specific position exists and there is work available for that position, 2) work could start within 30 days whether or not the employer found a suitable candidate, and 3) the employer is actively recruiting from outside the establishment to fill the position.\u00a0Included are full-time, part-time, permanent, short-term, and seasonal openings<\/strong>.” [my emphasis–jz]<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

JULY 2015\u00a0Unemployment Data–the Full Count* (U.S. BUREAU OF LABOR STATISTICS) OFFICIAL UNEMPLOYMENT:\u00a05.3%* White \u00a0\u00a0\u00a0 \u00a04.6% African American 9.1% Hispanic 6.8% Asian** \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a04.0% Persons with a disability** \u00a0\u00a0\u00a010.4% Men 20 years and over 4.8% Women 20 years and over 4.9% Teens (16-19 years) 16.2% Black teens 28.7% Officially unemployed 8.3\u00a0million *If the LFPR were at… Read More July 2015<\/span><\/a><\/p>\n","protected":false},"author":20,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-5152","page","type-page","status-publish","hentry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/pages\/5152","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/comments?post=5152"}],"version-history":[{"count":0,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/pages\/5152\/revisions"}],"wp:attachment":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/media?parent=5152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/categories?post=5152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/tags?post=5152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}