{"id":5170,"date":"2015-11-28T15:36:58","date_gmt":"2015-11-28T15:36:58","guid":{"rendered":"http:\/\/njfac.org\/?page_id=5170"},"modified":"2019-07-07T22:44:35","modified_gmt":"2019-07-07T22:44:35","slug":"jobnews6-15","status":"publish","type":"page","link":"https:\/\/njfac.org\/index.php\/jobnews6-15\/","title":{"rendered":"June 2015"},"content":{"rendered":"

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

OFFICIAL UNEMPLOYMENT:\u00a05.3%*
\n<\/strong>A year earlier, the number of unemployed persons was 9.5 million,
\nand the jobless rate was 6.1 percent.\u00a0[BLS]<\/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>\n9.5%<\/strong><\/td>\n<\/tr>\n
Hispanic<\/strong><\/td>\n6.6%<\/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\u00a03.8%<\/strong><\/td>\n<\/tr>\n
Persons with a disability**<\/strong><\/td>\n\u00a0\u00a0\u00a0\u00a09.3%<\/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>\n4.8%<\/strong><\/td>\n<\/tr>\n
Teens (16-19 years)<\/strong><\/td>\n18.1%<\/strong><\/td>\n<\/tr>\n
Black teens<\/strong><\/td>\n31.8%<\/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\u00a0May 2015 would have been 7.2%\u00a0\u00a0instead of\u00a05.5%<\/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>\n6.5\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: 20.9\u00a0million (12.8%\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<\/a><\/em>\u00a0for 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 April 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 increased for total private and was essentially unchanged for government. At the industry level, job openings rose over the month in health care and social assistance but fell in arts, entertainment, and recreation. In the regions, job openings increased in the West.”\u00a0Job Openings and Labor Turnover Summary<\/a>,\u00a0<\/strong>June 9, 2015.+\u00a0<\/strong>Thus there are 4 job-wanters\u00a0for each available job.<\/p>\n

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

Monthly Change in Non-Farm Employment\u00a0<\/a><\/strong>CBPP<\/p>\n

Long-Term Unemployment Rose to Historic Highs\u00a0<\/a>cbpp\u00a0See BLS slides<\/strong><\/a><\/p>\n

The Share of the Population with a Job Fell to Levels Not Seen Since the Mid-1980s\u00a0CBPP<\/a><\/p>\n

% Decline in employment-population ratio from start of postwar recessions<\/a>\u00a0CPEG<\/p>\n

Modest Wage Growth<\/a>, CBPP<\/p>\n

Job Losses Far Exceeded Other Recessions<\/a>\u00a0CBPP<\/strong>\u00a0[and recovered more slowly]<\/p>\n

GDP Fell Far Below What the Economy Was Capable of Producing<\/a><\/strong>CBPP<\/p>\n

+<\/strong>“The number of job openings (not seasonally adjusted) increased over the 12 months ending in April for total nonfarm, total private, and government. Job openings increased over the year for many industries with the largest changes occurring in professional and business services and in 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 all four regions.”\u00a0http:\/\/www.bls.gov\/news.release\/jolts.nr0.htm<\/a>\u00a0 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":"

JUNE 2015\u00a0Unemployment Data–the Full Count* (U.S. BUREAU OF LABOR STATISTICS) OFFICIAL UNEMPLOYMENT:\u00a05.3%* A year earlier, the number of unemployed persons was 9.5 million, and the jobless rate was 6.1 percent.\u00a0[BLS] White \u00a0\u00a0\u00a0 \u00a04.6% African American 9.5% Hispanic 6.6% 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\u00a03.8% Persons with a disability** \u00a0\u00a0\u00a0\u00a09.3% Men 20 years and over 4.8% Women 20 years… Read More June 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-5170","page","type-page","status-publish","hentry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/pages\/5170","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=5170"}],"version-history":[{"count":0,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/pages\/5170\/revisions"}],"wp:attachment":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/media?parent=5170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/categories?post=5170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/tags?post=5170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}