{"id":6155,"date":"2016-02-07T15:46:12","date_gmt":"2016-02-07T15:46:12","guid":{"rendered":"http:\/\/njfac.org\/?page_id=6155"},"modified":"2016-12-11T02:44:06","modified_gmt":"2016-12-11T02:44:06","slug":"jobnews5-14","status":"publish","type":"page","link":"https:\/\/njfac.org\/index.php\/jobnews5-14\/","title":{"rendered":"May 2014"},"content":{"rendered":"

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

OFFICIAL UNEMPLOYMENT: <\/strong>6.3%<\/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>5.4%<\/strong><\/td>\n<\/tr>\n
African American<\/strong><\/td>\n11.5%<\/strong><\/td>\n<\/tr>\n
Hispanic<\/strong><\/td>\n7.7<\/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 5.3%<\/strong><\/td>\n<\/tr>\n
Persons with a disability**<\/strong><\/td>\n\u00a0\u00a0\u00a0<\/strong>\u00a012.7%<\/strong><\/td>\n<\/tr>\n
Men 20 years and over<\/strong><\/td>\n5.9%<\/strong><\/td>\n<\/tr>\n
Women 20 years and over<\/strong><\/td>\n5.7%<\/strong><\/td>\n<\/tr>\n
Teens (16-19 years)<\/strong><\/td>\n19.2%<\/strong><\/td>\n<\/tr>\n
Black teens<\/strong><\/td>\n31.1%<\/strong><\/td>\n<\/tr>\n
Officially unemployed<\/strong><\/td>\n9.8 million<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

*If the LFPR were at its pre-recession level, the unemployment rate in \u00a0April 2014 would have been 9.9% \u00a0instead of 6.3%<\/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.<\/strong>3 million<\/strong><\/td>\n<\/tr>\n
People who want jobs but are not looking so are not counted in official statistics (of which about 2.1 million** searched for work during the prior 12 months and were available for work during the reference week.)<\/td>\n\u00a06.4 million<\/strong><\/td>\n<\/tr>\n
Total:<\/strong> 23.5 million (14.5% <\/strong>of the labor force)<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: http:\/\/www.bls.gov\/news.release\/pdf\/empsit.pdf<\/a>\u00a0 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 March 2014, the latest month available, the number of job openings was 4.0 million, <\/strong>“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<\/a>,<\/strong>May 9, 2014.+<\/strong><\/p>\n

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

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