{"id":6240,"date":"2016-02-07T16:17:47","date_gmt":"2016-02-07T16:17:47","guid":{"rendered":"http:\/\/njfac.org\/?page_id=6240"},"modified":"2017-05-13T01:50:01","modified_gmt":"2017-05-13T01:50:01","slug":"jobnews10-14","status":"publish","type":"page","link":"https:\/\/njfac.org\/index.php\/jobnews10-14\/","title":{"rendered":"October 2014"},"content":{"rendered":"

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

OFFICIAL UNEMPLOYMENT: <\/strong>5.8<\/strong>%<\/strong>*<\/strong>
\n<\/strong>A year earlier, the number of unemployed persons was 11.1 million,
\nand the jobless rate was 7.2 percent. [BLS]<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
White<\/strong><\/td>\n\n

\u00a0\u00a0\u00a0 \u00a0<\/strong>4.8%<\/strong><\/p>\n<\/td>\n<\/tr>\n

African American<\/strong><\/td>\n\n

10.9%<\/strong><\/p>\n<\/td>\n<\/tr>\n

Hispanic<\/strong><\/td>\n\n

6.8<\/strong>%<\/strong><\/p>\n<\/td>\n<\/tr>\n

Asian**<\/strong><\/td>\n\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 5.0%<\/strong><\/p>\n<\/td>\n<\/tr>\n

Persons with a disability**<\/strong><\/td>\n\n

\u00a0\u00a0\u00a0<\/strong>\u00a011.3%<\/strong><\/p>\n<\/td>\n<\/tr>\n

Men 20 years and over<\/strong><\/td>\n\n

5.1%<\/strong><\/p>\n<\/td>\n<\/tr>\n

Women 20 years and over<\/strong><\/td>\n\n

5.4%<\/strong><\/p>\n<\/td>\n<\/tr>\n

Teens (16-19 years)<\/strong><\/td>\n\n

18.6%<\/strong><\/p>\n<\/td>\n<\/tr>\n

Black teens<\/strong><\/td>\n\n

32.6%<\/strong><\/p>\n<\/td>\n<\/tr>\n

Officially unemployed<\/strong><\/td>\n\n

9.0 million<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

*If the LFPR were at its pre-recession level, the unemployment rate in October 2014 would have been 9.1% \u00a0instead of 5.8%<\/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>\n7.0<\/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\u00a06.5 million<\/strong><\/td>\n<\/tr>\n
Total: 22.5 million (13.8%<\/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> 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 2013, the latest year available, that number was 18.5 million, 17.5 percent of full-time, full-year workers (estimated from Current Population Survey, Bur. of the Census, 9\/2014).<\/p>\n

In August 2014, the latest month available, the number of job openings was 4.8 million, <\/strong>“up from 4.6 million in July…This was the highest level of job openings since January. The number of job openings increased for total private and was little changed for government in August.” Job Openings and Labor Turnover Summary<\/a>, <\/strong>October 7, 2014.+ <\/strong>Thus there are more than 4.5 job-wanters for each available job.<\/p>\n

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