{"id":975,"date":"2014-02-09T17:49:38","date_gmt":"2014-02-09T17:49:38","guid":{"rendered":"http:\/\/njfac.org\/wpb\/?page_id=975"},"modified":"2016-12-11T02:44:07","modified_gmt":"2016-12-11T02:44:07","slug":"jobnews1-14","status":"publish","type":"page","link":"https:\/\/njfac.org\/index.php\/jobnews1-14\/","title":{"rendered":"January 2014"},"content":{"rendered":"

JANUARY 2014\u00a0UNEMPLOYMENT DATA*<\/b>
\n(U.S. BUREAU OF LABOR STATISTICS)<\/p>\n

OFFICIAL UNEMPLOYMENT:\u00a0<\/b>6.6%<\/b>*<\/b>
\nA year earlier, the number of unemployed persons was\u00a012.3\u00a0million,
\nand the jobless rate was 7.9 percent.\u00a0[BLS]<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
White<\/b><\/b><\/td>\n\n

\u00a0\u00a0\u00a0 \u00a05.7%<\/b><\/b><\/p>\n<\/td>\n<\/tr>\n

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

12.1%<\/b><\/b><\/p>\n<\/td>\n<\/tr>\n

Hispanic<\/b><\/b><\/td>\n\n

8.4%<\/b><\/b><\/p>\n<\/td>\n<\/tr>\n

Asian**<\/b><\/b><\/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\u00a04.8%<\/b><\/b><\/p>\n<\/td>\n<\/tr>\n

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

\u00a0\u00a0\u00a0\u00a013.3%<\/b><\/b><\/p>\n<\/td>\n<\/tr>\n

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

6.2%<\/b><\/b><\/p>\n<\/td>\n<\/tr>\n

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

5.9%<\/b><\/b><\/p>\n<\/td>\n<\/tr>\n

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

20.7%<\/b><\/b><\/p>\n<\/td>\n<\/tr>\n

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

38.0%<\/b><\/b><\/p>\n<\/td>\n<\/tr>\n

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

10.2\u00a0million<\/b><\/b><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

*If the LFPR were at its pre-recession level, the unemployment\u00a0rate in\u00a0January 2014 would have been 9.9%\u00a0\u00a0instead of\u00a06.6%<\/a>. [See “The Labor Force Participation Rate and Its Trajectory”<\/a>]<\/p>\n

HIDDEN UNEMPLOYMENT<\/b><\/b><\/p>\n

\n\n\n\n\n\n
Working part-time because can\u2019t find a full-time job:\u00a0<\/b><\/b><\/td>\n7.3\u00a0million<\/b><\/b><\/td>\n<\/tr>\n
People who want jobs but\u00a0<\/b>are not looking so\u00a0<\/b>are not counted in official statistics (of which about 2.3 million** searched for work during the prior 12 months and were available for work during the reference week.)\u00a0<\/b><\/b><\/td>\n\u00a06.3\u00a0million<\/b><\/b><\/td>\n<\/tr>\n
\n

Total:<\/b>\u00a023.8\u00a0million (14.7% of the labor force)<\/b><\/b><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Source:\u00a0http:\/\/www.bls.gov\/news.release\/pdf\/empsit.pdf<\/a>\u00a0See also\u00a0Current Employment Statistics\u2013Highlights
\n<\/a>
\n**Not seasonally adjusted.
\n*See\u00a0Uncommon Sense #4<\/a>\u00a0for an explanation of the unemployment measures, and\u00a0Is the Decline in the Labor Force Participation Rate During This Recession Permanent?<\/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\u00a0Current Population Survey, Bur. of the\u00a0 Census, 9\/2013).<\/a><\/p>\n

In November 2013, 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, as well as in all industries and in all four regions\u2026” Job Openings and Labor Turnover Summary<\/a>, <\/strong>January 17, 2014.+ <\/strong><\/p>\n

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

MISSING WORKERS: <\/a><\/strong>
\n THE MISSING PART OF THE UNEMPLOYMENT STORY\u00a0<\/strong>