{"id":11037,"date":"2020-06-05T13:02:48","date_gmt":"2020-06-05T17:02:48","guid":{"rendered":"https:\/\/njfac.org\/?p=11037"},"modified":"2020-06-09T10:27:14","modified_gmt":"2020-06-09T14:27:14","slug":"unemployment-data-may-2020","status":"publish","type":"post","link":"https:\/\/njfac.org\/index.php\/2020\/06\/05\/unemployment-data-may-2020\/","title":{"rendered":"Unemployment Data\u2013MAY 2020"},"content":{"rendered":"

MAY 2020 Unemployment Data\u2013the Full Count<\/strong><\/p>\n

(U.S. BUREAU OF LABOR STATISTICS)<\/p>\n

OFFICIAL UNEMPLOYMENT: 13.3<\/strong>%<\/strong>* [Analyses]<\/a><\/strong><\/p>\n

\n

“The BLS determines how many people are unemployed based on a household survey. Survey interviewers misclassified several furloughed workers as being \u201cabsent from work due to \u2018other reasons,\u2019\u201d according to the BLS. That\u2019s the same category of workers who\u2019d be on vacation, for example. The overall unemployment rate would have been \u201cabout 3 percentage points higher than reported\u201d if those individuals had been identified correctly,<\/strong> according to the agency. (The estimate isn\u2019t seasonally adjusted.) That would put the official unemployment rate at 16.3%.” Iacurci, CNBC<\/a><\/p>\n<\/div>\n\n\n\n\n\n\n\n\n\n\n\n\n
White<\/strong><\/td>\n\n
\u00a0 \u00a0\u00a0 12<\/strong>.4<\/span>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
African American<\/strong><\/td>\n\n
16.8<\/span>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Hispanic<\/strong><\/td>\n\n
17.6<\/span><\/strong>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Asian\u00b9<\/strong><\/td>\n\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 15.0<\/span>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Persons with a disability\u00b9<\/strong><\/td>\n\n
\u00a0 17<\/strong>.9<\/span>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Men 20 years and over<\/strong><\/td>\n\n
11.6<\/span>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Women 20 years and over<\/strong><\/td>\n\n
13.9<\/span>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Teens (16-19 years)<\/strong><\/td>\n\n
29.9<\/span>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Black teens<\/strong><\/td>\n\n
34.9<\/span>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Officially unemployed<\/strong><\/td>\n\n
21.0 <\/span>million<\/strong><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

HIDDEN UNEMPLOYMENT<\/strong><\/p>\n\n\n\n\n\n
Working part-time because can\u2019t find a full-time job:<\/td>\n\u00a010.6 <\/span><\/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 2.4 million\u00b9 searched for work during the prior 12 months and were available for work during the reference week.)<\/td>\n9.0 million<\/strong><\/td>\n<\/tr>\n
Total: 40.6 million (24.3%<\/strong>\u00a0of the labor force)<\/strong><\/center><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: http:\/\/www.bls.gov\/news.release\/pdf\/empsit.pdf<\/a> See also Current Employment Statistics\u2013Highlights<\/a>. For BLS State and area data, see Geographic Information and State Unemployment Summary<\/a> and Current Unemployment Rates for States<\/a> and Historical Highs\/Lows, Seasonally Adjusted<\/a><\/p>\n

*See Uncommon Sense #4<\/a> and How the BLS Measures Unemployment<\/a> for an explanation of the unemployment measures.<\/p>\n

\u00b9Not seasonally adjusted.\u00a0 Marginally Attached workers want work and are available, have looked for work within the last 12 months, but not during “the 4 weeks preceding the survey.”<\/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 2017,\u00a0 that number was 17.1 million, 14.8 percent of full-time, full-year workers (estimated from\u00a0Current Population Survey, Bur. of the\u00a0 Census, 8\/17)<\/a>. The\u00a0poverty threshold in 2017\u00a0<\/a>was\u00a0$25,094 for a family of four.<\/p>\n

In April 2020, the latest month available, the number of job openings was 5.0 million. Job Openings and Labor Turnover Summary<\/a>, June 9, 2020.\u00a0\u00a0Thus there are 8.1 job-wanters for each available job. See also <\/strong>JOLTS Experimental State Estimates<\/a><\/p>\n

Unemployment is measured as a percent of the civilian non-institutional labor force.\u00a0 The unemployed are those who have not worked at least an hour during the week of record, when a sample survey is taken, and who have looked for work during that month. The labor force includes those 16 years old and older who are either working or unemployed.\u00a0 It excludes those in\u00a0 institutions, like nursing homes or prisons, and those in the military. The latter two groups would in all likelihood experience high unemployment. Merely adding the incarcerated would add about one percentage point to the unemployment rate.<\/p>\n","protected":false},"excerpt":{"rendered":"

MAY 2020 Unemployment Data\u2013the Full Count (U.S. BUREAU OF LABOR STATISTICS) OFFICIAL UNEMPLOYMENT: 13.3%* [Analyses] “The BLS determines how many people are unemployed based on a household survey. Survey interviewers misclassified several furloughed workers as being \u201cabsent from work due to \u2018other reasons,\u2019\u201d according to the BLS. That\u2019s the same category of workers who\u2019d be… Read More Unemployment Data\u2013MAY 2020<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[49,1],"tags":[],"class_list":["post-11037","post","type-post","status-publish","format-standard","hentry","category-current-rate","category-uncategorized"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/posts\/11037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/comments?post=11037"}],"version-history":[{"count":0,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/posts\/11037\/revisions"}],"wp:attachment":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/media?parent=11037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/categories?post=11037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/tags?post=11037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}