{"id":14320,"date":"2024-11-05T14:22:58","date_gmt":"2024-11-05T19:22:58","guid":{"rendered":"https:\/\/njfac.org\/?p=14320"},"modified":"2024-12-03T10:13:42","modified_gmt":"2024-12-03T15:13:42","slug":"unemployment-data-october-2024","status":"publish","type":"post","link":"https:\/\/njfac.org\/index.php\/2024\/11\/05\/unemployment-data-october-2024\/","title":{"rendered":"Unemployment Data-OCTOBER 2024"},"content":{"rendered":"

October 2024 Unemployment Data\u2013the Full Count<\/strong><\/p>\n

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

OFFICIAL UNEMPLOYMENT: 4.1%<\/strong>*\u00a0 [ANALYSES by EXPERTS]<\/a>
\n<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
White<\/strong><\/td>\n\n
\u00a0 \u00a0 \u00a0 \u00a0\u00a0\u00a0 3<\/strong>.8<\/span>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
African American<\/strong><\/td>\n\n
5.7<\/span>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Hispanic<\/strong><\/td>\n\n
5.1<\/span><\/strong>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Asian\u00b9<\/strong><\/td>\n\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3.9%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Persons with a disability\u00b9<\/strong><\/td>\n\n
\u00a0 7.6<\/strong>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Men 20 years and over<\/strong><\/td>\n\n
3.9<\/span>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Women 20 years and over<\/strong><\/td>\n\n
3.6<\/span>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Teens (16-19 years)<\/strong><\/td>\n\n
13.8<\/span>%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Black teens<\/strong><\/td>\n\n
17.2%<\/strong><\/div>\n<\/td>\n<\/tr>\n
Officially unemployed<\/strong><\/td>\n\n
7.0 <\/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\u00a04.6 <\/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 1.6 million\u00b9 searched for work during the prior 12 months and were available for work during the reference week.)<\/td>\n\u00a05.7 million<\/strong><\/td>\n<\/tr>\n
Total: 17.3 million (9.9% of labor force)<\/strong><\/center><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: Bureau of Labor Statistics, The Employment Situation News Release <\/span><\/span><\/em><\/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 \u201cthe 4 weeks preceding the survey.\u201d<\/p>\n

WORKING BUT IN POVERTY:<\/strong> In addition, millions more were working full-time, year-round, yet earned less than the official poverty level for a family of four. In 2023,\u00a0 that number was 16.3 million, 13.4 percent of full-time, full-year workers (estimated from Current Population Survey, Bur. of the\u00a0 Census)<\/a>. The\u00a0poverty threshold in 2023 <\/a>was $31,200 for a family of four.<\/p>\n

HOW MANY JOBS ARE AVAILABLE?<\/strong> In October 2024, the latest month available, the number of job openings was 7.7 million. (Job Openings and Labor Turnover Summary<\/a>, December 3, 2024).\u00a0\u00a0Thus there are 2.2 job-wanters for each available job.\u00a0 See also JOLTS Experimental State Estimates<\/a><\/p>\n

HOW UNEMPLOYMENT IS MEASURED:<\/strong> 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-half percentage point to the unemployment rate.<\/p>\n","protected":false},"excerpt":{"rendered":"

October 2024 Unemployment Data\u2013the Full Count (U.S. BUREAU OF LABOR STATISTICS) OFFICIAL UNEMPLOYMENT: 4.1%*\u00a0 [ANALYSES by EXPERTS] White \u00a0 \u00a0 \u00a0 \u00a0\u00a0\u00a0 3.8% African American 5.7% Hispanic 5.1% Asian\u00b9 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3.9% Persons with a disability\u00b9 \u00a0 7.6% Men 20 years and over 3.9% Women 20 years and over 3.6% Teens (16-19… Read More Unemployment Data-OCTOBER 2024<\/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":[180,190,163,58,133,164,187,192,179],"class_list":["post-14320","post","type-post","status-publish","format-standard","hentry","category-current-rate","category-uncategorized","tag-asian-unemployment-rate","tag-black-teen-unemployment-rate","tag-black-unemployment-rate","tag-counting-unemployed","tag-current-unemployment-rate","tag-disabled-unemployment","tag-mens-unemployment-rate","tag-unemployment-october-2024","tag-womens-unemployment-rate"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/posts\/14320","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=14320"}],"version-history":[{"count":5,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/posts\/14320\/revisions"}],"predecessor-version":[{"id":14369,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/posts\/14320\/revisions\/14369"}],"wp:attachment":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/media?parent=14320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/categories?post=14320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/tags?post=14320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}