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NOVEMBER
2011 UNEMPLOYMENT DATA*
(U.S.
BUREAU OF LABOR STATISTICS)
OFFICIAL
UNEMPLOYMENT: 8.6%
A year earlier, the number of unemployed
persons was 15.0
million, and the jobless rate was 9.8 percent. [BLS]
| White |
7.6% |
| African
American |
15.5% |
| Hispanic |
11.4% |
| Asian** |
6.5% |
| Persons with a disability** |
13.0% |
| Men
20 years and over |
8.3% |
| Women
20 years and over |
7.8% |
| Teens
(16-19 years) |
23.7% |
| Black
teens |
39.6% |
| Officially
unemployed |
13.3
million |
HIDDEN UNEMPLOYMENT
| Working
part-time because can't find a full-time job: |
8.5
million |
| People
who want jobs but are
not looking so are
not counted in official statistics (of which about 2.6 million**
searched for work during the prior 12 months and were available
for work during the reference week.) |
6.6
million |
|
Total:
28.4 million (17.7% of the labor force)
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Source: http://www.bls.gov/news.release/pdf/empsit.pdf
**Not
seasonally adjusted.
*See Uncommon Sense #4 for an explanation of the unemployment measures.
In addition,
millions more were working full-time, year-round, yet earned less
than the official poverty level for a family of four. In 2010,
the latest year available, that number was 16.8 million, 17.0
percent of full-time, full-year workers (estimated from Current
Population Survey, Bur. of the Census, 9/2011).
In
September, 2011, the latest month available, the number of job openings
was 3.4 million,
up from 3.1 million in August. Although the
number of job openings remained below the 4.4 million openings when the recession began in December 2007, the level in September was 1.2 million higher than in July 2009 (the most recent trough for the series). The number of job openings has increased 38 percent since the end of the recession in June 2009."
Job Openings
and Labor Turnover Estimates, September 8, 2011.+
Thus
there are now more than 8 job-wanters for each available job.
Source: http://www.americanprogress.org/issues/2011/10/more_job_creation.html
Employment-population
ratio 1/1948 to 6/2011
The
Waste [of output] by Paul Krugman August 11, 2011 blog
cumulative loss because of recession: $2.8 Tr.
Mass
layoffs:
Employers in the private nonfarm sector initiated 1,226 mass layoff events in the third quarter of 2011 that resulted in the separation of 184,493 workers from their jobs for at least 31 days, the U.S. Bureau of Labor Statistics reported today. Total extended mass layoff events decreased over the year from 1,370 to 1,226, and associated worker separations fell from 222,357 to 184,493. Events and separations reached their lowest third quarter levels since 2007. Both events and separations have decreased over the year for eight consecutive quarters.
Mass
layoffs: Review
of 2010 BLS, 2/11/11
For all of 2010, employers reported 7,158 extended mass layoff
actions, affecting 1,213,638 workers. Compared to 2009, the number
of events decreased by 39 percent and the number of separations
decreased by 42 percent, the first over-the-year decline for both
measures since 2005. The annual average national unemployment
rate increased from 9.3 percent in 2009 to 9.6 percent in 2010,
and private nonfarm payroll employment decreased by 0.8 percent,
or 914,000.
Industry Distribution of Extended Layoffs
In the private nonfarm economy, manufacturing reported the largest
number of separations, despite reaching a program low in 2010
(with annual data available back to 1996). Construction had the
next highest number of separations. Educational services reported
program highs in both layoff events and separations in 2010.
....
+
"The number of job openings in September (not seasonally adjusted) increased over the year for total nonfarm, total private, and government. Several industries experienced
an increase over the year in the number of job openings; the number of job openings decreased for federal government.The number of job openings rose in 3 out of 4 regions."
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