JULY 2015 Unemployment Data--the Full
Count*
(U.S.
BUREAU OF LABOR STATISTICS)
OFFICIAL
UNEMPLOYMENT: 5.3%*
| White |
4.6% |
| African
American |
9.1% |
| Hispanic |
6.8% |
| Asian** |
4.0% |
| Persons with a disability** |
10.4% |
| Men
20 years and over |
4.8% |
| Women
20 years and over |
4.9% |
| Teens
(16-19 years) |
16.2% |
| Black
teens |
28.7% |
| Officially
unemployed |
8.3 million |
*If the LFPR were at its pre-recession level, the unemployment
rate in July
2015 would have been 7.3% instead of
5.3%. [See "The Labor Force Participation
Rate and Its Trajectory"]
HIDDEN UNEMPLOYMENT
| Working
part-time because can't find a full-time job: |
6.3
million |
| People
who want jobs but are
not looking so are
not counted in official statistics (of which about 1.9 million**
searched for work during the prior 12 months and were available
for work during the reference week.) |
6.1
million |
|
Total:
20.7 million (12.7%
of the labor force) |
Source: http://www.bls.gov/news.release/pdf/empsit.pdf
See also Current
Employment Statistics--Highlights
**Not
seasonally adjusted.
*See Uncommon Sense #4 for an explanation
of the unemployment measures, and Is
the Decline in the Labor Force Participation Rate During This Recession
Permanent?.
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).
In May 2015, the latest
month available, the number of job openings was 5.4 million, "the
highest since the series began in December 2000, the US Bureau
of Labor Statistics reported today. .....The number of job openings
was little changed for total private and government. Job openings
increased in nondurable goods manufacturing and in state and local
government. Job openings were little changed in all four regions."
Job Openings and Labor Turnover
Summary, July 7, 2015.+ Thus
there are nearly 4 job-wanters for
each available job.
Unemployment
Rate Vastly Understates Labor Market Weakness EPI
Chartbook:
The Legacy of the Great Recession
(CBPP)
See
BLS slides
+"The
number of job openings (not seasonally adjusted) increased over
the 12 months ending in May for total nonfarm, total private,
and government. Job openings rose over the year for many industries
with the largest increases occurring in retail trade, professional
and business services, and health care and social assistance.
Job openings decreased over the year in mining and logging and
in arts, entertainment, and recreation. The number of job openings
increased over the year in the Sourth, Midwest, and West regions."
http://www.bls.gov/news.release/jolts.nr0.htm
The JOLTS Technical note describes the numbers: "A job opening
requires that: 1) a specific position exists and there is work
available for that position, 2) work could start within 30 days
whether or not the employer found a suitable candidate, and 3)
the employer is actively recruiting from outside the establishment
to fill the position. Included are full-time, part-time,
permanent, short-term, and seasonal openings." [my emphasis--jz]
|
