AUGUST 2014 UNEMPLOYMENT DATA*
(U.S.
BUREAU OF LABOR STATISTICS)
OFFICIAL
UNEMPLOYMENT: 6.1%*
A year earlier, the number of unemployed
persons was 11.3 million,
and the jobless rate was 7.2 percent.
[BLS]
| White |
5.3% |
| African
American |
11.4% |
| Hispanic |
7.5% |
| Asian** |
4.5% |
| Persons with a disability** |
12.8% |
| Men
20 years and over |
5.7% |
| Women
20 years and over |
5.7% |
| Teens
(16-19 years) |
19.6% |
| Black
teens |
32.8% |
| Officially
unemployed |
9.6 million |
*If the LFPR were at its pre-recession level, the unemployment
rate in July
2014 would have been 9.6% instead of
6.2%. [See "The Labor Force Participation
Rate and Its Trajectory"]
HIDDEN UNEMPLOYMENT
| Working
part-time because can't find a full-time job: |
7.3
million |
| People
who want jobs but are
not looking so are
not counted in official statistics (of which about 2.1 million**
searched for work during the prior 12 months and were available
for work during the reference week.) |
6.3
million |
|
Total:
23.2 million (14.3%
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 2012,
the latest year available, that number was 18.0 million, 17.5
percent of full-time, full-year workers (estimated from
Current Population Survey, Bur. of the Census, 9/2013).
In
June 2014, the latest month available, the number of job openings
was 4.7 million, "little
changed from 4.6 million in May."
The number of job openings (not seasonally adjusted) increased
over the 12 months ending in June 2014 for total nonfarm, total
private, and government. The job openings level increased for
more than half of the industries but decreased for retail trade.
The number of job openings increased in all four regions."
Job Openings and Labor Turnover
Summary, August 12, 2014.+ Thus
there are 5 job-wanters for each available
job.
THE
MISSING PART OF THE UNEMPLOYMENT STORY
Pivate
Payroll Employment Has Grown For 53 Months
(cbpp 8/1)
Missing Jobs: How many jobs
we should have had
GDP
Fell Far Below What the Economy
Was Capable of Producing CBPP 8/1
+"Over
the 12 months ending in May, the number of job openings (not seasonally
adjusted) rose for total nonfarm, total private, and government.
Over the year, the job openings level increased in nearly half
of theindustries and in all four regions."
(http://www.bls.gov/news.release/jolts.nr0.htm)
|
