USA unemployment through 11 recessions (1948-2007)

12 Giu

David Ruccio [Documenti]  

employrecsept2013

The new unemployment numbers (for September) are out and, well, they’re not pretty.

What did we learn?

Total nonfarm payroll employment rose by only 148,000 in September, and the official (U3) unemployment rate was little changed at 7.2 percent. And that lack of improvement in the midst of the current “recovery” runs throughout the report: teenage unemployment (21.4 percent), the number of long-term unemployed (those jobless for 27 weeks or more, was little changed at 4.1 million), the civilian labor force participation rate (63.2 percent) and the employment-population ratio (58.6 percent), the number of involuntary part-time workers (7.5 million), and so on.

Looking at it another way: the total (U6) unemployment and underemployment rate was 13.1 percent (not seasonably adjusted), which means that 20.6 million American workers are being forced to try to get by either without a job or with part-time jobs when they’d prefer to have full-time jobs.

As for the rest—those “fortunate” enough to actually have some kind of full-time employment (as production or nonsupervisory employees)—their hourly earnings grew just 4 cents (from $20.20 in August).

We read or listened to a lot of numbers about deficits and debts during the debacle of the government shutdown and the debt-ceiling showdown. But, for the majority of the population, these are the numbers that really matter.

(October 24, 2013 Real World Economics Review Blog)

12/06/2014

 

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