Wednesday, May 30, 2012
USA Unemployment Rate Dips to 8.1%, Jobs Remaining to Be Restored 5 Million
Bureau of Labor Statistics: Employment Situation Summary
The U.S. government has issued the monthly statistical, political, and market madness called the jobs report. The April 2012 unemployment rate dipped -0.1% to 8.1% and the underemployment rate was steady at 14.5%. These are post-recession lows, the lowest since February 2009 and January 2009 + March 2012, respectively. The USA economy created 115,000 jobs, the 19th consecutive month of job gains.
Net job losses were 8.66 million during the 2008 - 2009 Great Recession. Net job gains have been 3.67 million in the subsequent 2010 - 2012 recovery. That leaves 4.99 million jobs to be restored to get the USA to back to even, to the beginning of 2008. This does not count any net increase in people entering the work force since the end of the Great Recession.
This jobs deficit and the structural shift in the economy explains some of why 50% of 2012 college graduates are unemployed or unemployed. This explains some of the reason 1 in 7 Americans receive food stamps and why just 1 in 4 households anticipate an improved financial situation during the year ahead.
USA Labor Force Participation Rate The April 2012 rate dipped -0.2% to 63.6%, the lowest since December 1981. This means the inverse, 36.4%, of all Americans 16-64 years old were not working for various reasons. The all-time high, since 1948, was a 67.3% participation rate in January through March 2000.
USA Employment to Population Ratio The April 2012 ratio dipped -0.1% to 58.4%. This means the April 2012 inverse, 41.6%, of Americans 16+ years old are not working for various reasons. This ratio has been bottom bouncing, very little upward or downward movement, since September 2009. The ratio has been below 60% since March 2009. The all-time high, since 1948, was 64.6% in January through March 2000.