Saturday, July 21, 2012
USA Unemployment Rate Steady at 8.2%, 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 June 2012 unemployment rate was steady at 8.2% and the underemployment rate edged up to 14.9%. The USA economy created a paltry 80,000 jobs, but it was the 21st consecutive month of job gains.
Net job losses were 8.66 million during the 2008 - 2009 Great Recession. Net job gains have been 3.77 million in the subsequent 2010 - 2012 recovery. That leaves 4.89 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 June 2012 rate was steady at 63.8%. This is just above the April 2012 low of 63.6%, which was the lowest since December 1981. This means the inverse, 36.2% 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 June 2012 ratio was steady at 58.6%. This means the inverse, 41.4% 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.
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