Monday, January 24, 2011

One wonders what Obama will really say about jobs in SOTU

Considering how dire the situation really is.
Only 47% Of Working Age Americans Have Full Time Jobs
The Automatic Earth | Jan. 24, 2011, 6:22 AM 
By Ilargi on The Automatic Earth.
VK, roving reporter for The Automatic Earth, has been playing with the numbers from the January 7 employment report issued by the U.S. Bureau of Labor Statistics. It seems valuable to look at unemployment from this, a different, angle. Some of it may even surprise you.
The total non institutional civilian labor force (Americans 16 years and older who are not in a institution -criminal, mental, or other types of facilities- or an active military duty) is reported as 238.889 million. Of these, we see:
Employed: 139.206 million people (58.3% of labor force)
Unemployed: 14.485 million people (6.1% of labor force)
Obviously, that can't be the total picture, we're only at 64.4%. This is why:
Part time employed for economic reasons: 8.931 million people. This concerns people who want a full-time job but can't get one.
Part time employed for non-economic reasons: 18.184 million people. Non-economic reasons include school or training, retirement or Social Security limits on earnings, but also childcare problems and family or personal obligations.
But the by far largest category "missing" from both the Employed and Unemployed statistics is the "Not In Labor Force": 85.2 Million people.
The BLS definition states: "Not in the labor force (NILF). A person who did not work last week, was not temporarily absent from a job, did not actively look for work in the previous 4 weeks, or looked but was unavailable for work during the reference week; in other words, a person who was neither employed nor unemployed." (Clearly, this does include lot of unemployed people).
To summarize: 108.616 million people in America are either unemployed, underemployed or "Not in the labor force". This represents 45.5% of working age Americans.
If you count the "Part time employed for non-economic reasons", you get 126.8 million Americans who are unemployed, underemployed, working part time or "Not in the labor force". That represents 53% of working age Americans.
So only 47% of working age Americans have full time jobs. While the official unemployment rate is 9.4%. Something's missing somewhere. more

No comments:

Post a Comment

Post a Comment