Summary of U.S. Real Unemployment – July 2012
The Summary of U.S. Real Unemployment includes everything that BLS leaves out. It also identifies: the ‘Real Jobs Gap’ which needs to be closed in order to be at full employment (95%) in real terms; official job openings; and official average weeks unemployed. As of July 31:
- The number of Real Unemployed Workers, in all categories, actually decreased by 239,000 workers, which is an even more positive sign than BLS’s figure of 163,000 new jobs that should be acknowledged. (The economy must add, in real terms, at least 125,000-150,000 new non-farm jobs each month to keep up with new entrants into the labor force.)
- The total number of Real Unemployed Workers now stands at 27.9 million, which remains well more than twice BLS’s official total unemployed figure of 12.8 million. Total Real Unemployment has increased by 11.2 million workers since the start of the Recession in December 2007 and by 3.4 million since the Inauguration.
- The Real Unemployment Rate was 17.2%, which similarly remains more than twice BLS’s official rate of 8.3%. (June’s Real Unemployment Rate was 17.3%.)
According to the BLS, the number of workers unemployed a half year or longer is 5.2 million. In real terms, however, an estimated 8.4 million workers (around 30% of the overall Real Unemployed) have probably now been out of full-time work for more than a year.