Summary of U.S. Real Unemployment
The Bureau of Labor Statistics (BLS) announced this morning that the April 2010 economy added 290,000 new jobs, yet the unemployment rate increased to 9.9%. However, because these numbers do not take into account all four categories of unemployment, Leo Hindery, Chairman of the Smart Globalization Initiative at the New America Foundation, makes the point that this is a skewed picture of real unemployment in America. Hindery reports the unemployment rate is now 18.9%, with the number of real unemployed workers increasing by 499,000 to 30.28 million. Read Leo Hindery’s assessment of America’s real unemployment numbers below.
Hindery’s Summary of U.S. Real Unemployment:
- The number of real unemployed workers in all four categories of unemployment – BLS, part-time-of-necessity, marginally attached, and discouraged – increased by 499,000 to 30.28 million, versus 29.78 million in March. This increase in real unemployed workers of 499,000 jobs contrasts sharply with the 290,000 (non-farm) job or employment increase announced this morning by the BLS. This sharp contrast shows the importance of using all four categories of unemployment and not just the one: BLS shows a non-farm jobs increase of 290,000 jobs, whereas we show 499,000 more workers unemployed, A NEGATIVE SWING OF 789,000 JOBS.
- The real unemployment rate is now 18.9%, compared to March’s real unemployment rate of 18.7% and to this morning’s much lower official BLS rate of 9.9%.
- The number of real unemployed workers has increased by 13.5 million since the start of the Recession, whereas the nation should have been creating a net 3.9 million new jobs over the past 28 months in order to keep up with natural growth in the labor force of around 140,000 workers per month.
- Importantly, the economy needs to create 22.2 million new jobs in order to be fully employed in real terms (i.e., a real unemployment rate of 5%).
The average number of weeks unemployed is at least 33.0 and the number of workers unemployed a half year or longer is at least 10.1 million (i.e., BLS’s official figure of 6.7 million plus the 3.4 million discouraged workers). These two numbers considered together are a much, much better measure of the real employment condition than the more commonly used ‘initial jobless claims’ and/or ‘rolling four-week average of initial jobless claims’.
– Leo Hindery
Oh, I believe it. I have applied for jobs, recieve a sparse offering of ingterviews only to be rejected, mislead for over a month before a decision is made by the employer. Or this is my favorite, they tell the recruiting company that they have in ternal chnages (ie supervisors changing positions) so they can’t make a decision yet. So WHY did you do the interviews? What purpose other than the appease the state requirements regarding unemployment. It’s a nightmare for those of us that have been looking. And those who are going to be part of the system it will be a chore.
The name of the game as regards “official” figures, is that figures don’t lie, but liars figure.Even in the best of times, economists calculate that published unemployment figures are always 5 percent shy of reality. It is all designed to make things look “better” than what they are.
Until the Washington fat Cats stop playing tag with the real figures ,the American people will continue to suffer and homelessness and hunger ,much like a 3rd world country will continue to rise greatly.Its a shame we should even be talking this nonsense.Jobs are minimal and hard to compete for,especially at my age of 52 years old.We are doomed.
We need to support Tier 5 and demand that Congress get this passed ASAP. 1 million are left out and 3 million are about to be.
Please sign and support this petition
http://www.change.org/petitions/view/the_99ers_need_a_tier_v_added_to_unemployment_benefits
I myself have been unemployed for months, and I am also 55 years old but if you dont try to get employed the system has won. Always try to be up in a good state of mind,all I can say is keep on trying it should make a differance Bob
My job at a prominent insurance company (can you say “Snoopy”?) was outsourced to India in Nov 2008, after more than 25 years with the company. Well, maybe my “age” had something to do with it since I am in my upper 50′s, as were the others in my department were let go….can you say “age discrimination?…..but, I digress. I have been unable to find employment since, especially since there are 6 people going for every 1 job opening. My husband also lost his job due to the souring economy in March 2009, so now we are both out of work with very few prospects. It’s sad that the news media has been saying how unemployment claims are down, but, are they really that naive that they don’t get it? Unemployment claims may be down, but that is only because of the thousands of poor unfortunate Americans who have RUN OUT OF UNEMPLOYMENT BENEFITS and can no longer collect!! Duh…..THAT’S the reason claims are down! We are suffering out here and Washington (mostly the Republicans……but, again I digress….) just don’t care. I agree, we difinitely need to vote them out of office, starting with Boehner who, it was revealed, instructed the other Rebublicans to sabotage Obama at every turn. Maybe if President Obama had bi-partisan help from the get go, we would have been in much better shape this May 23, 2010, with more jobs having already been created. Instead, President Obama had to fight his way through the racist Republicans who fought him at every turn. I’m sick of them all!
UNEMPLOYED MARCH TO WASHINGTON
JUNE 22 – JUNE 24, 2010
AMERICANS FOR AMERICA
JOBS NOW! TIER 5 IMMEDIATELY!!!