The U.S. Bureau of Labor Statistics (BLS) released the new figures on
the nation’s unemployment outlook last Friday. Surprisingly, the better
than expected numbers caused a brief, but temporary rally on Wall
Street. The employment numbers were down with the worse hits coming
from (surprise) the manufacturing segment – more specifically auto
manufacturing. The official unemployment count stands 14.5 million or
9.4% of the eligible workforce.
Here are some other ways of viewing the data:
- The BLS estimates the active workforce at 154 million.
Total U.S. population sits at 306,620,460 people according to the Census Bureau, so roughly half the population is too young, old, or otherwise incapable of working anyway.
- If
you add the 2.2 million “marginally attached”, those who have looked
for work within the past 12 months but not 4 weeks, the total
unemployment figures stand at 16.7 million or roughly 10.8%.
1 in 10 people who can work are looking for employment.
- The
number of unemployed for Manufacturing of Non-Durable Goods, which
would including printing, more than doubled from May 2008 to May 2009 to a total of 690,000 . (data) - The number of people working in temporary employment capacity has increased 15.5% over the past year.
As more people are faced with paying mortgages, expiring unemployment benefits, and down labor market, they have lowered their job expectations and pay scales.
Footnote: Workin’ 9 to 5 the musical is now open on Broadway in case you missed the Tony Awards show.
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