Friday, August 03, 2012

Unemployment news

Today the government came out with its statistics on (un)employment in America. Here are the highlights from the Bureau of Labor Statistics:

Unemployment rate
July, 2011 - 9.1%
June, 2012 - 8.2%
July, 2012 - 8.3%

So that's improvement, right? Well, not so fast.

Labor force participation rate
July, 2011 - 64.0%
July, 2012 - 63.7%

This figure measures the percentage of Americans (civilian and noninstutitional) over age 16 who are either employed or seeking employment. Those "not in the labor force" are unemployed, but are not counted as unemployed in the government's official report. So how many more people are in that group in July 2012 compared to July 2011?

Over two million people, "unemployed but not counted as unemployed."

Added in one year.

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