De-Facto Unemployment Rate

I have just come across a very interesting chart published by the Center for Working Class Studies at Youngstown State University.

The chart is entitled “De-Facto Unemployment Rate.” The chart not only shows and compares the unemployment rates of different months in the years 2007, 2008, and 2009, it also shows other employment-related categories and figures that most Americans are not aware or have never been told about. Categories such as:

  • Marginally attached workers – Persons not in the labor force who want and are available for work and who have looked for a job sometime in prior 12 months (or since the end of their last job if they held one within the past 12 months), but were not counted as unemployed because they had not searched for work in the four weeks preceding the survey.
  • Discouraged workers – Persons not is labor force who want are available for a job and who have looked for work sometime in the past 12 months (or since the end of their last job if they held one within the past 12 months)
  • Underemployed -Persons who would like to work full-time but are not able to do so for economic reasons such as unavailability of full-time work or reduced demand for hours by current employer

What is of special interest to me is the underemployment figure for this month, December 2009. It is 9.2 million people, or 6%. This figure is not included in the unemployment rate of 10%, or 15.4 million, that most of us are aware of.

You can view the chart here.

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Explore posts in the same categories: Economics, Labor, Poverty, Social-Economic Justice, Uncategorized

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