January 2015 Job Numbers: Let the Numbers Speak for Themselves

The job numbers were released this past Friday and while they are starting to improve, it's still important to be cautious. If you look closely, you'll see that the numbers aren't improving much for minorities, the average work week is not 40 hours and, most importantly, the U-6 number is at 11.3%. 

Job Numbers for January 2015

The following number were extracted from the Bureau of Labor Statistics Economic News Release and refer to Tables A1 – A20 and Tables B1, B2, B3, B7, B8 and Summary B.

·         The unemployment rate is 5.7%.

·         The number of unemployed person was 9.0 million.

·         Among the major worker groups, the unemployment rate for teenagers (18.8%), the jobless rates for adult men (5.3 %), adult women (5.1%), whites (4.9%), blacks (10.3%), Asians (4.0%), and Hispanics (6.7%) showed little or no change.

·         The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 2.8 million. These individuals accounted for 31.5% of the unemployed.

·         The labor force participation rate rose by 0.2 percentage point to 62.9%, following a decline of equal magnitude in the prior month. Total employment, as measured by the household survey, increased by 435,000.

·         The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged in January at 6.8 million. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job.

·         2.2 million persons were marginally attached to the labor force, down by 358,000 from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.

·         Among the marginally attached, there were 682,000 discouraged workers in January, down by 155,000 from a year earlier.

·         U-6  - The total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force is 11.3%.

·         Total nonfarm payroll employment rose by 257,000 in January. Job gains occurred in retail trade, construction, health care, financial activities, and manufacturing.

·         The average workweek for all employees on private nonfarm payrolls was unchanged at 34.6 hours in January.

·         The average hourly earnings for all employees on private nonfarm payrolls increased by 12 cents to $24.75.

Unemployment Numbers for the Young Adult

Like anyone, the unemployment numbers worry me. I realize the financial complications that high numbers bring but I look at them as a job search instructor, coach and resume writer. I look at them with an eye towards the growing number of unemployed and underemployed citizens. No matter how great a resume or how prepared for the interviews, if there are no jobs, well, it just won’t matter.

Yesterday we took our son back to college to begin his sophomore year. This summer he heard me talk about the rising unemployment numbers for young people. We also spoke of about the college majors that don't have a very high rate of employment (psychology and communication). Today I wanted to take a look at the hard numbers for young adults. Here they are.

On August 21, 2012, the US Bureau of Labor Statistics reported that from April to July 2012, the number of employed youth 16 to 24 years old rose 2.1 million to 19.5 million. This age represents teens through young adults in high school, college and the recent graduates.

The number of unemployed youth in July 2012 was 4.0 million, little changed from 4.1 million a year ago. While the national unemployment rate for July, 2012 was 8.3%, the youth unemployment rate was 17.1%. In July, 2012, the breakdown for youth was:
• The unemployment rate for men was 17.9 percent
• The unemployment rate for women was 16.2 percent
• The jobless rate for whites was 14.9 percent
• The jobless rates for blacks was 28.6%
• The jobless rate for Asians was 14.4%
• The jobless rate for Hispanics was 18.5%
• The national unemployment rate is 8.3%

As a mother I worry about my son finding work when he is finished with college in three more years. As a citizen I worry about people feeling as if they just need to find a job to pay the bills. I worry that the excitement of designing a career path may be a thing of the future. Does it worry you, too?