The U.S. Bureau of Labor Statistics reported that the unemployment rate increased slightly from 7.5% to 7.6% in May. Each month, comments on this number include a discussion on “labor force participation"—the number that is released is based on people who are “in the labor force.” To be included in the labor force, someone has to either be employed, or actively looking for work.
A new analysis from the Economic Policy Institute (EPI) of the latest Job Openings and Labor Turnover Survey (JOLTS), released by the U.S. Bureau of Labor Statistics, shows that there was a decline in April for job openings to a total of 3.8 million, while the number of unemployed workers seeking jobs was around 11.7 million. April's level of job openings is more than 16% below where it was in the months before the recession began.
The nation’s economy added 175,000 new jobs in May and the jobless rate slightly increased to 7.6% compared to April’s 7.5%, according to figures released this morning by the U.S. Bureau of Labor Statistics. The 175,000 new May jobs outpaced April’s job growth by 10,000 and marked 38 straight months of tepid job growth. But economists say the growth rate is too slow to fuel a healthy jobs recovery.
Last week, the Social Security Trust Fund report was released. One of its more telling charts was of the trend in Social Security revenue. Social Security revenue comes from a tax on the wages of earners, paid by both employees and employers. So, essentially it tracks the level of employment. Based on the simple trend of revenues from 1990 to 2007, just before the Great Recession started, 2012 revenue would have been $899.4 billion; instead, it was $840 billion. That gap means less money to build up the Social Security Trust Fund than expected. The trustees do not break down the revenue by the age of workers, but based on the dramatically lower employment experience of young workers, the bulk of that gap reflects the lost wages of young people.
U.S. lawmakers and policymakers who are pushing extreme austerity measures and spending cuts over job-creating investments as the magic path to economic stability should take a long hard look at what’s happened to the nations of the European Union (EU) that have imposed strict fiscal austerity policies. Unemployment has soared, according to a new report on the EU labor market from the International Labor Organization (ILO).
There are more than 10 million more jobless people in Europe now than at the start of the crisis. There are now more than 26 million Europeans without jobs, with young and low-skilled workers being the hardest hit.
The nation’s economy added just 88,000 new jobs in March while the jobless rate dipped to 7.6% from February’s 7.7%, according to figures released this morning by the U.S. Bureau of Labor Statistics (BLS).
While the 88,000 jobs created reflect 36 straight months of positive job growth, during the previous 12 months job growth had averaged about 169,000 a month. The small number of new jobs also shows how important it is that Congress repeals the sequester to stop any additional job loss in the public and private sectors. These across-the-board cuts will cost more than 750,000 jobs this year alone and could derail the economic recovery.
Calling sequestration “just a fancy word for a dumb idea,” AFL-CIO President Richard Trumka says the 750,000 job-killing, across-the-board budget cuts and other moves toward fiscal austerity will “further weaken the economy and cost jobs” and make even worse “the crisis of mass unemployment. Millions of Americans who want to work cannot find jobs.”
Writing in a special report in The Hill on jobs and the economy, Trumka says:
On some days, it seems like all of official Washington is racing to embrace the most destructive consensus since the Iraq war.
Ten years ago this week, the United States launched the invasion of Iraq. The nation remains divided on the wisdom, strategy and outcome of the war that claimed the lives of 4,488 U.S. service members and left more than 32,000 wounded.
But there is one certainty—the men and women who honorably fought and served in Iraq and Afghanistan over the past decade have come home to an economy that works even less for them than it does others. Job loss, stagnant wages and a widening gap between working families and the wealthy and Wall Street are some of these problems.