- This is why it’s so hard to define unemployment, By Ylan Q. Mui, June 5, 2014, Washington Post: “What does it mean to be unemployed? Depends on what country you’re in.On Friday, the U.S. Labor Department is slated to release its monthly snapshot of the health of the labor market. Calculating the number of people who are unemployed seems like a pretty straightforward task. But the years since the Great Recession have highlighted the complexities of one of the country’s the most critical economic indicators. There is universal agreement that unemployed people meet two basic requirements: They don’t have a job, and they want a job. Those characteristics separate the unemployed from, say, your 90-year-old grandmother who is retired . . .”
- U.S. Payrolls Rose 217,000 in May, Unemployment at 6.3%, Nearly a 6-Year Low, By Victoria Stilwell, June 6, 2014, Bloomberg: “Payrolls pushed past their U.S. pre-recession peak for the first time in May, a milestone that’s been five years in the making. The 217,000 advance in hiring followed a 282,000 gain in April, figures from the Labor Department showed today in Washington. It marked the fourth consecutive month employment increased by more than 200,000, the first time that’s happened since early 2000. The jobless rate unexpectedly held at an almost six-year low of 6.3 percent. ‘We’re seeing the continuation of solid payrolls gains, which is an accomplishment for the economy,’ said Laura Rosner, U.S. economist at BNP Paribas in New York . . .”
Tag: Recession
Long-term Unemployment
The odds you’ll join the ranks of the long-term unemployed, By Matt O’Brien, May 16, 2014, Washington Post: “Long-term unemployment is a terrifying trap that, even in the best of times, is difficult to escape. And it’s a trap that you can get stuck in for no reason other than bad luck. Today, there are still almost 3.5 million people who have been out of work for six months or longer and are looking for work. There isn’t a more urgent crisis, and there are three things you should keep in mind about it. 1. As former CEA Chair Alan Krueger found, the long-term unemployed aren’t much different from the short-term unemployed. They’re a little older and more of them are African-Americans, but they’re just about as educated and work in the same industries as everyone else who’s trying to find a job. 2. The long-term unemployed have a hard time getting companies to even look at their job applications, let alone hire them. . .”
April 2014 State Unemployment Rates
Unemployment Rates Below 6 Percent in 25 U.S. States, By Christopher S. Rugaber, May 16, 2014, Kansas City Star: “Unemployment rates fell in nearly all U.S. states last month, and half the states now have rates below 6 percent. The figures are a sign of widespread, if slow, improvement in the nation’s job market. Unemployment rates fell in 43 states in April, the Labor Department said Friday, rose in two states and were unchanged in five. Hiring is picking up as well. Employers added jobs in 39 states, while 10 states posted job losses. Nebraska reported no change. Twenty-five states now have unemployment rates of 5.9 percent or lower. . .”