Tuesday, November 16, 2010, AM | 5 Comments
While the overall unemployment rate is still at 9.6%, over 151,000 new jobs were added to the work force of America in October, according to the data released by Bureau of Labor Statistics (BLS). When BLS revised the unemployment data for September and August, it showed that the U.S. lost 110,000 fewer jobs in these two months than was previously reported. Since December 2009, non-farm payroll employment has risen by 874,000.
According to some economists, October was the 10th straight month of private sector job growth. However, keep in mind that unemployment rate has now exceeded 9.4% for 15 consecutive months through October 2010 – surpassing the last period of joblessness of this magnitude in a 13-month period from 1982 to 1983.
The U.S. lost nearly 7.8 million jobs in the two-year period from January 2008 to December 2009. The number of unemployed persons, at 14.8 million, was little changed in October. The unemployment rate remained at 9.6 percent and has been essentially unchanged since May.
Break down of major worker groups
When the bureau looked deeper, it found the following unemployment rate among the major worker groups:
- Adult men – 9.7 percent
- Adult women – 8.1 percent
- Teenagers – 27.1 percent
- Whites – 8.8 percent
- Blacks – 15.7 percent
- Hispanics – 12.6 percent
BLS says these groups showed little change in October.
The jobless rate for Asians was 7.1 percent, not seasonally adjusted. As you can see, they have the lowest unemployment rate among all worker groups. Yours truly is Asian but has remained unemployed for 9 full years except for a year when I owned a convenience store.
The number of long-term unemployed – those jobless for 27 weeks and over – was about unchanged over the month at 6.2 million. In October, 41.8 percent of unemployed persons had been jobless for 27 weeks or more.
While the Government may give a rosy picture based on its own statistics, but the truth is that many people still do not believe jobs are readily available.
The economy can grow faster when many more folks have jobs
Economists tell us two-third of the economy depends on consumer spending. Consumers can spend only when they are gainfully employed. The economy can grow faster and at a better rate when millions more get jobs. Thankfully, more than 90% of Americans have jobs. For the rest of us, no jobs, no money, no spending. I guess we the people or more likely we the unemployed people can only take part in the growing economy and make it grow faster if and only if we are gainfully employed.
In a Nutshell
If you got a job in October, good for you. If still unemployed, may you get a job in November. Statistics are good for the economists and politicians. No matter what the government report says, as long as I and millions like me are unemployed, who gives an iota. I need a job so do millions more, period.