The Bureau of Labor Statistics (BLS) has released the officially measured unemployment figures for June, showing that 14.7 million people are unemployed for a rate of 9.5%. Nonfarm payroll employment continued its decline, showing a lose of 467,000 jobs in June. The data show that, of the 14.7 million unemployed, the rate for whites was 8.7%, blacks: 14.7%, Hispanics: 12.2%, women: 7.6%, youth: 24%, black youth: 37.9%. Losses in construction totaled 79,000; in manufacturing, 136,000. Gains were registered in education (+14.000) and healthcare (+18.000).
Data also show that 4.4 million people, 29% of the workforce, have been unemployed for more than 27 weeks. That 29% rate is three times higher than when the recession began in December 2007. A total of 7.2 million people have lost jobs since December 2007 when the recession started. The Administration earlier had predicted that unemployment would decline to 8%, but now recognizes that a 10% unemployment rate is likely to be reached soon. When part-time workers involuntarily unemployed and the marginally employed are included, the “real rate” of unemployment reaches 16.5 percent. These dismal figures underscore the urgent need for significant stimulus.
A look across our country details the heavy impact of unemployment in selected major states and cities:
