Unemployment USA statistics

I am not sure I could write a narrative as frightening as the statistics on unemployment and poverty tell in the following summary. Sometimes looking at the data is more alarming than a telegram from God. I only wish the stats below were compiled comparatively with other nations.

Of course as the labour supply increases, wages decrease. As wages decrease, so does purchasing power. Corporations seem well like the snakes who consume themselves.

Labor Day by the numbers

September 7, 2009 | An EPI Fact Sheet
compiled by Anna Turner

Note that all numbers are current as of September 4, 2009.

TOTAL JOBS LOST DURING THE RECESSION: 6.9 MILLION

• New jobs needed per month to keep up with population growth: 127,000
• Jobs lost in August 2009: 216,000
• Jobs needed to regain pre-recession unemployment levels: 9.4 million
• Manufacturing jobs lost since the start of the recession: 2.0 million (14.6% of sector’s jobs)
• Construction jobs lost in the recession: 1.4 million (19%, nearly one in five construction jobs)
• Mass layoffs (50 or more people by a single employer) in July 2009: 2,157; jobs lost: 206,791

UNEMPLOYMENT RATE: 9.7%

• Number unemployed: 14.9 million (up from 7.5 million in December 2007)
• Underemployment rate: 16.8%; Share of workers un- or underemployed: roughly 1 in 6
• Under- and unemployed, marginally attached and involuntary part-time workers: 26.4 million
• Unemployment rate, ages 16 to 24: 18.2%
• Male unemployment: 10.9%; female unemployment: 8.2%
• White unemployment: 8.9%; black unemployment: 15.1%; Hispanic unemployment: 13%
• Unemployment rate, young college graduates: 5.9% (2nd worst on record); Worst recorded unemployment rate for young college graduates: 6.2% (1983)
• Traditional ratio of young college grads’ unemployment to overall rate: 50%; Current ratio: 70%
• Portion of unemployed who have been jobless more than six months: one third
• Average weekly unemployment benefit in July (including additional $25 per week from the American Recovery and Reinvestment Act): $332

STATES WITH DOUBLE-DIGIT UNEMPLOYMENT IN JULY, 2009: 16; WHEN THIS LAST HAPPENED: 1983

• Highest unemployment rate: Michigan, 15.0%; lowest: North Dakota, 4.2%
• When California’s Hispanic unemployment surpassed black unemployment: 2nd quarter, 2009
• Projected African American unemployment for Michigan, 2nd quarter of 2010: 24.9%

INCREASE IN AVERAGE U.S. WORKER’S PRODUCTIVITY, 2000-07: 19.2%

• Decrease in all prime-aged worker’s real median weekly wages, 2000-2007: $1; Decrease for African Americans: $3
• Annual growth rate of private-sector workers’ wages, last three months: 2.6%
• Annual growth of wages in managerial, professional, and related occupations, 2009, 2nd quarter: 0%
• Annual growth rate of real (inflation-adjusted), average, hourly wages since June 2000: 0.70%*
• Ratio of average CEO’s pay to typical worker’s pay in 1979: 27 to 1; Ratio in 2007: 275 to 1

EXPECTED NEW SPENDING (12-MONTHS) FROM THE NEW $7.25 MINIMUM WAGE: $5.5 BILLION

• Share of minimum wage workers with high school diploma in 1979: 57.5%: Share in 2008: 72%
• Workers getting a raise from latest minimum wage increase: 4.5 million
• Share of affected workers with annual family income below $35,000: 57.1%; Share working at least 20 hours a week: 81.6%
• Extent to which the minimum wage’s real value is lower than in 1968: 17%

AMERICANS UNINSURED IN 2007: 45 MILLION

• Drop in children covered through parents’ employers, 2000 to 2007: 3.4 million
• Share of people under 65, with incomes in the top 20%, covered by employers in 2007: 86.4%; Share with incomes in the bottom 20%, covered by employers: 21.9%
• Share of Hispanic workers who are uninsured: 39.8%
• Percentage of under-65 Americans with employer-sponsored health insurance in 2000: 68.3%; In 2007: 62.9%
• Average monthly cost of COBRA with American Recovery and Reinvestment Act subsidy: $370; Without American Recovery and Reinvestment Act subsidy: $1,057
• Rise in out-of-pocket spending for the 1% of adults with the greatest medical expenses, 2004-2007: 42%
• Increase in health care premiums since 1999: 119%
• Amount by which U.S. private health insurance administrative costs exceeded all Canadian national health spending in 2007: $25 billion**
• Share of total U.S. health care costs paid by private insurers in 2007: 35%
• Share of total health care costs paid by U.S. government in 2007: 46%

SHARE OF PEOPLE NEAR RETIREMENT AGE WITH A 401(K) BALANCE UNDER $40,000 IN 2007: 50%

• Percentage of amount needed to maintain living standards that is held by average 401(k) participant approaching retirement: 20-40%
• Share of 401(k) assets estimated to be lost since 2007: 29%

WORKPLACES WITH NO CONTRACT MORE THAN THREE YEARS AFTER ELECTION IS WON: 25%

• Share of employers that interrogate workers in mandatory one-on-one meetings, 1999-2003: 63%; Share of employers that threaten workers in such meetings, 1999-2003: 54%
• Increase in likelihood that firm will fail if unionized: 0%
• U.S. manufacturing workers ranking on “value-added per employee,” compared to 16 nations with higher compensation: 2

ANNUALIZED RATE OF ECONOMIC CONTRACTION, 2nd QUARTER, 2009: 1%

• Likely size of this contraction without the American Recovery and Reinvestment Act: 3-4%
• Jobs lost with the American Recovery and Reinvestment Act, 2nd quarter, 2009: 1.3 million
• Jobs that would have been lost without the American Recovery and Reinvestment Act, 2nd quarter, 2009: 1.8 million at least***

* EPI analysis of CPS and BLS data
**EPI analysis of HHS CMS, OECD, and World Bank data
***Mark Zandi, Moody’s Economy.com