Tuesday, October 6, 2009

What 9.8% Unemployment Really Means - By the Numbers

From GOP Conference:

“I know that ultimately the measure of an economy is, is it producing jobs that help people support families, send their kids to college?”

—President Barack Obama, September 20, 2009

Last week, the Department of Labor reported the highest unemployment rate in 26 years—9.8 percent for the month of September. Sadly, 9.8 percent only tells part of the story of the struggles of average Americans. A deeper look at the numbers reveals the true cost of the Democrats’ economic policies, especially for the nation’s most vulnerable people.

15,142,000: People unemployed and looking for work—the highest number ever.

263,000: Jobs eliminated in September.

1,916,000: People laid off in September—the highest number in one month ever.

2,884,000: Jobs lost since Democrats’ “stimulus” was passed in February.

9,179,000: People who are working only part-time because they cannot find full time employment.

2,219,000: People who want work, but who are not currently looking because of state the economy.

5,438,000: People unemployed and searching for work for more than 27 weeks—the highest level ever.

1,112,000: Job seekers that are new entrants to the workforce and have yet to find a job.

26.2: Average number weeks job seekers are unemployed after losing their jobs—the highest number since the statistic was first recorded in 1948.

25.9%: Unemployment rate among job seekers between the ages of 16 and 19—the highest level since the statistic was first measured in 1948.

15.4%: Unemployment rate among African Americans—the highest level since 1985.

12.7%: Unemployment rate among Hispanics and Latinos.

17%: Rate of underemployment, accounting for the unemployed and those who are unable to find adequate work.

15%: Unemployment rate among job seekers without a high school degree.

65.2%: Rate of the U.S. population in the workforce—the lowest level since 1986.

58.8%: Rate of the U.S. population who currently has a job—the lowest level since 1985.

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