New Employment Stats: Nothing to Cheer About
Recent Bureau of Labor Statistics Report Paints Rosy Picture; Deeper Analysis Proves Otherwise
The September, 2007 Employment Situation Summary reported by the Bureau of Labor Statistics paints a positive picture. Non-farm payroll employment rose by 110,000 and the unemployment rate was “essentially” unchanged at 4.7%. However, a closer look at the results proves that we are in worse shape today than we were at the same time in 2006.
“As the results were distributed nationwide, a collective sigh of relief could be heard among many Americans. Unfortunately, deeper analysis shows that we don’t have all that much to cheer about,” says Ilyse Shapiro, founder of the job search Web site, MyPartTimePRO.com.
Shapiro found the following discrepancies between the September, 2006 and September, 2007 data (seasonally adjusted):
* 98,000 additional people currently want a job, but can’t find one.
* 386,000 more men age 20+ are unemployed.
* 399,000 additional Caucasian Americans are unemployed
* 120,000 more Latino/Hispanic individuals are unemployed.
* 513,000 additional Americans are working part-time for economic reasons.
* 129,000 more individuals are unemployed for 15 weeks or more.
* More individuals are unemployed in professional and related occupations; sales and related occupations; and production, transportation and material moving occupations.
“Yes, as Americans we should be glad that all in all more people are finding new employment opportunities every day. However, there are still too many of us who want to work but can’t find jobs. I can’t help but think that we are really just gilding the lily,” says Shapiro.
Until next week...
Ilyse Shapiro, Founder, MyPartTimePRO.com
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