THE ECONOMY NEEDS 11.2 MILLION JOBS TO REGAIN ITS PRE-RECESSION LEVEL OF UNEMPLOYMENT.
• In August 2011, the economy added zero (0) jobs.
• 17,000 private-sector jobs were created in August 2011; 17,000 public-sector jobs were lost that month.
• In August 2011, 366,000 workers entered the labor force.
• In August 2011, there were 2.5 million workers who wanted a job, were available to work, but had given up actively seeking work and so were not counted as offi cially unemployed.
• In total, there are 6.9 million fewer jobs today than there were in December 2007.
• In June 2011, there was only one job opening for every 4.5 unemployed workers in the economy.
THE UNEMPLOYMENT RATE IN AUGUST 2011 WAS 9.1%.
• There were 14.0 million unemployed workers in August 2011, 6.3 million more than in December 2007.
• 42.9% of these unemployed persons have been without a job for more than 6 months.
• Males had an unemployment rate of 9.6%, females 8.5%.
• Whites had an unemployment rate of 8.0%, blacks 16.7%, and Hispanics 11.3%.
• The underemployment rate (i.e., those who are unemployed, marginally attached, or working part time involuntarily) was 16.2% in August 2011.
• There were 25.3 million workers who were either unemployed or underemployed in August 2011.
• In July 2011, seasonally adjusted underemployment was 25.3% for blacks, 13.2% for whites, and 22.0% for Hispanics.*
IN AUGUST 2011, THERE WERE 11 STATES WITH DOUBLE-DIGIT UNEMPLOYMENT RATES.
• The state with the highest unemployment rate was Nevada, at 12.9%; the state with the lowest unemployment rate was North Dakota, at 3.3%.
• In August 2011, there were 15,000 jobs lost in state and local government; over the last two years, a total of 537,000 state and local jobs have been lost.
THE UNEMPLOYMENT RATE FOR ALL 16-24 YEAR OLDS WAS 17.7% IN AUGUST 2011.
• The unemployment rate for those 16-24 year olds with a high school diploma (but not currently enrolled in school) was 21.2% in August.
• The unemployment rate for those 16-24 year olds with a bachelor’s degree (but not currently enrolled in school) was 11.2% in August.
• The unemployment rate for all 16-19 year olds was 25.4% in August; for 16-19 year old blacks it was 46.5%, and for Hispanics it was 37.4%.
SO FAR IN 2011, ANNUALIZED INFLATION-ADJUSTED WAGE GROWTH IN THE PRIVATE SECTOR HAS BEEN -1.6%.
• Annualized inflation-adjusted growth from 2000 to 2010 for people with a high school diploma was only 0.1%.
• Annualized infl ation-adjusted wage growth from 2000 to 2010 for people with a bachelor’s degree was 0.3%.
• Annualized productivity growth from 2000 to 2010 in the nonfarm business sector was 2.5%.
IN THE SECOND QUARTER OF 2011, THE ANNUALIZED, INFLATION-ADJUSTED GROWTH RATE OF GROSS DOMESTIC PRODUCT WAS 1.0%.
• The average infl ation-adjusted rate of GDP growth for the first two quarters of 2011 was 0.7%.
• Consumer spending grew at a 0.4% rate in the second quarter of 2011.
• The economy, measured in terms of infl ation-adjusted GDP, is currently 0.5% smaller than it was before the recession began in the fourth quarter of 2007.
* This seasonally adjusted underemployment data is calculated by EPI; the most recent data available is from June.