| Economics: Employment |
Overall employment and Unemployment of the national population.
Disproportionate Unemployment Filling the Line
Published Friday, June 26th, 2009
The news of unemployment may be all around us right now, but what is not really understood is the makeup of the unemployment percentage. The overall number is just that: a composite of different numbers, averaged together, and displayed as a percentage of the overall unemployed among the labor force. For example, “The Labor Force” is just a way of describing us all, blue collar and white collar. Yet, there are those who can withstand recession woes (who can save for a rainy day) and those who cannot (check to check living). What is missing from that single unemployment percentage number is that the recession does not hit everyone equally.
The pre-recession unemployment was at 5% of the overall labor force. Yet, now we are edging on 9.4% unemployment with 5.7 million jobs lost since the beginning of the recession, as May provided 345,000 new jobless claims. Making up a majority of those in the unemployment line are manufacturing and construction workers who tend to be less educated and/or recent immigrants. For minorities such as the black and Latino groups, the Bureau of Labor Statistics states that the rate of unemployment is edging on 20%, leading many to fall instantly into poverty and straining State budgets.
Posted in Budget, Economics, Jobs, Minorities | No Comments »
Unemployment Benefits of the ARRA 2009
Published Wednesday, April 22nd, 2009
Within the American Recovery and Reinvestment Act (ARRA), there are provisions for those who have become unemployed. Here are some of the major benefits now available. According to the ARRA, a new temporary Federal Additional Compensation program that suggests states up the unemployment benefit $25 per week for the period beginning February 22, 2009. States may also extend the number of weeks benefits available from 13 to 20. The average length of unemployment is 22-weeks. The Act also creates a tax break which exempts the first $2,400 of workers’ 2009 unemployment benefits from taxation. As for COBRA health benefits, there are 2 changes. Eligible individuals are now only required to pay 35% of the COBRA premium instead of the full amount. Another change allows beneficiaries to elect coverage under a second special election period, which skirts HIPAA’s pre-existing condition exclusion rules. Older workers will also benefit, as an additional $120 million is earmarked for the Senior Community Service Employment Program, which trains older workers for new jobs. Further, states that modernize their unemployment compensation systems to include those workers who are looking for part-time work will receive federal dollars to compensate.
These are welcome changes as the unemployment rate for the nation has reached, as of March, 7.9% of the eligible workforce. That is a 3.4 percentage point increase from March 2008. Nationally, those who are searching for less than full-time for economic reasons have reached 8.6 million workers according to the Bureau of Labor Statistics. Also, the recession has had an adverse affect on those who are of the age to retire as the rate of those exiting the work force has decreased from 1.6 million to 1.3 million between 2000 and 2008.
Posted in Economics, Jobs | No Comments »
U.S. Department of Labor, Bureau of Labor Statistics: Employment and Unemployment Survey - http://www.bls.gov/cps/
The Current Population Survey (CPS) is a monthly survey of households conducted by the Bureau of Census for the Bureau of Labor Statistics. It provides a comprehensive body of data on the labor force, employment, unemployment, and persons not in the labor force.
U.S. Department of Labor: Career Development - http://www.doleta.gov/
Employment and Training Administration (ETA) programs, resources and online tools help workers in all stages of the job and career development.