The latest data for unemployment and employment growth in the U.S. confirms that the U.S. is creating enough jobs to absorb new entrants to the labour market but not enough to lower the unemployment rate. In fact, both the headline rate and the broader measure of unemployment U6 rose by a tenth of a percent. U3, the headline rate is now 8.3 % and U6 15.0 %. All of the employment creation was in the private sector where employment rose by 173,000 but the public sector lost 9000 jobs. So once again we see the negative consequences of premature cuts in the public sector. This is not good news. The participation rate is 63.7 % and there are 12.8 million unemployed of whom 5.2 million have been unemployed for 27 weeks or longer,. The rates of unemployment by different demographics and backgrounds are as follows:
men 20 and over 7.7 %
women 20+ 7.5 %
16-19 23.8%
White 7.4%
Black 14.1 %
Asian 6.2%
Hispanic 10.3%
Source:US Bureau of Labour Statistics
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About haroldchorneyeconomist
I am Professor of political economy at Concordia university in Montréal, Québec, Canada. I received my B.A.Hons (econ.&poli sci) from the University of Manitoba. I also completed my M.A. degree in economics there. Went on to spend two years at the London School of Economics as a Ph.D. student in economics and then completed my Ph.D. in political economy at the University of Toronto. Was named a John W.Dafoe fellow, a CMHC fellow and a Canada Council fellow. I also was named a Woodrow Wilson fellow in 1968 after completing my first class honours undergraduate degree. Worked as an economist in the area of education, labour economics and as the senior economist with the Manitoba Housing and Renewal Corporation for the Government of Manitoba from 1972 to 1978. I also have worked as an economic consultant for MDT socio-economic consultants and have been consulted on urban planning, health policy, linguistic duality and public sector finance questions by the governments of Manitoba, Saskatchewan,the cities of Regina and Saskatoon, Ontario and the Federal government of Canada. I have also been consulted by senior leaders of the British Labour party, MPs from the Progressive Conservative party, the Liberal party and the New Democrats on economic policy questions. Members of the Government of France under the Presidency of Francois Mitterand discussed my work on public sector deficits. I have also run for elected office at the municipal level. I first began to write about quantitative easing as a useful policy option during the early 1980s.
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