Hooverville
PoliPundit.com
The Labor Department just released its latest report on the nation’s job markets. And to put them into perspective – but in a fashion likely to cause trust-funded, bong-hitting, college-aged liberals to be perplexed and perhaps even angry – check this out:
May 1997
10.3 = unemployment rate among blacks.
7.4 = unemployment among latinos.
0.25% = “discouraged workers” as a share of the total workforce.
$420.56 = average weekly earnings by factory-line workers and non-managers in the services sectors.
On the other hand, there’s this:
May 2005
10.1 = unemployment rate among blacks.
6.0 = unemployment among latinos.
0.26% = “discouraged workers” as a share of the total workforce.
$541.81 = average weekly earnings by factory-line workers and non-managers in the services sectors.
The U.S. economy created 78,000 W-2 jobs in May. This year’s net W-2 job creation now amounts to 898,000 – or just under 180,000 per month.
Last month’s payroll gains included new jobs in the following labor market sectors and sub-sectors: Commercial banking, securities and investments, legal services, architecture and engineering, computer systems, business management and managerial consulting, and health care services.
When non-payroll jobs are added to the mix (e.g., software consultants; contract salespersons), the economy created 376,000 new jobs in May, bringing this year’s total employment gain up to 1,319,000.
The nation’s unemployment rate fell to 5.1 percent in May. That’s roughly half the reported unemployment rate in France. As alluded to above, total employment increased in May. Total unemployment declined. And the labor force (those working and searching for employment) increased too. The employment-population ratio – the percentage of all Americans with jobs – now stands at 62.7. It was 63.9 in May 1997.
Over the past year, average hourly and weekly earnings, for industrial-sector production workers and non-supervisors in the services sectors, have increased, respectively, by 2.6 percent.
Brother, can ya’ spare a dime?
Note: Additional data here.
data.bls.gov
-- Jayson
polipundit.com |
