By Earl Lofland On Feb. 5th the Current Employment Status, (CES) was issued. A report the media used to suggest the Unemployment for January had dropped to a 5 month low, to 9.7%. Americans may look at the recent news in optimism, related to employment problems Americans have been faced with finally reversing. A steady increase in the unemployed has been taking place in America since 1999. According to the CES the unemployment rate fell from 10.0 to 9.7 percent in January. Although, one job sector, (the nonfarm employment)was unchanged. And the Federal Government grew even more. Also, the Labor Dept. on Friday released a payroll report, showing a decline in employee earnings, far smaller than the 150,000 drop posted in December.
There was an increase in unemployment in construction, Transportation, and warehousing according to the CES. The source of job growth comes from temporary help services and retail trade that added jobs. Also according to the CES Report, January, unemployment of adult men was at 10%, teenaged unemployment was at 26.4%, black unemployed is up .3% to 16.5%, and Hispanics 12.6%. All showing very little change, or an increase in unemployment from the previous months’ figures.
Also In January, unemployed veterans from Gulf War era II (September 2001 to the present) was at 12.6%, compared to 10.4% for nonveterans. Disabled individual Unemployment rates were at 15.2% and non disabled individuals who were 10.4%. The number of those without jobs for 27 weeks and over continued to increase in January, reaching 6.3 million. Since December 2007, there also has been an increase of 5 million long-term unemployed.
The actual numbers that are being used to show the decrease in Unemployment are derived from involuntary part- time workers or Underemployed workers, their hours were reduced or were unable to find a full-time job.
About 2 million people marginally attached to the labor force in January, increased 409,000 from a year earlier. These were not in the labor force, wanted work, and were available for work, looking for a job sometime in the prior 12 months.
However, the Federal government did grow more by adding 33,000 jobs additional jobs. This included 9,000 temporary positions for Census 2010. Since 1999 the value of US Dollar has dropped to over 28.5%. What you could purchase in 1999 for $20,000 today will cost $25,754.74
Individuals who have been added to the list returning back to work shows a decline in unemployment . Yet, they are making less. And the cost of living is far greater then their weekly income. This will result in further credit card debt of the consumer forced to borrow to pay for bills ultimately causing the possiblility of banks freezies in lending money.
Currently, Delaware’s U-6 Rate (total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers) is at 14.5% .The U- 3 (total unemployed, as a percent of the civilian labor force (this is the definition used for the official unemployment rate) is at 8.5% . And the U-5 (total unemployed, plus discouraged workers, plus all other marginally attached workers, as a percent of the civilian labor force plus all marginally attached workers) is at 9.9%