Charts
- Unemployment Rate Chart – The seasonally adjusted unemployment rate from 1948 to the present is one of the most watched statistics. Where is it now and should you trust it?
- U-6 Unemployment Rate- U-6 is the broadest measure of unemployment and includes all classes of Unemployed plus those ”marginally attached” and/or part-time for economic reasons.
- Current Employment Data - How many jobs are there actually? This chart shows Employment since Jan 2000 and what the current trend is.
- Historical Employment Data Chart- How Many People Are Actually Employed? This chart shows the actual employment rate without all the mumbo jumbo. It gives a clear picture of the employment level in the United States from 1939 to the Present. When employment is rising the ecomomy is growing. When the employment rate levels off or declines times are not so good. Take a look and see how employment rates correspond to recessions over time.
- Misery Index- Created by economist Arthur Okun to help gauge the level of misery the average person is suffering. It is a combination of the inflation rate and the unemployment rate.
- Seasonally Adjusted Unemployment Rate in Table form- If you want to see the actual numbers.
The Difference a Degree Makes in Unemployment Levels
We’re always told by our parents that we need a good education in order to get a good job. And that we will make more money if we have a good education. But these days we hear of unemployed college graduates camping out in New York city and protesting Wall Street because they can’t find jobs. So let’s take a look at the numbers and compare the unemployment rate based on eduation level. In the following chart we will look at four educational levels. The first level are those people with less than a High School education. The second level are those with a High School diploma. The third level are those with some college education or an associates degree. And finally those with a Four Year College Degree.
As we can see from the chart above, obviously the unemployment rate is the highest for those with the least education… as we would expect. Logically if you were an employer you would lay off the least educated employees first because they are more readily replaceable. We can even tell by the numbers the actual difference a high school education makes. The average unemployment rate for the period from 1992 through October 2011 for High School graduates was 5.5% while the average for those who didn’t graduate from High School was 9.2%. So simply by getting a High School education you decreased your odds of being unemployed drastically with the actual difference being 3.7%. But if you look at the chart you will see that a High School education was even more valuable than that. The real benefit of being able to get a job is when jobs are scarce, so even though the average difference was 3.7% during bad times, i.e. when the overall unemployment rate is higher the difference climbs even more.
First let’s look at the difference just a high School education makes. Continue reading
OECD Unemployment Rate Hovering at 8.2% in July
The Organisation for Economic Co-operation and Development (OECD) released its report on unemployment in OECD countries today.
The unemployment rate for the entire OECD area was unchanged for the fifth consecutive month at 8.2% in July 2011. The Euro area unemployment rate was unchanged at 10.0% for the second consecutive month and has hovered around this level since December 2010.
Between June and July unemployment rates for OECD countries displayed very little movement. The single highest rise was for Luxembourg (up 0.3 percentage points to 4.6%) while the greatest fall was in Mexico (down 0.5 percentage points at 5.3%). New August 2011 data for the United States (unchanged at 9.1%) and Canada (up by 0.1 percentage point to 7.3%) confirm this current picture of broad stability in unemployment rates.
Countries where high unemployment rates continue to persist include Ireland (14.5%), Portugal (12.3%), the Slovak Republic (13.4%) and Spain (21.2%).
Around 44.5 million people were unemployed across the OECD area in July 2011, down 2.0 million from July 2010 but still 11.4 million higher than in July 2008.
OECD Unemployment Rates, s.a.
Percentage of labour force
| 2008 | 2009 | 2010 | 2010 | 2011 | 2011 | ||||||||
| Q3 | Q4 | Q1 | Q2 | Feb | Mar | Apr | May | Jun | Jul | ||||
| OECD – Total | 6.1 | 8.4 | 8.6 | 8.6 | 8.5 | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 |
| Major Seven | 5.9 | 8.1 | 8.2 | 8.1 | 8.1 | 7.7 | 7.7 | 7.7 | 7.7 | 7.7 | 7.7 | 7.8 | 7.8 |
| European Union | 7.1 | 9 | 9.7 | 9.6 | 9.6 | 9.5 | 9.5 | 9.5 | 9.4 | 9.4 | 9.5 | 9.5 | 9.5 |
| Euro area | 7.7 | 9.6 | 10.1 | 10.1 | 10.1 | 10 | 10 | 10 | 10 | 9.9 | 10 | 10 | 10 |
| Australia | 4.2 | 5.6 | 5.2 | 5.2 | 5.2 | 5 | 4.9 | 5 | 4.9 | 4.9 | 4.9 | 4.9 | 5.1 |
| Austria | 3.8 | 4.8 | 4.4 | 4.4 | 4.2 | 4.4 | 4.1 | 4.5 | 4.3 | 4.1 | 4.2 | 3.9 | 3.7 |
| Belgium | 7 | 7.9 | 8.3 | 8.3 | 7.9 | 7.2 | 7.3 | 7.1 | 7.1 | 7.2 | 7.4 | 7.4 | 7.5 |
| Canada(1) | 6.1 | 8.3 | 8 | 8 | 7.7 | 7.7 | 7.5 | 7.8 | 7.7 | 7.6 | 7.4 | 7.4 | 7.2 |
| Chile | 7.8 | 10.8 | 8.2 | 8 | 7.1 | 7.3 | 7.2 | 7.3 | 7 | 7.2 | 7.2 | 7.5 | |
| Czech Republic | 4.4 | 6.7 | 7.3 | 7.1 | 7.1 | 6.9 | 6.5 | 6.9 | 6.7 | 6.6 | 6.5 | 6.5 | 6.4 |
| Denmark | 3.4 | 6.1 | 7.4 | 7.4 | 7.7 | 7.6 | 7.3 | 7.6 | 7.6 | 7.3 | 7.4 | 7.3 | 7.1 |
| Estonia | 5.6 | 13.8 | 16.8 | 16.1 | 14.5 | 13.6 | 12.8 | 13.6 | 13.6 | 12.8 | 12.8 | 12.8 | |
| Finland | 6.4 | 8.2 | 8.4 | 8.3 | 8.1 | 8 | 7.9 | 8 | 8 | 7.9 | 7.9 | 7.9 | 7.9 |
| France | 7.8 | 9.5 | 9.8 | 9.8 | 9.7 | 9.7 | 9.7 | 9.7 | 9.7 | 9.7 | 9.7 | 9.8 | 9.9 |
| Germany | 7.6 | 7.7 | 7.1 | 6.9 | 6.6 | 6.4 | 6.2 | 6.4 | 6.3 | 6.2 | 6.2 | 6.1 | 6.1 |
| Greece | 7.7 | 9.5 | 12.6 | 13 | 14.1 | 15 | 15 | 15 | |||||
| Hungary | 7.8 | 10 | 11.2 | 11.1 | 11 | 11 | 10.1 | 10.9 | 10.6 | 10.3 | 10 | 9.9 | 9.7 |
| Iceland | 3 | 7.2 | 7.5 | 7.8 | 8.5 | 7.4 | 6.7 | ||||||
| Ireland | 6.4 | 11.8 | 13.7 | 13.8 | 14.3 | 14.2 | 14.2 | 14.2 | 14.1 | 14.1 | 14.1 | 14.3 | 14.5 |
| Israel(3) | 6.1 | 7.5 | 6.7 | 6.6 | 6.5 | 6 | 5.5 | ||||||
| Italy | 6.8 | 7.8 | 8.4 | 8.3 | 8.3 | 8.1 | 8 | 8.1 | 8.1 | 8 | 8.1 | 8 | 8 |
| Japan | 4 | 5.1 | 5.1 | 5 | 5 | 4.7 | 4.6 | 4.6 | 4.6 | 4.7 | 4.5 | 4.6 | 4.7 |
| Korea | 3.2 | 3.6 | 3.7 | 3.6 | 3.4 | 3.9 | 3.4 | 4 | 4 | 3.6 | 3.3 | 3.3 | 3.3 |
| Luxembourg | 4.9 | 5.1 | 4.5 | 4.4 | 4.5 | 4.3 | 4.3 | 4.2 | 4.3 | 4.3 | 4.3 | 4.3 | 4.6 |
| Mexico | 4 | 5.5 | 5.4 | 5.2 | 5.4 | 5.1 | 5.5 | 5.2 | 5 | 5.2 | 5.5 | 5.8 | 5.3 |
| Netherlands | 3.1 | 3.7 | 4.5 | 4.5 | 4.4 | 4.3 | 4.2 | 4.3 | 4.2 | 4.2 | 4.2 | 4.1 | 4.3 |
| New Zealand | 4.2 | 6.1 | 6.5 | 6.4 | 6.7 | 6.5 | 6.5 | ||||||
| Norway | 2.5 | 3.1 | 3.5 | 3.5 | 3.5 | 3.2 | 3.3 | 3.2 | 3.2 | 3.4 | 3.3 | 3.3 | |
| Poland | 7.2 | 8.2 | 9.6 | 9.5 | 9.6 | 9.4 | 9.5 | 9.3 | 9.4 | 9.5 | 9.5 | 9.5 | 9.4 |
| Portugal | 8.5 | 10.6 | 12 | 12.2 | 12.3 | 12.4 | 12.6 | 12.4 | 12.5 | 12.6 | 12.6 | 12.5 | 12.3 |
| Slovak Republic | 9.5 | 12 | 14.4 | 14.3 | 14 | 13.5 | 13.4 | 13.5 | 13.4 | 13.4 | 13.4 | 13.4 | 13.4 |
| Slovenia | 4.4 | 5.9 | 7.3 | 7.3 | 7.8 | 8.1 | 8.3 | 8.1 | 8.2 | 8.3 | 8.3 | 8.4 | 8.4 |
| Spain | 11.4 | 18 | 20.1 | 20.5 | 20.5 | 20.6 | 20.8 | 20.6 | 20.7 | 20.7 | 20.8 | 21 | 21.2 |
| Sweden | 6.2 | 8.3 | 8.4 | 8.3 | 7.9 | 7.7 | 7.5 | 7.6 | 7.7 | 7.4 | 7.7 | 7.4 | 7.4 |
| Switzerland | 3.2 | 4.1 | 4.2 | 4.5 | 3.9 | 3.9 | |||||||
| Turkey | 9.7 | 12.5 | 10.6 | 10.5 | 9.9 | 9.3 | 9.2 | 9.1 | 9.1 | 9.3 | |||
| United Kingdom | 5.6 | 7.6 | 7.8 | 7.7 | 7.8 | 7.7 | 7.7 | 7.6 | 7.7 | 7.8 | |||
| United States (2) | 5.8 | 9.3 | 9.6 | 9.6 | 9.6 | 8.9 | 9.1 | 8.9 | 8.8 | 9 | 9.1 | 9.2 | 9.1 |
Teen Employment Rate Plunges
Only 1 in 4 Teens is Employed
Teenage employment rates have averaged around 45% since the 1950′s but since 2000 the teenage employment rate has plummeted. Currently less than 25% of teenagers can find a job. But don’t worry the government has a plan to create 50,000 new jobs…
So what is this magic plan you might ask?
Simple Continue reading
Almost 1 Million Unemployed Show up for 50K McDonald’s Jobs
Recently McDonald’s decided to have a mass hiring of 50,000 new employees for it’s US based hamburger restaurants some of which will be full-time and some part-time. They actually ended up hiring 62,000 new employees as a result of all the applications they received. Because many of the restaurants are owned by franchisees the wages are not controlled by the company but many of the jobs were estimated to be for more than the nationwide minimum wage of $7.25 / hr. and managers can make up to $50,000 per year. Continue reading
OECD unemployment rate remains at 8.2% in March
The OECD area unemployment rate, at 8.2% in March 2011, was unchanged from February following three consecutive monthly decreases. The Euro area unemployment rate was also stable at 9.9%.
For the first time since the start of the financial crisis in 2007, unemployment rates are showing a steady or declining pattern in most OECD countries. Italy, Luxembourg, Spain and Sweden were the only countries whose unemployment rates rose in March. New data referring to April 2011 also show a rise (by 0.2 percentage point, to 9.0%) for the United States.
Countries experiencing continuously high unemployment rates include Hungary (11.9%), Ireland (14.7%), Portugal (11.1%), and the Slovak Republic (13.9%). Spain’s 20.7% unemployment rate means that, since May 2010, over one in every five people in the Spanish labour force has been unemployed and seeking work.
There were 44.4 million unemployed persons in OECD countries in March 2011, down 2.6 million from March 2010 but still 13.6 million higher than in March 2008.
Selected Unemployment Rates, s.a.
February 2011 – March 2011 (1)
Unemployment Rate in OECD Countries Falls in February
OECD unemployment rate records fourth consecutive fall at 8.2% in February
The OECD area unemployment rate fell again in February 2011 to 8.2%, down 0.1 percentage point from January. This was the fourth consecutive decrease, following a period of stability of around 8.5% throughout most of 2010. New March 2011 data show further declines of 0.1 percentage point in the unemployment rates of both the United States (to 8.8%) and Canada (7.7%).
The February data show, for the first time since the recent financial crisis, a pattern of declining or steady unemployment rates for the majority of OECD countries. The unemployment rate fell in the Euro area to 9.9%, the first time back into single digits since December 2009. Austria, Korea, Mexico and Spain were the only countries recording rises in their unemployment rates. Countries still experiencing very high unemployment rates include Hungary (12.0%), Ireland (14.9%), Portugal (11.1%), the Slovak Republic (14.0%) and Spain (20.5%).
There were 44.9 million unemployed persons in OECD countries in February 2011, down 2.1 million from February 2010 but 14.3 million higher than in February 2008.
Selected Unemployment Rates, s.a.
January 2011- February 2011
September 2010 Unemployment Rate
October 8, 2010
The Bureau of Labor Statistics released their report for September today. The number of unemployed persons, at 14.8 million, was essentially unchanged in September, and the unemployment rate held at 9.6%.
Among the major worker groups, the unemployment rate for adult men was 9.8%, adult women was 8.0%, teenagers was 26.0%, whites was 8.7%, blacks was 16.1%, and Hispanics was 12.4% showing little or no change in September.
The number of long-term unemployed (those jobless for 27 weeks and over), at 6.1 million, was little changed over the month but was down by 640,000 since a series high of 6.8 million in May. In September, 41.7 % of unemployed persons had been jobless for 27 weeks or more.
Seasonally Adjusted Unemployment Rate September 2008 - September 2010 Source: U.S. Bureau of Labor Statistics www.BLS.Gov
Non-Farm Payrolls Decrease 3rd Month in a Row
Job losses much worse than the average recession in third consecutive monthly decline.
Today, the Labor Department reported that nonfarm payrolls (jobs) decreased by 54,000 in August — the third consecutive decline. Today’s chart puts the latest data into perspective by comparing job losses following the beginning of the current economic recession (solid red line) to that of the last recession (dashed gold line) and the average recession from 1950-1999 (dashed blue line). As today’s chart illustrates, the current job market has suffered losses that are more than triple as much as what occurs at the lows of the average recession/job loss cycle. Also, today’s decline in jobs provides further evidence that the current ‘economic recovery’ remains sluggish at best.
Chart courtesy of Chart of the Day
Work in the Future
Back in 1963 Bob Dylan wrote
Come gather ’round people
Wherever you roam
And admit that the waters
Around you have grown
And accept it that soon
You’ll be drenched to the bone.
If your time to you
Is worth savin’
Then you better start swimmin’
Or you’ll sink like a stone
For the times they are a-changin’.
Those lyrics seem eerily appropriate almost fifty years later.
In that time many things have changed, change seemed rapid and incessant. Over the years the way we work has also changed. Back in the 1960′s the U.S. was primarily made up of Blue collar workers. Now we are increasingly white collar tellecommuters.
A recent special report in Time magazine entitled “The Way We’ll Work” explained the work situation in this way:
Ten years ago, Facebook didn’t exist. Ten years before that, we didn’t have the Web. So who knows what jobs will be born a decade from now? Though unemployment is at a 25-year high, work will eventually return. But it won’t look the same. No one is going to pay you just to show up. We will see a more flexible, more freelance, more collaborative and far less secure work world. It will be run by a generation with new values — and women will increasingly be at the controls.
