Tuesday, April 9, 2013

Is the True Unemployment Rate Really 14.3%?

The Line Continues to Form...
What is the True Unemployment Rate in April 2013?

According to a recent article from Robert Lenzner posted n Forbes.com, the true unemployment rate is not 7.7% as reported, but rather 14.3%. 

Here is an excerpt from that article:

"The unemployment rate is 7.7%. But, there is another 0.6% of discouraged workers,(about 800,000) mainly the young, minorities and those without the all-necessary high school diploma. Another 0.9% are only marginally employed (whatever that means) and have mostly stopped looking for a job recently. More crushing is the 5.1% of the workforce most impacted by the 2008 downturn, who are working only part-time and would prefer to have a full-time position. That 5.1% part-time workers total 8 million people, who mostly are having trouble making ends meet and most likely have no health plan from their employer..."

I am not surprised by, nor do I take issue with, Mr. Lenzner's conclusions, or his math.

We have recently noted that more than 250,0000 recent  College Graduates are working for minimum wage, and that 50% of 2012 College Graduates are currently unemployed or underemployed.

There is some good news. More than 25,000 jobs are currently being posted by 15 of the World's very best companies.

Here is hoping things trend upwards....

John A. Gallagher is an employment lawyer who represents employees in Pennsylvania.

Click Here if you have questions about any aspect of employment law, from wrongful termination, to wage and overtime claims, to discrimination and retaliation laws, to Family and Medical Leave…

Click Here if you have questions about any aspect of Pennsylvania Unemployment Law, from willful misconduct, to voluntary quit, Independent Contractor/Self-Employment issues, Referee Hearings, severance issues…

Click Here to e-mail John directly.
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