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August 18, 2012

White House report on education jobs suggest startling losses

  • 300000 education jobs lost since 2009 source

» Hard times for educators: According to a report released today spearheaded buy the White House Council of Economic Advisers, as well as the National Economic Council and Domestic Policy Council,  the above figure represents the losses in educational jobs since June 2009. The report does originate from the White House team, and as such is expectedly supportive of the President’s proposal to stem this tide – a package of $25 billion to prevent further layoffs. The last few years have seen heavy cuts to public funding, largely pushed by conservative politicians during dire economic times, and thus public-sector jobs have dwindled in states and localities, driving up unemployment despite months of sustained (if underwhelming) private-sector job growth.

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16:37 // 1 year ago
August 4, 2012
thedailyfeed:

Whoa — in some states, the rate of unemployment and underemployment is nearing 20 percent! And everybody’s still pointing fingers about it. 

Interesting that the extreme “flyover” states are the ones with the lowest rates. Would be interesting to see the map with only underemployment.

thedailyfeed:

Whoa — in some states, the rate of unemployment and underemployment is nearing 20 percent! And everybody’s still pointing fingers about it

Interesting that the extreme “flyover” states are the ones with the lowest rates. Would be interesting to see the map with only underemployment.

(via businessoutsider)

17:22 // 1 year ago
July 26, 2012

Report: Record number of fair labor claims filed by workers in 2012

  • $224 million in back wages collected by the Department of Labor during 2011
  • 275,000 claims were filed on behalf of workers across the U.S. during that time source
  • 7,006 lawsuits were filed under the Fair Labor Standards Act during 2011
  • 7,064 suits have been filed this year; we’ve already topped 2011’s record
  • 2,035 suits filed in 2002, 84 percent fewer than 2012’s projected total

» Many analysts say it’s fair to assign some portion of the blame for the rise in lawsuits on the global recession, though it’s hardly the sole — or even largest — reason for the increase. High-profile cases like Wal-Mart’s recent $5 million settlement put the issue on some peoples’ radar, while some low-wage laborers that can’t afford legal counsel have had their cases taken up by the Department of Labor. Seyfarth Shaw, the legal firm that released the report, also admitted that some lawyers had become driven to wage litigation after seeing massive pay-offs in the news. But, clearly, there is still more that could be done.

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16:25 // 2 years ago
July 8, 2012

Despite educational push, high-flying science jobs hard to come by

  • push In recent years, the National Science Foundation and other major science-related groups have pushed for universities to churn out more scientists, and Obama has encouraged more science education in schools.
  • problem Unfortunately, lab-based science jobs are proving hard to come by — academic jobs are scarce, and the pharmaceutical industry has cut hundreds of thousands of jobs over the past decade. We’re talking about unemployed PhDs. source

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11:27 // 2 years ago
July 6, 2012

June’s unemployment rate, in one word: Unchanged

  • 8.2% unemployment rate in June (it’s unchanged)
  • 80k number of jobs created in June, according to the Bureau of Labor Statistics report
  • 77k number of jobs created in May, based on revised numbers; June was a marginal improvement
  • 100k number of jobs economists expected to be created in June; the sound of failure source

» Does little improvement = decline? That’s Ezra Klein’s argument on the report. “In this economy, little or no change isn’t good enough,” he says. “We added 80,000 jobs in June. That’s not enough to keep up with population growth. So, in the context of our growing workforce, the labor market lost ground last month.”

» Editor’s note: And because this comes up EVERY SINGLE MONTH, the unemployment rate above is the U3 unemployment rate, the standard that the Bureau of Labor Statistics uses. If you use the U6 unemployment rate (which includes people unemployed but not currently looking for work, or working part-time for economic reasons), it jumps to 14.9 percent, which is up from last month.

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10:16 // 2 years ago
July 4, 2012

Veterans could receive free education benefits under new program

  • 99,000 vets could get a free year of education source

» 13,000 have already been accepted: A new joint program between the U.S. Labor Department and the Department of Veterans Affairs could give out-of-work veterans a chance get back in the game for free. The Veteran Retraining Assistance Program offers an opportunity for vets between the age of 35 and 60 to get a free year of education on the government’s dime. The deal does have some conditions — the veterans can’t be receiving unemployment benefits already, and can’t already be receiving similar types of education. This is good; we need to do more to help vets.

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11:08 // 2 years ago
July 3, 2012
Romney campaign unveils confusing new unemployment infographic
Pro-tip from an Amercian: Real Venn Diagrams don’t stick to a rigid compare/contrast structure. If some colored circles will help you prove a point, then throw some text over those bad boys, add a campaign logo, ready a few talking points, and call it a day. (hat tip to Slate) source
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Pro-tip from an Amercian: Real Venn Diagrams don’t stick to a rigid compare/contrast structure. If some colored circles will help you prove a point, then throw some text over those bad boys, add a campaign logo, ready a few talking points, and call it a day. (hat tip to Slate) source

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16:57 // 2 years ago
June 6, 2012

Survey: Recent high school grads having trouble finding full-time work

  • 37% of recent high school grads without a college degree had a full-time job before the recession, according to a Rutgers University study
  • 16% of recent high school grads without a college degree had a full-time job post-recession; part-time worker levels have gone down, too source

» A somewhat odd note from the article: ”In the two months since the survey was conducted, a large share of participants have had their phone numbers disconnected and could not be reached.” Now it’s possible they all got new cell phone numbers, or that they’re simply hard to track. But still, that’s not a common thing to happen in a survey.

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11:23 // 2 years ago
May 6, 2012

stealth-tomato says: Your post of the unemployment/underemployment graph is missing important context from the article: The 2006 numbers are from a significant economic bubble, and thus are lower than long-term levels are likely to ever be.

» SFB says: While it’s true it was a period of great growth, the “important context” from the article is mentioned in passing at best: "… it’s still much closer to where it was at the depth of the recession than to where it was at the peak of the boom/bubble of the mid aughts." 

But and with that in mind, we’d like to point out the U-16 unemployment number, which includes long-term and short-term, remained fairly low over a long period of time, staying below 11 percent for more than a decade prior to the current economic crisis — reaching below 8 percent for a sustained period during the latter half of the Clinton years. 2006 wasn’t even the lowest point in the past 18 years. Here’s an Excel chart we gathered from the Bureau of Labor Statistics, seasonally adjusted.

Underemployment is not tracked in that table, so to go with that, here’s a 2008 BLS graphic showing unemployment versus part-time underemployment. Click to see the full document:

As you’ll see, the unemployment and underemployment charts follow roughly the same curves over the 1994-2008 period. But all of this is to say that the bubble wasn’t particularly out of whack over the period that came before it in the chart we reblogged. The current level we’re at is basically insane, even after the recent decline, and the 14 years that came before prove it. — Ernie @ SFB

0:46 // 2 years ago
May 4, 2012
If the same percentage of adults were in the workforce today as when Barack Obama took office, the unemployment rate would be 11.1 percent. If the percentage was where it was when George W. Bush took office, the unemployment rate would be 13.2 percent.
Ezra Klein • Remarking on declining labor force participation in the US. It’s often noted that official unemployment numbers understate the real percentage of people out of work, as they only tally people actively searching for a job. One consequence of this is that when labor force participation decreases—that is, when unemployed folks just give up and stop looking for work—employment actually “increases.” That’s why only 115,000 jobs were added last month, yet unemployment decreased from 8.2% to 8.1%. Since Barack Obama took office, labor force participation has declined 2%. It’s now at 63.6% which, Klein notes, is “a level not seen since the early days of the Reagan administration.” Here’s a chart. source (viafollow)
17:56 // 2 years ago