Friday, January 6, 2012

A closer look at the unemployment numbers

A report just released shows that unemployment decreased again in December, dropping down to 8.5%, with 200,000 jobs created in December and a total of 1.6 million jobs created in 2011.  This, of course, is good news (though certainly not fast enough for the 8.5% still employed).  Unemployment is at its lowest rate in almost three years, since February 2009.

That being said, the recession's aftermath is absolutely hurting some groups greater than others:

  • Among teenagers, unemployment is 23.1%.
  • Among blacks, unemployment is at 15.8% and 11% among Hispanics.  Whites are facing unemployment of 7.5%, while Asians are at 6.8%.   This month saw little change.
  • 42.5% of the unemployed had been so for more than 27 weeks.  This month saw little change.
The numbers this month were positive, but stubborn challenges remains.

1 comment:

Jon Geeting said...

So what does GLVCC think Congress should do in response to sustained high unemployment? It would be really helpful if you guys would come down somewhere on this so that voters have an idea of which politicians are offering the best solutions.

Can you find your preferred explanation of what is wrong with the economy on this chart, and say which you find most persuasive?

If we knew what you thought was wrong, then it would be easier to have a fact-based debate about the appropriate policy response, and we could better evaluate which political party is more correct.