In May, the unemployment rate declining by 0.3 percentage point to 4.7 percent appeared to be good news, but when I followed the advice of a former supervisor and peeled the onion to take a closer look it is not so great:
The number of unemployed persons stands at 7.4 million. The rates for teenagers (16 percent) and blacks (8.2 percent) is not so great. The number of long-term unemployed (those jobless for 27 weeks or more) is 1.9 million accounting for 25.1 percent of the unemployed.
The civilian labor force participation rate decreased by 0.2 percentage point to 62.6 percent. The number of persons employed part time for economic reasons (also referred to as involuntary part-time workers) increased by 468,000 to 6.4 million in May, after showing little movement since November.
In May, 1.7 million persons were not counted as unemployed because they had not searched for work in the four weeks preceding the survey.
The average workweek for all employees on private nonfarm payrolls was only 34.4 hours in May. Add unemployed (7.4 million), involuntary part-time workers (6.4 million) and those who have not looked for work in four weeks (1.7 million) yields 15.5 million either unemployed or underemployed. Add the fact that only 62.6 percent of the civilian labor force is even trying to get a job and the report is dismal.
Now Hillary Clinton wants you to elect her as your next president so she can continue the failed Obama economic policies. Democrats really need to ask themselves if they are better off after almost eight years of this administration and is this the economy they are looking forward to for the next four years.
E. Mac McBride
Beresford Creek Street