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US Labor Situation Summary: May 2012

US Labor Situation Summary: May 2012

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Published by tjprograms
Unemployment rate largely unchanged, gains due to millions of Americans dropping out of the labor force, impact on youth, veterans, minorities and those with fewer skills disproportionately impacted
Unemployment rate largely unchanged, gains due to millions of Americans dropping out of the labor force, impact on youth, veterans, minorities and those with fewer skills disproportionately impacted

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Published by: tjprograms on Jun 01, 2012
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06/01/2012

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The U.S. Bureau of Labor Statistics released job growth and unemployment numbers on June 1, 2012indicating that the U.S. economy gained 69,000 jobs in May 2012. The unemployment rate was littlechanged at 8.2 percent up from 8.1 percent in April 2012
Key Findings:
 
The official national unemployment rate
was little changed at
 
8.2 percent, or 12.7 millionpeople.
 
The number of long-term unemployed, or those
unemployed for 27 weeks or longer,increased to 5.4 million people
 
 –
up from 5.1 million in April. The long-term unemployedaccounted for 42.8 percent of the unemployed.
 
Combined,
roughly 23 million people
are unemployed, discouraged workers and others
‘marginally attached’ to the labor force who have indicated that they want to work
, and peopleworking part time for economic reasons.
The official unemployment rate obscures the disproportionate impact of the recession and itsaftermath has had on individuals with fewer skills, those with less education, youth, minorities, andespecially new veterans.For Example:
 
The unemployment rate for all men 20 years and older was 7.5 percent in May 2012. Theunemployment rate for
African American men
20 years and older in May 2012 was 14.4percent. This was an increase from April and was
more than double the rate
of their Whitecounterparts whose unemployment rate in May 2012 was 6.7 percent. The unemployment ratefor
Hispanic or Latino men
20 years and older was 9.6 percent
 –
up from 8.6 percent themonth previous.
 
The unemployment rate for all teenagers in May 2012 was over 30.0 percent. Theunemployment rate for White youth ages 16-19 was 22.1 percent.
The unemployment rate forAfrican American youth between the ages of 16-19 was over 35.0 percent.
Theunemployment rate for Hispanic or Latino youth was over 26.0 percent.
 
Individuals over the age of 25 with less than a high school diploma
had an unemployment rateof 12.2 percent
. Among high school graduates, unemployment in May 2012 was 7.8 percent.Those with some college education had an unemployment rate of 7.4 percent in May 2012.
 
Gulf War Era II Veterans, (those that served in the armed forces since 2001 and have returnedto civilian life)
had an unemployment rate of 12.7 percent in May 2012
. 83.1 percent of newveterans are men.
U.S. Labor Situation Summary: May 2012Unemployment rate largely unchanged, gains due to millions of Americans dropping out of thelabor force, impact on youth, veterans, minorities and those with fewer skills disproportionatelyimpacted

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