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info@adaction.org * http://www.adaction.org For Information Contact: FOR IMMEDIATE RELEASE
A Deceptive Job Recovery -- Real Unemployment at 16.8% The official unemployment rate only accounts for people who are out of work and actively seeking fulltime employment. The real rate, which takes into account part-time workers desiring full-time employment and discouraged job seekers, is a more accurate indicator of the labor market. The new data shows that 8,791 Americans were working part-time last month because they were unable to find full-time jobs and another 2,527 had given up looking for work. In addition, 5.2% of the employed work more than one job in order to support themselves and their families. “With more than 14 million workers seeking employment, the need for federal investment in job creation is as strong as ever.” said Michael J. Wilson, National Director of “While the number of jobless persons rose slightly last month, the average length of unemployment declined from a record 30.2 weeks in January to 29.7 weeks in February, which was still the second-highest figure on record.” said
AMERICANS FOR DEMOCRATIC ACTION
info@adaction.org * http://www.adaction.org For Information Contact: FOR IMMEDIATE RELEASE
David Card 202-785-5980; Real Unemployment Rate at 17.5% The real unemployment rate released today by the Bureau of Labor Statistics is 17.5%, over 7 points higher than the officially reported rate. The real rate includes marginally attached workers which the BLS reports “are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not looking currently for a job. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.” ADA National Director Michael J. Wilson: “The modest extension of unemployment benefits passed by Congress this week is not enough,” “There are over 15 million out-of-work Americans vying for 3 million available jobs. “Even as Congress finishes health care reform, they must address the job question. “The latest BLS report shows 35.6% of the unemployed have been without work for more than 27 weeks. “We need a bold job creation plan that puts people back to work. “Incumbents of every political persuasion must join together to embrace a bold job agenda or face a justifiably unhappy electorate in 2010.” |