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6.2 MILLION Long-Term Unemployed: Nat Urban League’s Monthly Jobs Report Analysis

6.2 million long-term unemployed. The National Urban League put out it’s monthly e-mail on the jobs report from the Bureau of Labor Statistics read here. In the last paragraph we see a large increase in the number of long-term unemployed as the number goes from 5.8 million in April to 6.2 million in May.  The National Urban League’s job e-mail:

Nat Urban League Marc Morial

Highlights of the May 2011 Employment Report: The economy gained only 54,000 jobs in May while private sector employment (excludes government losses) increased by 83,000.  May employment gains were disappointing, following gains that averaged 220,000 in the prior 3 months.  Slow home sales, declining home prices and rising commodity prices have put an apparent damper on the economy.  The number of unemployed people in May was little changed at 13.9 million, while the labor force participation rate was unchanged at 64.2% for the fifth consecutive month.

Private sector job growth was concentrated in professional & business services (+44,000), and education & health services (+34,000; +17,400  in health care alone).  Most losses were concentrated in government (-29,000), with local governments alone shedding 28,000 jobs in May. More modest job losses were seen in retail (-8,500), leisure & hospitality (-6,000) and manufacturing (-5,000) – all of which had shown promising job growth in recent months.

The unemployment rate was essentially unchanged – now 9.1% (from 9.0% in April).  The black unemployment rate was little changed at 16.2% (from 16.1%) – the unemployment rate for black men was up to 17.5% (from 17.0%); for black women, it was unchanged at 13.4%. The unemployment rate for whites remained 8.0% while the Hispanic rate was 11.9% (from 11.8%).  Rates of teen unemployment were 20.7% for whites (from 22.3%), 40.7% for African-Americans (from 41.6%) and 26.1% for Latinos (from 23.4%). The rate of underemployment (including the unemployed, marginally attached and those working part-time for economic reasons) was 15.9% (from 15.7%).

The ranks of long-term unemployed (jobless for 27 weeks or more) increased to 6.2 million (from 5.8 million) or 45.1% of all unemployed.  The underemployment rate or “real” unemployment rate (includes unemployed, marginally attached and those working part-time for economic reasons) was 15.8%.