The seasonally adjusted July unemployment rate of 7.4 percent showed a slight decline from last year’s 8.2 percent, but the gains came largely as a result of declining labor force participation rather than job creation.

New York Times

Due to this, this Labor Day, among many others have proven over time that people are still underemployed, unemployed, and/or underpaid. There is a large measure of unemployment called U-6 that includes people working part-time because they cannot find full-time work, and those who want a job and have looked for one in the last 12 months but have given up looking for one. A year earlier, this ratio was 14.9%. Well, it’s a modest 14% now. Below is a chart courtesy of the Department of Labor.

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.8 9.8 9.9 9.9 9.6 9.4 9.5 9.5 9.5 9.5 9.8 9.3
2011 9.1 9.0 8.9 9.0 9.0 9.1 9.0 9.0 9.0 8.9 8.6 8.5
2012 8.3 8.3 8.2 8.1 8.2 8.2 8.2 8.1 7.8 7.9 7.8 7.8
2013 7.9 7.7 7.6 7.5 7.6 7.6 7.4

-data from the US Dept of Labor

 

When we get unemployment to a more feasible level, I can agree 100% with the cerebration of working our behinds off and taking one day off of the hard labor. Until then, I continue to pray for job opportunities for those who are less fortunate.

 

Happy Labor Day all! To all those employed, be blessed. Tho those who are still searching, there is a light at the end of the tunnel. Keep pushing!