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.
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!