Jobless Rate Still Bleak, with 15.4 Million Workers Unemployed
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The nation’s unemployment rate moved from 10.2 percent to 10 percent in November, with 15.4 million American workers unemployed, according to U.S. Department of Labor data released this morning. But when both unemployed and underemployed workers are counted, there still are some 26 million people without jobs or full-time work. At the start of the recession in December 2007, there were 7.5 million jobless workers and the unemployment rate was 4.9 percent
Economic Policy Institute (EPI) Director Larry Mishel says he would not interpret this decline as the beginning of a ongoing reversal in the unemployment rate. In fact, the jobs situation likely will worsen for up to the next 12 months, he says. One reason: There is a backlog of people who dropped out of labor force who will come back in—up to 3 million jobless workers. And when they start looking for jobs again unemployment will rise.
Unemployment rates for adult men now is 10.5 percent, 7.9 percent for women and 26.7 percent for teens. The jobless rate for white workers is 9.3 percent, 15.6 percent for African Americans, 12.7 for Hispanics and 7.3 percent for Asians.
