December 7, 2012

November 2012 Unemployment Report


November 2012


Unemployment Rate:           7.7 percent
Unemployed Americans:     12.0 million


“Real” Unemployment    

  • The “real” unemployment or U-6 rate is 14.4 percent for November 2012. This is the total percentage of unemployed and underemployed workers. 
  • The “real” number of unemployed Americans is 22.7 million. These are people who are unemployed (12.0 million), want work but have stopped searching for a job (2.5 million), or are working part time because they can’t find full time employment (8.2 million).
  • The difference from when President Obama took office is 475,000 more Americans unemployed or underemployed.

Labor Force Participation    

  • The labor force participation rate is 63.6 percent, a decline of 0.2 percentage points or 350,000 people. If the labor force participation rate were the same as when the President took office, the unemployment rate would be 10.7 percent.

labor force participation

Employment    

  • The Department of Labor reported an unemployment rate of 7.7 percent for November 2012, which is a decrease of 0.2 percentage points from October, and an increase of 146,000 nonfarm jobs.
  • President Obama promised an unemployment rate of 5.2 percent by this time.
  • The Department of Labor revised total nonfarm jobs for September and October down 49,000. The September numbers were revised down from +148,000 to +132,000. The October numbers were revised down from +171,000 to +138,000.

Weeks, Hours & Wages

  • The number of Americans searching for work for more than 27 weeks is 4.8 million, a decrease of 200,000 from October. The average number of weeks a worker is unemployed is 40.0 weeks -- double from when President Obama took office.
  • The average workweek for private nonfarm employees is unchanged at 34.4 hours.
  • The average hourly private nonfarm payroll increased by 4 cents to $23.63. Year over year hourly earnings have risen just 1.7 percent. Consumer Price Index is up 2.2 percent.

Issue Tag: Economy