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December 5, 2013

Teenage Unemployment Up Under Obamanomics

Topics: Political News and commentaries

More than 1 in 7 people (14%) between ages 16 and 24 can't find any job - neither full or part-time:

Our 7.3 percent overall unemployment rate is painfully high. But for younger Americans -- particularly young minorities -- things are much worse. More than one in seven between age 16 and 24 can't find any job, full or part-time. For African Americans in that age group, it's more than one in four. These bleak statistics actually understate the tragedy, since they don't count those who simply stopped looking for work.
For the record, the 'Real' unemployment rate (U6) for October was 13.8% ... a far cry from the 7.3% mentioned in the above article. The U6 unemployment rate counts not only people without work seeking full-time employment (the more familiar U-3 rate), but also counts "marginally attached workers and those working part-time for economic reasons." Note that some of these part-time workers counted as employed by U-3 could be working as little as an hour a week. And the "marginally attached workers" include those who have gotten discouraged and stopped looking, but still want to work. The age considered for this calculation is 16 years and over.

Meanwhile, as unions push for fast-food workers to go on strike for a higher minimum (entry-level) wage ... those striking workers ought to be keeping in mind the could be opening the door for them to be replaced by automation.

Posted by Hyscience at December 5, 2013 3:55 PM

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