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Breaking Down Those Who Are Unemployed in March

The latest Society of Human Resources Management (SHRM) Leading Indicators of National Employment (LINE) projects ongoing hiring for April. Of the 1000 Human Resources departments survey by SHRM for the LINE Report 46.8% from the manufacturing sector and 35.3% from the service sector anticipated hiring this month. That is good news for everyone but for some people finding a job remains highly competitive for different reasons.

Last month the US Department of Labor, Bureau of Labor Statistics (BLS) Employment Situation Summary for March reported that 192,000 jobs were added to the economy. This report also posted a national unemployment rate of 6.7% one of the lowest unemployment rates in years. With the unemployment rate dropping some are finding jobs at a greater clip than others. [ESS]

Generally the BLS report eludes that women as a group have a lower overall unemployment rate at 6.2% than males who are at 7%. Older workers are among the groups who have a low overall unemployment rate of 4.7% much lower than the national rate. However, these older workers who lose their job seem to experience the longest periods of unemployment often in excess of 27 weeks or more. The total number of long term unemployed is at 3.7 million having lost an additional 331,000 job seekers in March who have dropped out of the labor market.

Teens as a group who are 16 to 19 years old have one of the highest unemployment rates in the nation at 20.9% which is a drop from February when the unemployment rate for this group was at 21.4%. Following teen workers very closely are young adults age 20 to 24 years old have an overall unemployment rate of 12.2%. Both of these groups seem to be able to quickly find employment. Possibly because their skill set is growing which means they are more willing to accept an entry level wage, plus they may have greater flexibility in scheduling.

Among teens who are black, unemployment jumps up to 36.1%. The Center for Law and Social Policy cited that this group lacks support systems and early opportunities to prepare them for the job market. They have a limited skill set that leads to higher unemployment than white teens.

Lastly, education still counts for something. According to the BLS report those who are 25 years old and older and have less than a high school diploma as a group have an unemployment rate of 9.6% which is much higher than those who have a high school diploma where the unemployment rate drops to 6.3% and those with a bachelor's degree have an unemployment rate of 3.4%.

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