Today the US Department of Labor, Bureau or Labor Statistics (BLS) released the Employment Situation Summary for unemployment data collected during March 2014. Each month the BLS reports on the Employment Situation by surveying households across the United States. The March 2014 Employment Situation Summary posted a national unemployment rate of 6.7% which was little changed from the previous month. Job creation during March came in with a promising 192,000 jobs that were added to the economy.
With national unemployment rate at 6.7% there are 10.5 million jobless Americans of that number, the Employment Situation Summary reports there are 3.7 million who have been jobless for 27 weeks or more and are deemed long term unemployed. This group of long term unemployed has increased by 100,000 since January. The long term unemployed make up 35.8% of the total national unemployment. Labor participation remains an ongoing concern in BLS reporting. In December there were a total of 10.4 million unemployed.
Not counted in the March's national unemployment rate are 7.4 million involuntary part time workers. This group of involuntary part time cannot find full time work or have had their hours reduced to part time. Another category not counted in the national unemployment rate are the 2.2 million persons who are considered marginally attached to the labor force. This is an increase for those who have given up looking for a job and are not counted as unemployed because they have not searched for work in the last four weeks. Among the marginally attached workers there are 698,000 discouraged workers who has simply given up because they do not believe there is a job out there for them.
Of those jobs created Professional Services added the most jobs at 57,000 in March. Followed by food services and drinking places adding 30,000 jobs with Health Care adding 19,000 jobs. Also during March the average hourly earnings have for private non supervisory employees edged down by 2 cents.
To view the full report go to Employment Situation Summary – March 2014. The next national Employment Situation report will be released by the Department of Labor on May 2, 2014 and will cover employment data collected during April 2014.
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