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FOR IMMEDIATE RELEASE |
CONTACT: Americans for Democratic Action David Card 202-785-5980; dcard@adaction.org |
Real Unemployment Rate at 17%
ADA Calls for Unemployment Benefits Extension
WASHINGTON - October 2 - Americans for Democratic Action, proud liberals fighting on behalf of working and unemployed Americans for 62 years, released the following statement about today’s unemployment numbers from the Bureau of Labor Statistics:
“The real unemployment rate released today by the Bureau of Labor Statistics is 17%, over 7 points higher than the officially reported rate,” said ADA National Director Michael J. Wilson
The real rate includes marginally attached workers which the BLS reports “are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not looking currently for a job. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.”
“We cannot underscore enough the seriousness of the unemployment situation,” Wilson continued. “There is no recovery without job creation.”
“The latest BLS report shows 35.6% of the unemployed have been without work for more than 27 weeks.
“Unemployed for a day, you can make it. Unemployed for a month, you will struggle. Unemployed for six months and you are facing disaster. It’s not just how many are jobless, but also for how long.
“It is critical that the Senate pass the extension of unemployment benefits quickly, otherwise hundreds of thousands of Americans will lose their benefits. Unemployment benefits are critical not just to sustain families, but as a continuing economic stimulus since they are spent on groceries, housing, utilities, and other necessities. We must continue to build jobs and consumer confidence and resist government paralysis in order to avoid a double dip recession.”


2 Comments so far
Show AllWhy does everyone talk as if the loss of benefits is in the future? I'm in Ohio and I exhausted my 79 weeks of benefits over a month ago! I begged with the people in DC to get the ball rolling before they went on a month's vacation in August, but of course they didn't listen. It's not like THEY would have to do without food. It's not like THEY were on the verge of being thrown out on the streets.
Even if the extension gets passed and signed by Pres. Obama today, it's going to be a month before everything gets put into place and the first check gets mailed.
Great story on a very important subject, one that I care a lot about.
If you're looking for a clear understanding of the unemployment situation in the US, you need to see this award winning information dashboard at
http://bit.ly/UZQDO
The dashboard is built upon the monthly Unemployment Situation Report put out by the Bureau of Labor Statistics.
Thanks,
John C. Munoz
http://www.bzintelguru.com