Unemployment Hits 14.7 Million

Another 467,000 workers became unemployed in June, sending unemployment to 14.7 million and the unemployment rate to 9.5%. Since the recession began in December 2007, 7.2 million workers have become unemployed. Over half (4.4 million) have been unemployed for over two years.

Year-over-year, there are 5.4 million fewer jobs, worse than the 2001 recession. Although that recession only lasted 8 months, it led to 29 months of job losses. This recession is 18 months old, so many more months of job losses can be expected. (See Google Spreadsheet Employment)

There were an additional 9 million part-time workers who would have preferred full-time work, according to the Employment Report released by the Bureau of Labor Statistics (BLS).(Source: BLS, Employment Situation Summary)

Manufacturing, a leading indicator, continues to decline. The economy now has 1.6 million fewer manufacturing jobs than the year before, continuing a two-year decline. Manufacturing is a leading indicator because it produces the big-ticket items consumers put off buying in a recession. Once the economy starts to improve, these orders are the first to come back. In the last recession, manufacturing jobs started to improve before the overall job market. (See Google Spreadsheet Manufacturing Jobs)

For a history of employment reports since March 2007, read Employment Statistics History.

What This Means for You

Health care is the only field that continues to grow, adding 34,000 jobs in the last month. If you are considering a change, now is a good time to get trained for that field. Share other successful employment ideas in the forum Employment Ideas.

If you have been laid off, then these articles will help you get a new job, so that you won't be a statistic in next month's unemployment report.

Articles from Alison Doyle, About.com Guide to Job Searching

• Prepare for a Job Search
• How to Be a Compelling Candidate
• Pink Slip? What's Next?

Related Articles

• How Is Unemployment Defined?
• What Is Being Done to Control Unemployment?
• How Can I Protect Myself from Unemployment?

(Photo Credit: Joe Raedle /Getty Images)

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