The Labor Department has released the unemployment statistics for September, and they are not good. The economy created 156,000 new jobs, but that didn't even begin to cover the 444,000 new entrants to the labor force. Because of that, the official unemployment rate grew by o.1% to 5.0% in September.
I doubt it will get much lower than it has in the last year -- generally between 4.9% and 5.1% (with the exception of one month -- May). We need to stimulate the economy and create new demand (which is the only thing that creates new jobs). Giving more to the rich, as the Republicans continue to want to do, is not going to create enough jobs -- enough to get the unemployment rate down to 3.0%-3.5% (which is considered by economists to be "full employment".
The rich and the corporations are already sitting on massive amounts of capital, and they are not using that money to create jobs. What we need to do is strengthen unions, raise the minimum wage, and expand Social Security benefits. The Democrats want to do that, but the Republicans don't. That's why the Republicans must be voted out of power in November.
Here are the relevant statistics for September:
SIZE OF CIVILIAN WORK FORCE:
159,907,000
OFFICIAL NUMBER OF UNEMPLOYED WORKERS:
7,939,000
OFFICIAL UNEMPLOYMENT RATE:
5.0%
OFFICIAL UNEMPLOYMENT RATE (DEMOGRAPHIC BREAKDOWN):
Adult men...............4.7%
Adult women...............4.4%
Teenagers (16-19)...............15.8%
Whites...............4.4%
Blacks...............8.3%
Hispanics...............6.4%
Asians...............3.9%
Less than HS degree...............8.5%
HS degree...............5.2%
Some college...............4.2%
Bachelor's degree or more...............2.5%
MORE REALISTIC UNEMPLOYMENT NUMBER (official + marginally-attached):
9,783,000
MORE REALISTIC UNEMPLOYMENT RATE:
6.12%
