|Jobs: Average Real Earnings|
Annual average hourly earnings in constant 1982 dollars
Real Median Income Gained as Poverty Held Steady in 2007
Published Friday, July 24th, 2009
The new report on the US official poverty rate released by the US Census Bureau called “Income, poverty and health insurance coverage in the United States: 2007” has stated that real median household income in the United States climbed 1.3% between 2006 and 2007, reaching $50,233. The US official poverty rate in 2007 was 12.5% (37.3 million), which is steady from 2006 (36.5 million). This and other influences has lead the number of people without health insurance coverage to decline from 47 million (15.8%) in 2006 to 45.7 million (15.3%) in 2007.
Broken down, minorities also gained in real median income adjusted for inflation, which rose between 2006 and 2007 for black ($33,916 in 2007) and non-Hispanic white households ($54,920 in 2007), the first such increase since 1999. However, for Asians ($66,103 in 2007) and Hispanics ($38,679 in 2007) real income did not change. The family poverty rate and the number of families in poverty were 9.8% and 7.6 million, unchanged from 2006. As for Female-householders/No-Husband-Present the rate was 28.3% (a decrease of 2.8 percentage points) and 13.6% for those with male householder and no-wife-present. The US Office of management and budget has updated the weighted average poverty threshold for a family of four in 2007 as $21,203, for a family of 3 at $16,530, 2 at $13,540, and 1 at $10,590.
Report Predicts Child Well-Being Index to Worsen
Published Thursday, May 28th, 2009
According to the Child and Youth Well-Being Index Project at Duke University, gains made since 1975 in family economic well-being could be endangered over the next few years. The measure of family economic well-being is measured by a combination of poverty rate, median annual income, parental employment and health insurance coverage for children. The report describes a connectivity between the different measures and predicts that more than one out of five American children will live in poverty in 2010, with African-American and Hispanic children experiencing twice the level of poverty.
The United States has remained near the bottom of the industrialized countries in regards to child poverty rates, exceeded only by that of Mexico. The rate of child poverty in the US has in recent years flattened at the rate of 16.9% as of 2007. As for the other measures of the index, the average hourly real earnings for US workers has shrunk to $8.23 an hour (1982 dollars) in 2008. Except for the Asian population, the characteristics of families living in poverty suggest that children are more likely to live with their mother and be impoverished. Plus, since 2000, the number of children enrolled to the SCHIP (State Child Health Insurance Program) has more than doubled from 2000 to 7.145 million in 2007.
Only Health Care Survives the Rise in Job Cuts
Published Tuesday, March 10th, 2009
Layoff announcements from last month continued across the industrial spectrum, according to the US Department of Labor, including Macy’s, Time Warner Cable, Estee Lauder, Goodyear, and General Motors. Of the sectors, the service-sector fell the most at 375,000. This includes the businesses and professional services 180,000), financial sector (44,000), retail (40,000), leisure and hospitality (33,000). Temporary employment fell 80,000, and government shed 9,000. Of the goods-producing industries, jobs fell by 276,000. Manufacturing firms cut 168,000 jobs, and construction lost 104,000 jobs. The only bright spot that continues to add jobs is the health care sector, which rose 26,900.
During February, the US economy shed 651,000 jobs, which bring the cumulative job loss to over 4.4 million from December 2007 according to the U.S. Labor Department. Also in this report, December and January’s declines were revised to show much steeper declines. The unemployment rate jumped a 0.5 percentage point to 8.1%, the highest since December 1983. Including the part-time workers, the rate jumps to 14.8% last month, which is 6 percentage points higher than last year. A bit of good news, the average hourly earnings increased $0.03, or 0.2%, to $18.47.
Jobs and Earnings
Published Friday, September 5th, 2008
The unemployment rate has hit a new 5 year high in August; 2008 has seen 608,000 jobs lost in this economy. The unemployment rate rose again to 6.1%, the highest level since September 2003, up from 5.7% in July and 4.7% a year ago. That 0.4% rise accounted for 84,000 jobs lost as compared to July’s 60,000.
Where are these jobs being cut from? Biggest loss of jobs comes from the manufacturing sector with 61,000 jobs cut. The second biggest loss is the services industry including accountants, consultants and legal services with 53,000 jobs lost. Retailers, despite the season and the stimulus checks, cut jobs by 20,000. Construction at 8,000 and leisure & hospitality lost 4,000.
To offset the numbers, jobs in the education and health industries gained 72,000. Average earnings rose to $18.14 in August, a 0.4% increase from July to make the year to date rise of 3.6%.
The Federal Reserve stated that the economy is still “weak.” As reported by NBC, the fed is to let the interest rate remain at 2% for the remainder of the year despite concerns of inflation and slow growth.
U.S. Department of Labor: Unemployed - http://www.dol.gov/dol/audience/aud-unemployed.htm
The Department of Labor fosters and promotes the welfare of the job seekers, wage earners, and retirees of the United States by improving their working conditions, advancing their opportunities for profitable employment, protecting their retirement and health care benefits, helping employers find workers, strengthening free collective bargaining, and tracking changes in employment, prices, and other national economic measurements.
U.S. Job Corps - http://jobcorps.dol.gov/about.htm
Job Corps is a no-cost education and vocational training program administered by the U.S. Department of Labor that helps young people ages 16 through 24 get a better job, make more money, and take control of their lives.