US unemployment stable at 9.7 %

March 5, 2010

The U.S. Bureau of Labour Statistics has released the latest data on employment. It shows that job losses in February has slowed to some 36,000
and that unemployment remains at 9.7 %.Of the 14.9 million people out of work in the U.S. some 6.1 million people are now unemployed for more than 27 weeks. the rate of unemployment is 10 % for adult men; 8.0 % for adult women; 25 % for teens; 8.8 % for whites; 15.8 %   for blacks; 8.4 % for Asians; and 12.4 % for Hispanics. in terms of educational attainment the rates vary in non surprising ways , the higher the level of education the lower the rate of unemployment: for all workers over the age of 25 the rate is 8.3 %; for those without a high school diploma 15.6 %; high school graduates 10.5 %; some college education   8.0 %; a bachelor's degree or beyond 5.0 %. Clearly higher education is a good investment both for the individual and for society.

These rates are, of course, still far too high and the hardship involved substantial. As growth continues there will be a reduction in the rate provided that employers begin the necessary task of rehiring workers and spending the large amounts of cash they have accumulated during the downturn by payroll savings and in the case of the banks through government subsidies and the margins on loans and the benefits they have reaped through their treasuries on the stock, bond and derivative markets.