Current US Unemployment Rate
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Current US Unemployment Rate
As of June 2010, more than 15 million Americans were out of work, and the current us unemployment rate in the United States was listed at 9.7%.
But who counts as unemployed, and how exactly are unemployment statistics determined?
It's not what you think
A common misconception of the current us unemployment rate is that it measures how many Americans are currently collecting unemployment benefits from the government. This is incorrect for a number of reasons. Primarily, not everyone in the country who is eligible for unemployment is actually receiving unemployment benefits. Secondly, many people who are unemployment could have run out of unemployment benefits.
The current US unemployment rate is actually an estimate based on a survey conducted every month by a division of the U.S Census Bureau.
Bureau of Labor Statistics
The current us unemployment rate is recalculated every month based on a survey known as the Current Population Survey. This survey is conducted on behalf of the Bureau of Labor Statistics by the Census Bureau.
The Survey
The Current Population Survey questions 60,000 randomly selected households in the United States every month. This equals approximately 110,000 individuals, which is much more than the average 2,000 people questioned in public optinion polls. The households chosen to participate are intended to be a cross-section representing the entire United States population.
Among other questions, the Current Population Survey tallies how many people in every household are eligible and looking for work. To be considered part of the labor force, and individual must be aged 16 or older and either currently be employed or looking for work. People who are not currently employed and are not looking for work are not included in the labor force or unemployment rate.
The Calculation
The percentage of the labor force found in the Current Population survey who are out of work and looking for employment are then compared to the current United States population and used as a representation of the number of unemployed Americans. This explains the current us unemployment rate.
Questions and Answers
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President Barack Obama on Tuesday, July 14, 2009 declined to predict how high the unemployment rate will climb, but made clear he expects it to keep worsening for a while as hiring lags behind other signs of economic recovery. The President said, "How employment numbers are going to respond is not yet clear. My expectation is that we will probably continue to see unemployment tick up for several months."
This prediction was made by Christina Romer, the chairwoman of the White House Council of Economic Advisors, during a hearing of the Joint Economic Committee of Congress. In addition to her prediction that unemployment rates would rise above 10%, Romer added that she believes job growth will not start to rise again until 2010 reaches a close.
There are calls from groups such as the AFL-CIO, as well as other organizations and social programs and the U.S. Congress itself for an increase and possibly an extension of unemployment benefits as those who are out of work and have been receiving benefits are finding it difficult to find a new job in an economy in recession.
The Ohio unemployment rate increased slightly in July to 11.2% making it the highest unemployment in Ohio in over 25 years. The U.S. economy in recession is the biggest contributing factor to the current high local and national unemployment rate.
Businesses hit hard by the recession during the past two years are in for the tax system's version of a follow-up sucker punch in 2010. In 35 states, the rate for unemployment taxes will rise (automatically, in most cases) due to the heavy toll absorbed by the state trust funds for the payment of unemployment benefits.
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