Saturday, December 05, 2020

The Unemployment Rate For November Was 6.7%


 The Labor Department released its statistics for November on Friday. It showed that the unemployment rate for the month was 6.7% -- 0.2 points below the 6.9% rate for October. Most of that was due to a drop in the size of the civilian workforce.

Here are the relevant statistics for November:

SIZE OF THE CIVILIAN WORKFORCE:

160,467,000

OFFICIAL NUMBER OF UNEMPLOYED WORKERS:

10,735,000

OFFICIAL UNEMPLOYMENT RATE:

6.7%

DEMOGRAPHIC PICTURE OF OFFICIAL UNEMPLOYMENT:

Adult men...............6.7%

Adult women...............6.1%

Teens (16-19)...............14.0%

White...............5.9%

Black...............10.3%

Asian...............6.7%

Hispanic...............8.4%

Less than HS diploma...............9.0%

HS graduate...............7.7%

Some college...............6.3%

Bachelor's deg or more...............4.2%

NUMBER OF MARGINALLY-ATTACHED UNEMPLOYED WORKERS:

2,083,000

MORE REALISTIC NUMBER OF UNEMPLOYED WORKERS (official + marginally-attached):

12,818,000

MORE REALISTIC UNEMPLOYMENT RATE:

7.987%

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