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Merriam-Webster: plu·toc·ra·cy noun \plü-?tä-kr?-s?\
1: government by the wealthy
2: a controlling class of the wealthy
UPDATED May 6, 2013 The economy created a a moderate number of jobs despite the unemployment dropping to the lowest in 4 years. If the pace of job growth is maintained, unemployment rates won't return to pre-recession levels until after 2019!
The number of unemployed remained static in January the government reported today. The U-3 unemployment edged down to 7.5% in February. The U-6 unemployment rate rose slightly to 13.9%. The US economy added 165,000 jobs last month. Total U-3 Unemployment was 11.7 million persons.
The change in total nonfarm payroll employment for February was revised from +268,000 to +332,000, and the change for March was revised from +88,000 to +138,000. With these revisions, employment gains in February and March combined were 114,000 higher than previously reported.
Click here for a larger graph of unemployment rates.
In April, the number of long-term unemployed (those jobless for 27 weeks or more) declined by 258,000 to 4.4 million; their share of the unemployed declined by 2.2 percentage points to 37.4 percent.
About 2.3 million persons were marginally attached to the labor force, little different from a year earlier. These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.
Among the marginally attached, there were 835,000 discouraged workers in April. Discouraged workers are persons not currently looking for work because they believe no jobs are available for them.
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) increased by 278,000 to 7.9 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
The U-6 unemployment rate includes the total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers. What is unemployment?
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