US Bureau of Labor Statistics: 16,069,000 Families Not Working

US Bureau of Labor Statistics: 16,069,000 Families Not Working

US Bureau of Labor Statistics: 16,069,000 Families Not Working

Nearly 20% of American families did not have anyone working last year, according to newly released government data.

The Bureau of Labor Statistics reported 16,069,000 families were not working, up from the Y 2015 figure of 16,050,000. That amounts to 19.6% of families.

 There were more than 82-M US families last year.

For the purposes of the study, families included those with children under the age of 18 and couples with no children.

Retirees do not appear to be counted in the study, since the definition of unemployed means someone that was eligible for work and, therefore, was in the labor pool.

 The percentage of families with at least 1 unemployed person last year stood at 6.5.

The racial breakdown of families with no one working: 22.2% of Blacks, 19.8% of Whites, 13.3% of Hispanics, and 11.5 of Asians.

Job Creators Network president Alfredo Ortiz said the US government data points to problems in the labor market.

“The fact that 20% of families don’t have anyone working demonstrates that the labor market still has weaknesses,” Mr. Ortiz said. “But the problem isn’t the number of available jobs.

 “There are currently 5.7-M ob openings, millions of which pay roughly $50,000 or more per year.”

Mr. Ortiz noted the skills gap in America needs to be addressed so workers can land better jobs.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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