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U.S. Jobs Five Years After Their Peak
Townhall.com ^ | December 16, 2012 | Political Calculations

Posted on 12/16/2012 12:18:04 PM PST by Kaslin

We're going to look at the change in the U.S. employment situation since the total level of employment in the U.S. peaked five years ago in November 2007, but first, let's look at the change since October 2012.

Through November 2012, the U.S. employment situation for young adults Age 20-24 was good, for all older adults it was bad, and for teens, it was "meh".

Overall, some 6,000 more teens and 62,000 young adults than in October 2012 gained jobs, while some 190,000 fewer individuals Age 25 and older were counted as being employed. Doing the math, the net change in the number of jobs in the month from October 2012 to November 2012 came in for a loss of 122,000.

The total number of employed Americans fell by that number to 143,262,000 in November 2012, which is 3,333,000 less than the so-far all-time peak number of of 146,595,000 Americans who were counted as having jobs in November 2007.

Change in Number of Employed Since Total Employment Peaked in November 2007, through November 2012

The number of employed teens in the U.S. has declined from 5,927,000 in that month to 4,479,000 some five years later. Over this period of time, the number of young adults Age 20-24 with jobs has fallen by 405,000 from 14,001,000 to 13,596,000 and the number of older adults has fallen by 1,480,000 from 126,667,000 to 125,187,000.

Looking at the total decline in the number of employed Americans through November 2012, jobs lost by U.S. teens account for 43.4%, young adults for 12.2% and adults Age 25 and older account for 44.4% of all jobs that have disappeared from the U.S. economy over the last five years.

In November 2007, teens represented 4.0% of the entire U.S. workforce. In November 2012, teens account for just 3.1% of the reduced U.S. workforce. At this point, jobs that were most likely to have been held by teens are 14 times more likely to have been negatively affected by the employment situation over the past five years than their numbers among the entire U.S. workforce would suggest.

In retrospect, it seems that the U.S. Congress' action to boost the minimum wage by nearly 41% in three stages from 2007 through 2009 without doing anything to boost the revenues of teen employers by an appropriate percentage to compensate them for their higher costs of doing business during this period of time wasn't such a hot idea.


TOPICS: Business/Economy; Culture/Society; Editorial
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1 posted on 12/16/2012 12:18:08 PM PST by Kaslin
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To: Kaslin

“it seems that the U.S. Congress’ action to boost the minimum wage by nearly 41% in three stages from 2007 through 2009 without doing anything to boost the revenues of teen employers by an appropriate percentage to compensate them for their higher costs of doing business during this period of time wasn’t such a hot idea.”

BINGO


2 posted on 12/16/2012 12:38:59 PM PST by plain talk
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To: Kaslin
You might find interest in this.If you believe the value of our dollar will continue to be devalued by the Democrats Fabian Fascists and their ILLEGAL Leader, the Arab-Kenyan,
then you believe that the value of gold and silver will only increase.

Obama's nothing but an Arab-Kenyan, INTENTIONALLY destroying the United States.
You think the economy and unemployment is improving?
Listen to Obama's plan to steal our 401Ks, like Rush explained.
3 posted on 12/16/2012 12:56:56 PM PST by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: Yosemitest
It won't be just the 401(k)'s .... it'll be the Keough and IRA accounts, too. If they're going to take the political hit for seizing people's assets, they'll want it all.

That's what they did in Argentina.

If they cleaned out ALL the tax-advantaged retirement plans, including teachers' and Keoughs etc., the swag bag would be about $17 trillion. A reasonable down payment on what Ben Bernanke and Timmy Geithner will have to give Blankfein and Dimon and the rest to cover their credit default swap (CDS) losses via AIG, which are still being carried as assets so these guys can stay in business.

4 posted on 12/17/2012 12:41:30 PM PST by lentulusgracchus
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To: lentulusgracchus

I’ll be time to use them bullets everyone’s been stock-pilling, too.


5 posted on 12/17/2012 1:14:03 PM PST by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: lentulusgracchus
Correction:
6 posted on 12/17/2012 1:16:03 PM PST by Yosemitest (It's Simple ! Fight, ... or Die !)
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