Labor Day fact sheet

In honor of Labor Day, here are some numbers on the state of working America, courtesy of the Economic Policy Institute:

TOTAL JOBS LOST DURING THE RECESSION: 6.9 MILLION
• New jobs needed per month to keep up with population growth: 127,000
• Jobs needed to regain pre-recession unemployment levels: 9.4 million

UNEMPLOYMENT RATE: 9.7%
• Number unemployed: 14.9 million (up from 7.5 million in December 2007)
• Underemployment rate: 16.8%; Share of workers un- or underemployed: roughly 1 in 6
• Under- and unemployed, marginally attached and involuntary part-time workers: 26.4 million
• Unemployment rate, ages 16 to 24: 18.2%

INCREASE IN AVERAGE U.S. WORKER’S PRODUCTIVITY, 2000-07: 19.2%
• Decrease in all prime-aged worker’s real median weekly wages, 2000-2007: $1; Decrease for African Americans: $3
• Ratio of average CEO’s pay to typical worker’s pay in 1979: 27 to 1; Ratio in 2007: 275 to 1

AMERICANS UNINSURED IN 2007: 45 MILLION
• Drop in children covered through parents’ employers, 2000 to 2007: 3.4 million
• Share of people under 65, with incomes in the top 20%, covered by employers in 2007: 86.4%; Share with incomes in the bottom 20%, covered by employers: 21.9%

SHARE OF PEOPLE NEAR RETIREMENT AGE WITH A 401(K) BALANCE UNDER $40,000 IN 2007: 50%
• Percentage of amount needed to maintain living standards that is held by average 401(k) participant approaching retirement: 20-40%
• Share of 401(k) assets estimated to be lost since 2007: 29%

For data sources and even more fun (and not so fun) facts, visit EPI’s Labor Day by the Numbers fact sheet.

Published by Bill

Social justice advocate and collaborative leader

One thought on “Labor Day fact sheet

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