Enter your email address and start getting breaking law firm and legal news right now!
Bureau of Labor Statistics Report
A report that was just released by the Bureau of Labor Statistics, according to Zero Hedge, has revealed shocking new numbers. The Bureau of Labor Statistics release has shown that, 20 percent of American families do not have a single person that is working. This means that more than 41 percent of all working age Americans currently do not have a job. A family, as defined by the Bureau of Labor and Statistics, is a group of two or more people who live together and who are related by birth, adoption or marriage.
According to CNN News, around one-third of American households live “hand-to-mouth,” this means that they spend all of their paychecks. But what surprised the study authors is that 66% of these families are middle class, with a median income of $41,000. While they do not have any liquid assets, such as savings accounts or mutual fund holdings, they do have homes and retirement accounts, with a median net worth of $41,000, according to a report by CNN News.
Study co-author and assistant professor of economics at Princeton University, Greg Kaplan, reported that “we don’t expect them to be living paycheck to paycheck.”
In March, 2.2 million persons were marginally attached to the labor force, and little has changed from a year earlier, according to the United States Department of Labor. According to CNS News, the data collected on employment in families is based on Census Bureau’s Current Population Survey of the civilian no institutional population. It has also been reported that, professional and business services added 57,000 new jobs in March, in line with its average monthly gain of 56,000 over the prior 12 months.
Image Credit: www.borderlessnewsandviews.com
Bureau of Labor Statistics Report by Jaan