Underemployment Rate on the Rise
CHETRY: Twenty-one minutes past the hour. It means we're "Minding Your Business" right now. Toyota is accused of withholding crash data stored in devices much like airlines or airplanes black boxes that might explain sudden acceleration problems. An "Associated Press" review of the company's lawsuits found that it has been secretive about recorded information including whether the driver was hitting the brake or the accelerator at the time of any crash or incidents. The review also showed Toyota frequently refusing to give the data to crash victims or survivors. Well, despite a bountiful catch in the last year, lobstermen are finding that the job just isn't paying well. The Maine lobster industry reports about $22 million drop in revenue from the prior year. Experts say that cruise ships, typically the largest customers of lobster are cutting back their orders of the delicacy because of the poor economy -- Jim.</s>ACOSTA: Thank you very much, Kiran. And Christine Romans is "Minding Your Business" this morning. And, Kiran (ph), we have you at the magic wall this morning. We're looking at underemployment state by state across the country, and some of these numbers are very disturbing.</s>CHRISTINE ROMANS, CNN BUSINESS CORRESPONDENT: Underemployment different than unemployment. We're going to get the underemployment in a little more than an hour, right? Underemployment, some of these people are working but, Jim, they're not living up to their potential. They're not working a job that is getting them as much money as they used to or they're working part-time. I want to show you this map. If you are looking at red or pink -- bad, bad, bad.</s>ACOSTA: Right.</s>ROMANS: This means an underemployment rate 16.2 percent or higher. In 2009, the average underemployment rate for the whole country was 16.2 percent. Just not really something that's very sustainable. Look at Michigan.</s>ACOSTA: Wow.</s>ROMANS: We talk about the unemployment rate of 13.6 percent for Michigan. Look at the underemployment. This is one-fifth of that economy not working up to its potential. This is a really serious situation. Then you look at the Midwest. You look at the yellow, the green, this part of the country is doing much better than average. But even when you look at South Dakota -- sorry, South Dakota, let me turn you upside down -- 4.8 percent is the unemployment rate. And we say, look, this is the best in the country. This is fantastic.</s>ACOSTA: Right.</s>ROMANS: But even within the good statistics, you see 9.9 percent underemployment.</s>ACOSTA: A lot of folks still struggling.</s>ROMANS: That means a lot of people still are not working up to their potential. And this is why it's so important for an economy that's driven two-thirds by consumer spending.</s>ACOSTA: Wow.</s>ROMANS: If you have a job in this country, it's going to gallop. Your average daily spending, this is not on your mortgage, not in your fixed expenses.</s>ACOSTA: Right.</s>ROMANS: This is discretionary spending -- $75 a day. If you're underemployment, it's $48 a day. This is why an economy has a hard time coming back when so many people are out of work. It means you're pulling back on every other part of your life and the economy is just doesn't living up to its potential. So underemployment incredibly important even as we're talking about jobs starting to be created here, and here.</s>ACOSTA: Yes.</s>ROMANS: And a little bit in the Midwest. Manufacturing coming back a little bit in the Midwest. Overall, we're still concerned about this underemployment rate.</s>ACOSTA: It would be great to come back a year from now and just see more green.</s>ROMANS: I like green.</s>ACOSTA: Or at least some yellow.</s>ROMANS: Green chutes. We've been talking about green chutes for a year.</s>ACOSTA: Yes. But this underemployment figure, I mean, that's a serious problem and it can't be emphasized enough.</s>ROMANS: Yes. Yes.</s>ACOSTA: Christine Romans, thank you so much for that. Appreciate that. Now, still ahead on the Most News in the Morning. Was Hillary Rodham Clinton right? A closer look at the secretary of state is influencing America's dealings with Iran. We'll be right back.