The BLS employment report shows the official unemployment rate ticked down 0.2 percentage points to 7.7%. While many cheer this report as a sign of recovery, the actual details are fairly ho hum. This article overviews and graphs the statistics from the Current Population Survey of the employment report and the below graph shows how far off we are from 2008. Don't let some fool you into thinking the job crisis is all over, it's not, not by a long shot.
For months now, the words which describe the jobs crisis are little change. It is like the United States is stuck in time when it comes to the never ending dire unemployment statistics.
The BLS employment report shows a 7.8% unemployment rate for December. November was revised up from a 7.7% to 7.8% unemployment rate, but due to a change in the BLS annual seasonal adjustment revisions. This article overviews the statistics from the Current Population Survey of the employment report and the words to describe December are little change.
The BLS employment report shows the unemployment rate ticked up by 0.1 percentage points to 7.9%. The reason for this up-tick is more people participated in the labor force in October. We love economic eye candy at The Economic Populist and this overview graphs many of the statistics from the Current Population Survey of the employment report.
The BLS unemployment report shows total nonfarm payroll jobs gained were 114,000 for September 2012 and the unemployment rate dropped to an artificial 7.8%. Some better news was August's payrolls were revised up by 40,000 jobs to 181,000 and July was also revised up by 46,000 jobs to show a gain of 142,000 in nonfarm payrolls. The below graph shows the monthly change in nonfarm payrolls employment.
It's a conspiracy! The BLS is trying to swing the election! They're cookin' de books! By now you've seen the claims, accusations and mumblings by the pundits, press, twitter and blogosphere. So what really happened with this month's unemployment report?
The press quotes all sorts of figures for the number of monthly job gains needed to keep up with population growth. We see numbers like 80,000, 100,000, 125,000 and 175,000 thrown around like statistical snow as the number of jobs needed each month just to keep up. What's the right one? How many jobs are needed each month just to keep up with population growth?
The June employment report was crappy and not enough jobs to keep up with population growth. This overview shows the situation is even worse than what is typically reported. Officially there are 12.75 million people unemployed and the unemployment rate is 8.2%.
The May employment report was dismal. This overview shows the situation is even worse than dismal, it is depressing in more ways than one. Officially there are 12.72 million people unemployed and the unemployment rate is 8.2%. We calculate below an alternative unemployment rate of 16.8%, which shows 27.11 million people need a full-time, real job.
The press and pundits shout the unemployment rate dropped to 8.2%, the lowest since January 2009, over three years ago. Yet March only added 120,000 jobs and those reported as employed dropped by -31,000. So, how could the official unemployment rate drop when the jobs added barely keeps up with population growth and the increase in those employed actually dropped?
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