The BLS October current population survey unemployment report shows steady improvement in the unemployment situation continuing in 2014. The unemployment rate dropped to 5.8%, a rate not seen since July 2008. The unemployment rate dropped another one tenth of a percentage point on a dramatic monthly increase in employed as well as a drop in those unemployed. Those not in the labor force also declined for the month.
The BLS JOLTS report, or Job Openings and Labor Turnover Survey shows there are 2.0 official unemployed per job opening for August 2014. Job openings were around 4.8 million with hiring coming in at a lower rate than July. Job openings returned to precession levels while hires have only increased 27% since June 2009.
The September current population survey unemployment report dropped to 5.9% and all sing hallelujah the job crisis is over. The unemployment rate hasn't been this low since July 2008. The unemployment rate dropped two tenths of a percentage point in a month, but why it dropped is more interesting. The main reason is the decline in those participating in the jobs market.
The BLS JOLTS report, or Job Openings and Labor Turnover Survey shows there are 2.6 official unemployed per job opening for January 2014. Job openings were around four million yet hires and separations are almost equal, keeping the job market fairly static. Job openings have increased 85% from July 2009, while hires have only increased 24% from the same time period.
The February current population survey unemployment report is just plain weird and it is not due to weather. First, the unemployment rate is an artificial 6.7%. The unemployment rate increased by 0.1 percentage points due to more people being officially counted as unemployed. Yet, the employment level is basically static, almost unchanged from last month, along with the labor participation rate.
The BLS employment report shows total nonfarm payroll jobs gained were another dismal 113,000 for January 2014, with private payrolls adding 142,000 jobs. Government jobs decreased by -29,000. The silver lining of the jobs report is while the government continues to cut, cut, cut, there wasn't a lot of growth in crappy jobs and gains achieved were in typically higher paying ones. The U.S. post office alone shed 9,000 jobs.
The BLS employment report shows total nonfarm payroll jobs gained were a paltry 74,000 for December 2013, with private payrolls adding 87,000 jobs. Government jobs decreased by -13,000. Worse, 40,400 of jobs gained were temporary ones. That's over half, 54.6%, of December's jobs were temporary.
The December current population survey unemployment report is just plain weird. First, the unemployment rate dropped another 0.3 percentage points to 6.7%, the lowest unemployment rate since October 2008. The unemployment rate dropped because over half a million people dropped out of the labor force. The unemployment rate's dramatic decline for 2013 is due primarily to people no longer being counted.
The DOL reported people filing for initial unemployment insurance benefits in the week ending on December 21th, 2013 was 338,000, a 42,000 decrease from the previous week of 373,000. Many headlines proclaim this is the largest drop since November 2012, yet what the press does not mention is that very time period in 2012 also had wild, whacky statistical swings.
The BLS JOLTS report, or Job Openings and Labor Turnover Survey shows there are 2.9 official unemployed per job opening for October 2013. The headlines blare job openings are at the highest level in five years, but that's not the real story as hiring is way below pre-recession levels. Job openings have increased 80% from July 2009, while hires have only increased 24% from the same time period.
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