Posted on 10/08/2010 5:44:19 AM PDT by quesney
Nonfarm payroll employment edged down (-95,000) in September, and the unem- ployment rate was unchanged at 9.6 percent, the U.S. Bureau of Labor Sta- tistics reported today. Government employment declined (-159,000), reflec- ting both a drop in the number of temporary jobs for Census 2010 and job losses in local government. Private-sector payroll employment continued to trend up modestly (+64,000).
Household Survey Data
The number of unemployed persons, at 14.8 million, was essentially un- changed in September, and the unemployment rate held at 9.6 percent. (See table A-1.)
Among the major worker groups, the unemployment rate for adult men (9.8 percent), adult women (8.0 percent), teenagers (26.0 percent), whites (8.7 percent), blacks (16.1 percent), and Hispanics (12.4 percent) showed little or no change in September. The jobless rate for Asians was 6.4 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks and over), at 6.1 million, was little changed over the month but was down by 640,000 since a series high of 6.8 million in May. In September, 41.7 percent of unemployed persons had been jobless for 27 weeks or more. (See table A-12.)
In September, both the civilian labor force participation rate, at 64.7 percent, and the employment-population ratio, at 58.5 percent, were un- changed. (See table A-1.)
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) rose by 612,000 over the month to 9.5 million. Over the past 2 months, the number of such workers has increased by 943,000. These individuals were working part time be- cause their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)
(Excerpt) Read more at bls.gov ...
Hooray! This is unexpectedly good news.
We need to add around 125,000 jobs every month just to keep up with population growth. Anything less than that should lead to an increase in the unemployment rate. I hope the media fairly reports that a loss of 95,000 with no unemployment rate change means they are just papering over the losses by neglecting to count the people who have given up in despair from looking for a job.
What is U-6 for the month?
“We could lose 2 million jobs next month and the unemployment rate would be unchanged at 9.6%.”
That’s what I was thinking. I wonder who at Gallup has a bone to pick. Their report was kind of belligerent...(i.e. the govt will probably underestimate, etc).
I loved it tho!
Ah, that’s a nice way to end Recovery Summer.
Since we were supposed to be creating 500K jobs a month, how many are we down for Recovery Summer?
oh, I see it above.
Seasonal adjustment usually attempts to correct for “expected” changes in employment level during the year. For example during the Christmas holiday season, lots of part-time workers are usually hired and then let go after New Year’s. To get a better sense of how the underlying economic trends go, BLS attempts to figure out how to strip out these sorts of yearly events and get to the “real” number of net jobs created or lost. The problem is that they have to use some cagey assumptions about how strong these yearly fluctuations are in a given year and can be slow to reflect changes in employment trends.
It's been a long time since I've counted myself amongst the ranks of the unemployed, but I'll never forget that feeling. For men, at least, that job is what, in a great way, defines who and what you are.
Prayers up for my fellow Americans searching for work. Don't become dispirited, keep the faith, and don't ever give up.
http://finance.yahoo.com/marketupdate/overview?u
"The government revised data for July and August to show 15,000 more jobs lost that previously reported. It also said its preliminary benchmark revision estimate indicated employment in the 12 months to March had been overstated by 366,000".
I wish the GOP would start reminding people that Biden publicly promised 500,000 jobs a month for several consecutive months at the start of “Recovery Summer.”
How the media and the market spins this into good news is beyond comprehension.
“That said, if the BO Administration had managed to manipulate the number to 9.5%, the MSM would announce with glee for 3 weeks that we are at full employment.”
Maybe they did manipulate from 9.7% to 9.6%...
More BS from the BlS.
They are trying like hell to manufacture another October surprise to their liking.
Their goal = DJIA at 11K
They’ll push it there by whatever counterfeiting and lying is necessary.
It’s all BS. The economy is worse now than it was during the “Armageddon” days of Bush.
-95K jobs.
Spin that one, 0bama.
I threw up a little in my mouth.
“Seasonal adjustment is a statistical technique that attempts to measure and remove the influences of predictable seasonal patterns to reveal how employment and unemployment change from month to month”
http://www.bls.gov/cps/seasfaq.htm
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