The number of unemployed persons, at 14.0 million, was essentially unchanged in
September, and the unemployment rate was 9.1 percent. Since April, the rate has held
in a narrow range from 9.0 to 9.2 percent.
The number of long-term unemployed (those jobless for 27 weeks and over) was 6.2
million in September. These individuals accounted for 44.6 percent of the unemployed.
Both the labor force and employment increased in September. However, the civilian
labor force participation rate, at 64.2 percent, and the employment-population ratio,
at 58.3 percent, were little changed. (See table A-1.)
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) rose to 9.3 million in September. These individuals
were working part time because their hours had been cut back or because they were
unable to find a full-time job.
In September, about 2.5 million persons were marginally attached to the labor force,
about the same as a year earlier. (The data are not seasonally adjusted.) These
individuals were not in the labor force, wanted and were available for work, and had
looked for a job sometime in the prior 12 months. They were not counted as unemployed
because they had not searched for work in the 4 weeks preceding the survey.
The change in total nonfarm payroll employment for July was revised from +85,000 to
+127,000, and the change for August was revised from 0 to +57,000.
This was better than expected. But we need some perspective, the economy needs to add about 125,000 jobs per month just to handle new workforce entrants (The US population has increased by about 233,000 people per month, on average, from 1999 to 2009). If we’re adding less than 125,000 jobs, it means we’re getting poorer. We’re not creating enough wealth to maintain our current standard of living. Yes, we’re better off than expected, but getting poorer is never a good thing.
- September NFP Prints At 103,000, Beats Consensus, Even As U-6 Comes At Highest Since December 2010, Manufacturing Jobs Lost (zerohedge.com)
- The Recession Turned The Unemployed Into The Unemployable (businessinsider.com)
- Mild upside surprise with payrolls at 103,000 (ftalphaville.ft.com)
- Health Care Employment Drives Weak Job Growth (my.firedoglake.com)
- Most of Our Problem, Still, Is That We Have a Dead Battery: Felix Salmon is WRONG Edition (delong.typepad.com)
- Job Numbers and How Lost Months Turn into Lost Years (into Lost Decades) (rortybomb.wordpress.com)
- Broader Jobless Rate Hits 16.5%, Highest Level of 2011 (blogs.wsj.com)