US Broad and Long-Term Unemployment Fall in May

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The US broad unemployment rate, U-6, fell to 12.2 percent in May, a new low for the recovery. The standard rate remained at the low of 6.3 percent reached in April. The economy added 217,000 payroll jobs

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US Broad and Long-Term Unemployment Fall in May

  1. Economics for your Classroom from Ed Dolan’s Econ Blog Broad and Long-Term Unemployment Fall in May as Workers Return to Labor Force June 6, 2014 Terms of Use: These slides are provided under Creative Commons License Attribution—Share Alike 3.0 . You are free to use these slides as a resource for your economics classes together with whatever textbook you are using. If you like the slides, you may also want to take a look at my textbook, Introduction to Economics, from BVT Publishing.
  2. Unemployment at 6.3 Percent in May  The US unemployment rate remained at 6.3% in June 6014, its low for the recovery. The unemployment rate is the ratio of unemployed persons to the labor force.  The labor force grew by 190,000, partially reversing a sharp drop in April. The number of unemployed workers rose by 46,000 and the number of employed increased by 145,000  The unemployment rate is based on a monthly survey of households June 6, 2014 Ed Dolan’s Econ Blog
  3. Broad vs. Standard Unemployment Rate  The BLS also provides a broader measure of job-market stress, U-6  The numerator of U-6 includes  Unemployed persons  Marginally attached persons who would like to work but are not looking because they think there are no jobs, or for personal reasons  Part-time workers who would prefer full-time work but can’t find it  The denominator includes the labor force plus the marginally attached  U-6 fell to 12.2 percent in May, a new low for the recovery June 6, 2014 Ed Dolan’s Econ Blog
  4. Involuntary Part-time Work Falls in May  One component of the broad unemployment rate consists of people working part-time “for economic reasons,” popularly known as “involuntary part-time” employment.  This category includes workers who would like full-time work but can’t find it, or whose employers have cut their hours below full time  Involuntary part-time work fell in May, resuming the downward trend since its peak in late 2009 June 6, 2014 Ed Dolan’s Econ Blog
  5. 217,000 New Payroll Jobs  The BLS conducts a separate survey of payroll jobs based on employer records. According to that survey, payroll jobs grew by 217,000 in May  The average monthly increase in payroll jobs over the past 12 months has been 190,000  Job gains were spread broadly across goods, services, and government June 6, 2014 Ed Dolan’s Econ Blog
  6. Long-term Unemployment Falls to Low for Recovery  The recession and slow recovery have been characterized by unusually high levels of long-term unemployment  The percentage of the unemployed out of work for 27 weeks fell to 34.6 percent, a new low for the recovery  The median and mean duration of unemployment also decreased for the month June 6, 2014 Ed Dolan’s Econ Blog
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