Economics for your Classroom from
Ed Dolan’s Econ Blog
US Unemployment Falls to New
Low on Strong Job Gains;
Part-time Wor...
Unemployment Hits New Low of 6.1 Percent in June
 The US unemployment rate fell to 6.1
percent in June 2014, a new low fo...
Broad vs. Standard Unemployment Rate
 The BLS also provides a broader
measure of job-market stress, U-6
 The numerator o...
Long-term Unemployment Falls to Low for Recovery
 The recession and slow recovery
have been characterized by unusually
hi...
288,000 New Payroll Jobs
 The BLS conducts a separate survey
of payroll jobs based on employer
records. According to that...
Part-Time Work Rises Sharply in June
 The percentage of the labor force
working part time (fewer than 35
hours per week) ...
Voluntary vs. Involuntary Part-time Work
 The majority of part-time work is
voluntary, or “for noneconomic
reasons” in of...
Click here to learn more about Ed Dolan’s Econ texts
For more slideshows and commentary, follow Ed Dolan’s Econ Blog
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US Job Market Shows Strong Gains but Part-Time Work Rises

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The US economy added 288,000 payroll jobs in June 2014 and the unemployment rate fell to 6.1 percent, but the share of the labor force working part time rose

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  • In my opinion, part time work is better than no work at all. These statistics should be encouraging because America has gradually recovered from recession.
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US Job Market Shows Strong Gains but Part-Time Work Rises

  1. 1. Economics for your Classroom from Ed Dolan’s Econ Blog US Unemployment Falls to New Low on Strong Job Gains; Part-time Work Increases July 4, 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. 2. Unemployment Hits New Low of 6.1 Percent in June  The US unemployment rate fell to 6.1 percent in June 2014, a new low for the recovery. The unemployment rate is the ratio of unemployed persons to the labor force.  The labor force grew by 81,000, adding to gains in May. The number of unemployed workers fell by 325,000 and the number of employed increased by 407,000  The unemployment rate is based on a monthly survey of households July 4, 2014 Ed Dolan’s Econ Blog
  3. 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 12.1 percent in June, a new low for the recovery July 4, 2014 Ed Dolan’s Econ Blog
  4. 4. 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 share of unemployed out of work for 27 weeks or more fell to 32.8 percent in June, a new low for the recovery  The median and mean duration of unemployment also decreased for the month July 4, 2014 Ed Dolan’s Econ Blog
  5. 5. 288,000 New Payroll Jobs  The BLS conducts a separate survey of payroll jobs based on employer records. According to that survey, payroll jobs grew by 288,000 in June  Job gains for April and May were revised upward by a total of 25,000  The 866,000 jobs added in the second quarter of the year was the largest quarterly gain in more than two years  Job gains were spread broadly across goods, services, and government July 4, 2014 Ed Dolan’s Econ Blog
  6. 6. Part-Time Work Rises Sharply in June  The percentage of the labor force working part time (fewer than 35 hours per week) increased sharply in June, reversing a gradual decline over the course of the recovery  The data show part-time work, not part-time jobs. A person working 35 or more hours per week at two or more part-time jobs is counted as a full-time worker July 4, 2014 Ed Dolan’s Econ Blog
  7. 7. Voluntary vs. Involuntary Part-time Work  The majority of part-time work is voluntary, or “for noneconomic reasons” in official terms, e.g., because of childcare, school, or partial retirement  Involuntary part-time workers work short hours because employers have cut their hours due to slack business conditions or because they can only find part-time jobs, even though they would prefer to work full time  Involuntary part-time work is a component of the broad unemployment rate, U-6  Both voluntary and involuntary part- time work increased in June July 4, 2014 Ed Dolan’s Econ Blog
  8. 8. Click here to learn more about Ed Dolan’s Econ texts For more slideshows and commentary, follow Ed Dolan’s Econ Blog Like this slideshow? Follow @DolanEcon on Twitter
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