US Labor Market Data: Job Growth Moderate, Unemployment Steady for September

Data for the Classroom from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ . US Labor Market Data: Job Growth Moderate Unemployment Steady in September Posted Oct 8, 2011 Terms of Use: These slides are made available 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 Publishers.

US Shows Moderate Payroll Job Growth in September
Private payroll job growth for September was 103,000, the best in 5 months, but still very moderate
The increase for August, previously estimated to be zero, was revised up to 57,000
Service jobs provided nearly all gains. Producers of goods added 18,000 jobs but government lost another 34,000, continuing a steady decline
A separate household survey that includes farm jobs and self-employment showed an increase of 398,000
Posted Oct 8, 2011 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

Unemployment Rate Unchanged in September
The labor force, which includes both employed and unemployed persons, grew by 423,000
Of these 398,000 found jobs and 25,000 were added to the officially unemployed as soon as they started looking for work
The unemployment rate, which is the ratio of unemployed persons to the labor force, remained unchanged at 9.1 percent for the third month in a row
Posted Oct. 8, 2011 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

Broad vs. Standard Unemployment Rate
There is also a broader measure of unemployment called 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
Part-time workers who would prefer full-time work but can’t find it
The denominator includes the labor force plus the marginally attached
More marginally attached workers caused U-6 to rise in September, as it has for 5 of the past 6 months

Employment-Population Ratio Little Changed
The employment to population ratio ticked up to 58.3 percent, still only slightly above the all-time low reached in July
The long-term decrease in this ratio reflects several factors
Slow job growth
More discouraged workers, who do not look for jobs because they think none are available
More retired persons as the population ages

US Labor Market Data: Job Growth Moderate, Unemployment Steady for September

by Ed Dolan on Oct 08, 2011

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US Labor Market Data: Job Growth Moderate, Unemployment Steady for September — Presentation Transcript