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US Unemployment Rate Falls to 6.3 Percent, New Low for Recovery
 

US Unemployment Rate Falls to 6.3 Percent, New Low for Recovery

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The US unemployment rate fell to 6.3 percent in April, in large part due to a decrease in the size of the labor force. A separate survey reported a gain of 288,000 payroll jobs

The US unemployment rate fell to 6.3 percent in April, in large part due to a decrease in the size of the labor force. A separate survey reported a gain of 288,000 payroll jobs

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    US Unemployment Rate Falls to 6.3 Percent, New Low for Recovery US Unemployment Rate Falls to 6.3 Percent, New Low for Recovery Presentation Transcript

    • Economics for your Classroom from Ed Dolan’s Econ Blog US Unemployment Rate Falls to 6.3 Percent in April, Payroll Jobs Gain 288,000 May 2, 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.
    • Unemployment Falls to 6.3 Percent, New Low for Recovery  The US unemployment rate fell to 6.3% in April 2014, a new low for the recovery. However, the fall in the unemployment rate was largely due to a drop of 806,000 persons in the size of the labor force.  The unemployment rate is the ratio of unemployed persons to the labor force. The number of unemployed workers fell by 733,000 and the number of employed decreased by 73,000  The unemployment rate is based on a monthly survey of households April 2, 2014 Ed Dolan’s Econ Blog
    • 288,000 Payroll Jobs  The BLS conducts a separate survey of payroll jobs based on employer records. Over time, the two surveys tend to move together but this month the two moved in opposite directions  According to that survey, payroll jobs grew by 288,000 in April, in contrast to the decrease shown in the household survey  Also, payroll job growth for February and March was revised upward by a total of 36,000, making this one of the strongest 3-month periods of the recovery  Job gains were spread broadly across goods, services, and government April 2, 2014 Ed Dolan’s Econ Blog
    • 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 12.3 percent in April, also a new low for the recovery April 2, 2014 Ed Dolan’s Econ Blog
    • Involuntary Part-time Work Falls Sharply  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, which is well below its peak, has begun to rise again in recent months April 2, 2014 Ed Dolan’s Econ Blog
    • 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 4.7 percent of the labor force, a new low for the recovery April 2, 2014 Ed Dolan’s Econ Blog
    • 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