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Ed Dolan’s Econ Blog Broad and Long-Term Unemployment Fall to New Lows for Recovery Sept. 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.

Unemployment Rate Returns to 6.1
Percent in August  The US unemployment rate fell back to 6.1 percent in August, its low for the recovery.  The unemployment rate is the ratio of unemployed persons to the labor force. Both the numerator and the denominator fell during the month.  The unemployment rate is based on a monthly survey of households Sept. 6, 2014 Ed Dolan’s Econ Blog

 The BLS Balrsooa pdro
vvisd.e sS ata ndard Unemployment Rate 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 12.0 percent in August, a new low for the recovery Sept. 6, 2014 Ed Dolan’s Econ Blog

Payroll Job Growth Slows in
August  In addition to the employment numbers from the household survey, the BLS reports payroll jobs, based on a separate survey of employers  The 142,000 job gain in August was significantly less than the average of 212,000 for the previous three months  134,000 of the new jobs were in the private sector. Most of those came in the service sector, but construction jobs also increased Sept. 6, 2014 Ed Dolan’s Econ Blog

Long-term Unemployment Falls to New
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 sharply to 31.2 percent in August, a new low for the recovery  The mean and median duration of unemployment both fell for the month Sept. 6, 2014 Ed Dolan’s Econ Blog

Involuntary Part-Time Work Falls 
The percentage of the labor force working part time for economic reasons (involuntary part-time work) decreased in August, resuming its general downward trend  Involuntary part-time work remains much higher than it was before the onset of the Great Recession Sept. 6, 2014 Ed Dolan’s Econ Blog

The Bottom Line: Prospects Look
Good for Q3  Although job growth slowed, the August employment situation remained consistent with continued growth of the economy for the third quarter  The trajectory of the economy will become clearer next month when government statisticians release the September jobs report and the advance estimate of Q3 GDP Sept. 6, 2014 Ed Dolan’s Econ Blog

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