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October Job Growth Still Slow but Better News in the Details


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October Job Growth Still Slow but Better News in the Details

  1. Data for the Classroom from Ed Dolan’s Econ Blog . US Employment Data: October Job Growth Still Slow but Better News in the Details Posted Nov. 4, 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.
  2. Payroll Jobs Growth Slow in October, Big Revisions <ul><li>Private payroll job growth for September was 80,000, still very moderate </li></ul><ul><li>More encouraging, the increase for August, first estimated to be zero, was revised up to 57,000 last month and now revised again to 104,000 </li></ul><ul><li>The September figure was revised up from 103,000 to 158,000 </li></ul><ul><li>Service jobs provided all gains. Producers of goods lost 10,000 jobs and government lost another 24,000, continuing a steady decline </li></ul>Posted Nov 4, 2011 on Ed Dolan’s Econ Blog
  3. Unemployment Rate Unchanged in September <ul><li>A separate household survey reported 140,000 new jobs, including farm jobs and self-employment </li></ul><ul><li>The labor force, which includes both employed and unemployed persons, grew by 154,000, of which 14,000 did not find jobs and were added to the officially unemployed as soon as they started looking for work </li></ul><ul><li>The unemployment rate, which is the ratio of unemployed persons to the labor force, dropped slightly to 9.0 percent </li></ul>Posted Nov 4, 2011 on Ed Dolan’s Econ Blog
  4. Broad vs. Standard Unemployment Rate <ul><li>There is also a broader measure of unemployment called U-6 </li></ul><ul><li>The numerator of U-6 includes </li></ul><ul><ul><li>Unemployed persons </li></ul></ul><ul><ul><li>Marginally attached persons who would like to work but are not looking because they think there are no jobs </li></ul></ul><ul><ul><li>Part-time workers who would prefer full-time work but can’t find it </li></ul></ul><ul><li>The denominator includes the labor force plus the marginally attached </li></ul><ul><li>Fewer people in forced part-time work caused U-6 to fall to 16.2 percent in October </li></ul>Posted Nov 4, 2011 on Ed Dolan’s Econ Blog
  5. Employment-Population Ratio Little Changed <ul><li>The employment to population ratio ticked up to 58.4 percent, its third monthly increase, but still only slightly above the all-time low reached in July </li></ul><ul><li>The long-term decrease in this ratio reflects several factors </li></ul><ul><ul><li>Slow job growth </li></ul></ul><ul><ul><li>More discouraged workers, who do not look for jobs because they think none are available </li></ul></ul><ul><ul><li>More retired persons as the population ages </li></ul></ul>Posted Nov 4, 2011 on Ed Dolan’s Econ Blog