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Stronger US Job Report Shows Economy Struggling to Resist Global Weakness


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The US economy added 120,000 payroll jobs in November 2011. The unemployment rate fell to 8.6 percent, its lowest since March 2009. The report shows a US economy struggling to resist gobal weakness.

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Stronger US Job Report Shows Economy Struggling to Resist Global Weakness

  1. Data for the Classroom from Ed Dolan’s Econ Blog . US Employment Data: Stronger Report shows Job Market Struggling to Resist Global Weakness Posted Dec 2, 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 Grow Faster in November, Big Revisions <ul><li>Total payroll job growth for November was 120,000, still very moderate, but an increase </li></ul><ul><li>More encouraging, the increases for the previous four months were revised upward by a total of 114,000 </li></ul><ul><li>Service jobs, led by retail trade, provided all the gains. Producers of goods lost 6,000 jobs and government lost another 20,000, continuing a steady decline </li></ul><ul><li>A separate household survey reported 278,000 new jobs, including farm jobs and self-employment </li></ul>Posted Dec 3, 2011 on Ed Dolan’s Econ Blog
  3. Unemployment Rate Lowest in More Than Two Years <ul><li>The unemployment rate, which is the ratio of unemployed persons to the labor force, dropped sharply to 8.6 percent, its lowest since March 2009 </li></ul><ul><li>The labor force includes both employed and unemployed persons. The number of unemployed decreased by 594,000, of which 279,000 found jobs and 315,000 withdrew from the labor force </li></ul>Posted Dec 3, 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>U-6 fell to to 15.6 percent in November, its lowest level since March 2009 </li></ul>Posted Dec 3, 2011 on Ed Dolan’s Econ Blog
  5. Employment-Population Ratio Continues Slow Rise <ul><li>The employment to population ratio ticked up to 58.5 percent, its fourth monthly increase after reaching an all-time low in July </li></ul><ul><li>The long-term downward trend 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 Dec 3, 2011 on Ed Dolan’s Econ Blog