US Employment Data: Strong Jobs Report Leads Off the Election Season


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US payroll jobs grew by 200,000 in December and the unemployment rate fell to its lowest level since February 2009, leading off an election season that will focus on jobs, jobs, jobs!

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US Employment Data: Strong Jobs Report Leads Off the Election Season

  1. Data for the Classroom from Ed Dolan’s Econ Blog . US Employment Data: Strong Jobs Report Kicks off Election Season Posted Jan. 6, 2012 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 Strongly in December <ul><li>Total payroll job growth for November was a stronger 200,000, including 212,000 in the private sector </li></ul><ul><li>The November number was revised down to 100,000 but October was revised up to 112,000 </li></ul><ul><li>After falling in November, goods-producing jobs rose in December by 48,000, almost half in manufacturing </li></ul><ul><li>A separate household survey reported 175,000 new jobs, including farm jobs and self-employment </li></ul>Posted Jan. 6, 2012 on Ed Dolan’s Econ Blog
  3. Unemployment Rate Lowest in almost Three Years <ul><li>The unemployment rate, which is the ratio of unemployed persons to the labor force, dropped to 8.5 percent, its lowest since February 2009 </li></ul><ul><li>The latest report includes new seasonal adjustment factors. For example, the November unemployment rate, originally reported at 8.6 percent, was revised to 8.7 percent </li></ul><ul><li>The peak unemployment rate for the entire recession, Oct. 2008, was revised down to 10.0 percent from 10.1 percent </li></ul>Posted Jan. 6, 2012 on Ed Dolan’s Econ Blog
  4. Broad vs. Standard Unemployment Rate <ul><li>The BLS also provides a broader measure of job-market stress, 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 sharply to 15.2 percent in November, continuing a downward trend </li></ul>Posted Jan. 6, 2012 on Ed Dolan’s Econ Blog
  5. Employment-Population Ratio Continues Slow Rise <ul><li>The employment to population ratio was unchanged at 58.5 percent. In July 2011, it had reached 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 Jan. 6, 2012 on Ed Dolan’s Econ Blog