The BLS unemployment report shows total nonfarm payroll jobs gained were 114,000 for September 2012 and the unemployment rate dropped to an artificial 7.8%. Some better news was August's payrolls were revised up by 40,000 jobs to 181,000 and July was also revised up by 46,000 jobs to show a gain of 142,000 in nonfarm payrolls. The below graph shows the monthly change in nonfarm payrolls employment.
It's a conspiracy! The BLS is trying to swing the election! They're cookin' de books! By now you've seen the claims, accusations and mumblings by the pundits, press, twitter and blogosphere. So what really happened with this month's unemployment report?
The press quotes all sorts of figures for the number of monthly job gains needed to keep up with population growth. We see numbers like 80,000, 100,000, 125,000 and 175,000 thrown around like statistical snow as the number of jobs needed each month just to keep up. What's the right one? How many jobs are needed each month just to keep up with population growth?
The August 2012 BLS unemployment report shows total nonfarm payroll jobs gained were 96,000. Even worse news, the last two months of job gains were revised down. July's gains are now 141,000, revised from 163,000 payroll jobs and June is a now a measly 45,000 jobs, also revised down from 64,000.
The June employment report was crappy and not enough jobs to keep up with population growth. This overview shows the situation is even worse than what is typically reported. Officially there are 12.75 million people unemployed and the unemployment rate is 8.2%.
If you're looking for a job, it plain sucks to live on the West coast. The April 2012 State Employment statistics show the average unemployment rate for the entire Pacific region is 10.1%.
April brings showers and yet another sad employment report. The new official unemployed tally is 12,500,000 with an unemployment rate of 8.1%. We calculate below an alternative unemployment rate of 16.62%, which shows 26.72 million people need a full-time, real job.
The press and pundits shout the unemployment rate dropped to 8.2%, the lowest since January 2009, over three years ago. Yet March only added 120,000 jobs and those reported as employed dropped by -31,000. So, how could the official unemployment rate drop when the jobs added barely keeps up with population growth and the increase in those employed actually dropped?
Pundits and press love to gush over the employment report the minute they see proof of life Yet, things are still not rosy. The new official unemployed tally is 12,806,000. The average length of unemployment is still very high, 40.0 weeks, even while dropping a 10th of a percentage point from last month.
The headlines blare unemployment rate remains the same! Yet February added 227,000 jobs, and January was revised upward to 284,000 jobs. So, how could the official unemployment rate not budge when in two months over half a million jobs, 511,000, were added?
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