The February unemployment rate dropped yet again on a huge decline of those not considered part of the labor force anymore. The official unemployment rate is now 5.5%, a -0.2 drop from last month. The labor participation rate is at 37 year record lows. From a year ago, the number of people considered not in the labor force has increased by 1.5 million.
The December unemployment rate dropped on almost half a million more people considered not part of the labor force. The official unemployment rate is now 5.6%, a -0.2 drop from last month. The labor participation rate went back to 38 year record lows and is 62.7%. From a year ago, the number of people considered not in the labor force has increased by 1.2 million those considered employed grew by 2.7 million.
The BLS Npvember current population survey unemployment report shows almost a static situation from last month, unlike the reported payroll gains portion of the jobs report. The unemployment rate did not change and is still 5.8%. The labor participation rate also did not change from the very low, 62.8%. Even the unemployed's increase of 115,000 is statistically insignificant.
The BLS October current population survey unemployment report shows steady improvement in the unemployment situation continuing in 2014. The unemployment rate dropped to 5.8%, a rate not seen since July 2008. The unemployment rate dropped another one tenth of a percentage point on a dramatic monthly increase in employed as well as a drop in those unemployed. Those not in the labor force also declined for the month.
The September current population survey unemployment report dropped to 5.9% and all sing hallelujah the job crisis is over. The unemployment rate hasn't been this low since July 2008. The unemployment rate dropped two tenths of a percentage point in a month, but why it dropped is more interesting. The main reason is the decline in those participating in the jobs market.
The February current population survey unemployment report is just plain weird and it is not due to weather. First, the unemployment rate is an artificial 6.7%. The unemployment rate increased by 0.1 percentage points due to more people being officially counted as unemployed. Yet, the employment level is basically static, almost unchanged from last month, along with the labor participation rate.
The December current population survey unemployment report is just plain weird. First, the unemployment rate dropped another 0.3 percentage points to 6.7%, the lowest unemployment rate since October 2008. The unemployment rate dropped because over half a million people dropped out of the labor force. The unemployment rate's dramatic decline for 2013 is due primarily to people no longer being counted.
Welcome to the wild weird current population survey unemployment report where dramatic monthly swings cause paranoia and doubt. We shed light on these woolly figures and this month there is much to flash that light on. First, the unemployment rate dropped 0.3 percentage points to 7.0%. This is the lowest unemployment rate since November 2008.
The BLS JOLTS, or Job Openings and Labor Turnover Survey reports the never ceasing abysmal jobs market. The June 2012 statistics show there were 3.39 official unemployed persons for every position available*. There were 3,762,000 job openings for June 2012, a 2.87% increase from the previous month of 3,657,000. Openings are still way below pre-recession levels of 4.7 million. Job openings have increased 72% from their July 2009 trough, yet opportunities are miles away from the 1.8 persons per job opening ratio at the start of the recession, December 2007. There are some in the press who focus on levels, to make the job market seem better than it is. Not so, it's still horrific. Below is the graph of June official unemployed, 12.749 million, per job opening.
The July employment report is a little schizoid in that one employment survey showed a decline of 195,000 employed people while the other, the actual payrolls reported by businesses, showed an increase of 163,000 jobs. Below is the employment levels from the CPS survey.
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