Very meager gains in last month’s employment numbers.
From the Bureau of Labor Statistics…
Both the number of unemployed persons, at 11.3 million, and the
unemployment rate, at (U3) 7.3 percent, changed little in August. The
jobless rate is down from 8.1 percent a year ago….
In August, the number of long-term unemployed (those jobless for 27
weeks or more) was about unchanged at 4.3 million. These individuals
accounted for 37.9 percent of the unemployed. Over the past 12 months,
the number of long-term unemployed has declined by 733,000…
In August, 2.3 million persons were marginally attached to the labor
force, down by 219,000 from a year earlier. (The data are not
seasonally adjusted.) These individuals were not in the labor force,
wanted and were available for work, and had looked for a job sometime
in the prior 12 months. They were not counted as unemployed because
they had not searched for work in the 4 weeks preceding the survey.
Among the marginally attached, there were 866,000 discouraged workers
in August, essentially unchanged from a year earlier. (The data are
not seasonally adjusted.) Discouraged workers are persons not
currently looking for work because they believe no jobs are available
for them. The remaining 1.5 million persons marginally attached to the
labor force in August had not searched for work for reasons such as
school attendance or family responsibilities.
The U6 numbers, that factor in people who work part-time even though they want full-time jobs and discouraged workers who want jobs but have given up looking within the past year in the calculation is at 13.7%.
Georgia is at 8.8%, U3. Ugh.
One thought on “Jobs Report….”
Over the past 12 months the number of long-term unemployed has declined by 733,000…
I hate to unperfume the stench, but given the age demographic of the long term unemployed, I tend to suspect that almost all of the decline will be attributable to older workers reduced to making a desperate grab at the earliest retirement date under Social Security.
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