Here are the numbers from the September BLS jobs report:
Non-farm payroll employment rose by 114,000 jobs and the overall unemployment rate fell .3% to 7.8%.
Employment increased in the following sectors:
The manufacturing sector lost 16,000 jobs.
Unemployment rates among major worker groups (numbers in parentheses show change from August):
- Adult men: 7.3% (+ 0.2%)
- Adult women: 7.0% (-0.3%)
- Teenagers: 23.7% (-0.9%)
- Whites: 7.0% (-0.2%)
- Blacks: 13.4% (-0.7%)
- Hispanics: 9.9% (- 0.3%)
- Asians: 4.8% (-1.1%)
The civilian work force (155,100,000 (-0.2%)) and labor force participation rate (63.6%) declined in August, (hence the drop in the overall unemployment rate). This means the civilian unemployment rate dropped because fewer civilians are looking for work.
The number of involuntary part-time workers (employed part-time for economic reasons) rose from 8.0 million in August to 8.6 million in September. According to the BLS, these workers were working part-time because their hours had been cut back or they were unable to find full-time unemployment, they are however, not considered "unemployed." This is a 0.07% increase in the number of involuntary part time workers.
The number of workers marginally attached to the workforce (defined as individuals not in the workforce but who were available for, and ready to, work) remained steady at 2,500,000. These people were not counted as unemployed because they had not looked for work in the past four weeks. This is broken down as follows:
- 802,000 discouraged workers (defined as those workers who have given up looking for work because they feel there is no job available to them)
- The remaining 1,700,000 did not look for work because of other reasons
- There is essentially no change in these numbers from August
The overall unemployment rate (total unemployed + marginally attached + employed part-time for economic reasons) is just below 15%. Please read the Global Economic Intersection report for further details.
|Courtesy: Global Economic Intersection|
Simply put, the overall employment picture in the United States is grim, regardless of how the Feds spin them.