Friday, July 2, 2010

Unemployment Drops to 9.5% as 650k+ Workers Remove Themselves From The Labor Force

The unemployment rate dropped .2% to 9.5%. Unfortunately, the drop has much less to do with job creation than with the way the number is calculated. Around 83k jobs were created last month. That is less job creation then is needed to accommodate for population growth. The reason the unemployment number went down is because 652k people stopped looking for work and consequently were no longer counted as unemployed.

http://www.latimes.com/business/la-fi-jobs-report-20100703,0,3397439.story

"Private employers added a smaller-than-expected 83,000 jobs in June, but the unemployment rate edged down to 9.5% as many workers dropped out of a labor market that remains very sluggish.

The Labor Department reported Friday that total payroll employment, including government workers, was down 125,000 in June, reflecting the loss of 225,000 census workers who finished their assignments.
...
Although the jobless rate in June fell from 9.7% in May, that reflected a big drop of 652,000 people in the labor force over the month. The labor force is made up of workers and those actively looking for jobs. With the economic recovery weakening and many employers reluctant to hire, many more unemployed people may have quit looking for work, which would push down the jobless rate.

In fact, the percentage of the overall working-age population that is in the labor force fell last month to 64.7% -- near a 25-year low.
"

To put this in the contexts of the last year; after rising to %9.5, 'fake' falling to %9.4, rising to %9.7, and then rising again to 9.8%, and rising again to 10.2%, dropping to 10%, held steady, dropping to 9.7%, held steady, held steady again, increased to 9.9%, dropped to 9.7%, and has now fallen to 9.5%.

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