Friday, August 6, 2010

Unemployment Remains at 9.5% Despite 131k Jobs Lost And Revision of Last Month Numbers Down 97k

How, you ask, can we loose 131k jobs and revise the job loss numbers from last month down almost 100k, and have unemployment remains at 9.5%? As I have gone on at length in past posts on this subject, it is how the employment number is calculated. As people get discouraged and stop looking for work, they are no longer counted. Basically we are discouraging our way to a low unemployment number; very unhealthy.

http://www.cnbc.com/id/38590746

"Non-farm payrolls fell 131,000, the Labor Department said on Friday as temporary jobs to conduct the decennial census dropped by 143,000. Private employment, considered a better gauge of labor market health, rose 71,000 after increasing 31,000 in June.

In addition, the government revised payrolls for May and June to show 97,000 fewer jobs than previously reported.
"

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%, fell to 9.5%, and has held steady.

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