Friday, October 7, 2011

Unemployment Rate Remains at 9.1%

There was some job growth, but not nearly enough.

"Mildly good news for the administration from the Department of Labor this morning:

Nonfarm payroll employment edged up by 103,000 in September, and the unemployment rate held at 9.1 percent, the U.S. Bureau of Labor Statistics reported today. The increase in employment partially reflected the return to payrolls of about 45,000 telecommunications workers who had been on strike in August. In September, job gains occurred in professional and business services, health care, and construction. Government employment continued to trend down.

So we’re counting as gains jobs that were never lost in the first place? It’s not that it’s unfair, since those counted as jobs lost in the August survey, but it’s not exactly a job-growth indicator, either. Without the return of striking workers who weren’t losing their jobs in the first place, we have a jobs report that essentially met analyst expectations at 58,000 (Bloomberg and Reuters expected 60K growth).
Steve Eggleston points out that the U-6 measure of unemployment and underemployment rose 0.3 points to 16.5%. That’s the highest it has been in months, and has increased since May from 15.8%.

Also, Suitably Flip graphs the actual jobs growth over the last three months after accounting for the Verizon strike, and it’s not pretty.

To put this in the contexts of the last two years; 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%, holding steady, rising a tick to 9.6%, held steady, held steady again, increased to 9.8%, 'fake' falling to 9.4%, 'fake fallen' again to 9%, dropped to 8.9%, falling again to 8.8%, rose to %9, rose to %9.1, rose again to %9.2, fell to 9.1%, held steady at %9.1, and continues to remain at 9/1%.

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