Friday, February 1, 2013

Unemployment Rate Increases to 7.9%

Overall, this news is rather flat; which given our current holding pattern is bad news for everyone.

"The January jobs report largely met the low expectations of the market today. The US economy added a net 157,000 jobs, but the unemployment rate went up by a tenth of a point to 7.9%:

Total nonfarm payroll employment increased by 157,000 in January, and the unemployment rate was essentially unchanged at 7.9 percent, the U.S. Bureau of Labor Statistics reported today. Retail trade, construction, health care, and wholesale trade added jobs over the month.

Household Survey Data

The number of unemployed persons, at 12.3 million, was little changed in January. The unemployment rate was 7.9 percent and has been at or near that level since September 2012. (See table A-1.) (See the note and tables B and C for information about annual population adjustments to the household survey estimates.)

Among the major worker groups, the unemployment rates for adult men (7.3 percent), adult women (7.3 percent), teenagers (23.4 percent), whites (7.0 percent), blacks (13.8 percent), and Hispanics (9.7 percent) showed little or no change in January. The jobless rate for Asians was 6.5 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

In January, the number of long-term unemployed (those jobless for 27 weeks or more) was about unchanged at 4.7 million and accounted for 38.1 percent of the unemployed. (See table A-12.)
The broader U-6 measure of unemployment remained unchanged at 14.4%. That measure, which includes underemployed and discouraged workers left out of the more well-known U-3 unemployment rate, is still above the 14.2% rate of January 2009, when Barack Obama took office. One year ago, it was 15.1%. During the last expansion, it reached a low of 8.0% in 2006 and 2007.

Workforce measures remains steady in January. The civilian-population percentage ratio was unchanged from December’s 63.6%, one-tenth of a point above the 31-year low set in August 2012. The same is true for the employment-population ratio, which stayed at 58.6%, just two-tenths below the generational low of 58.4% also set in August 2012.

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