Unemployment Rate Down in December
January 7, 2011
According to the U.S. Bureau of Labor Statistics the unemployment rate fell by 0.4 percentage points to 9.4 percent in December which is not surprising because of the increase in seasonal workers for the holidays (retail trade employees were up 12,000 in December). But it was not just retail employees that increased. An overall good sign was that total nonfarm payroll employment increased by 103,000 in December. Employment rose in leisure and hospitality by 47,000 in December, indicating consumers are not feeling the pinch as much as in previous months and are spending more on discretionary expenditures. Other increases came in health care with 36,000 new jobs, mining added 5,000 jobs and manufacturing added 10,000 jobs but unfortunately construction employment lost 16,000 jobs. Employment changed little in other major industries.
New Jobless Benefits Claims Rise Despite Downward Trend
Washington — (Associated Press) More Americans signed up for unemployment benefits last week, but the broader trend in layoffs points to a slowly healing jobs market.
The Labor Department says new claims for unemployment aid rose last week by a seasonally adjusted 26,000 to 436,000. The previous week’s claims were revised up slightly to show applications had tumbled by 31,000 to 410,000. The figures are often volatile during the weeks around the Veteran’s Day and Thanksgiving holidays.
Even so, the longer-term trend has shown a downward drift.
The four-week moving average of claims, which smooths volatility, fell to 431,000 last week, a two-year low.
Read more: FoxNews
October 2010 Unemployment Rate Unchanged
Nonfarm payroll employment increased by 151,000 in October, and the unemployment rate was unchanged at 9.6 percent, the U.S. Bureau of Labor Statistics reported today. Since December 2009, nonfarm payroll employment has risen by 874,000.
In October, 41.8 percent of unemployed persons had been jobless for 27 weeks or more.
The number of persons employed part time for economic reasons (some- times referred to as involuntary part-time workers) fell by 318,000 over the month to 9.2 million, partially offsetting large increases in the prior 2 months. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
September 2010 Unemployment Rate
October 8, 2010
The Bureau of Labor Statistics released their report for September today. The number of unemployed persons, at 14.8 million, was essentially unchanged in September, and the unemployment rate held at 9.6%.
Among the major worker groups, the unemployment rate for adult men was 9.8%, adult women was 8.0%, teenagers was 26.0%, whites was 8.7%, blacks was 16.1%, and Hispanics was 12.4% showing little or no change in September.
The number of long-term unemployed (those jobless for 27 weeks and over), at 6.1 million, was little changed over the month but was down by 640,000 since a series high of 6.8 million in May. In September, 41.7 % of unemployed persons had been jobless for 27 weeks or more.
Seasonally Adjusted Unemployment Rate September 2008 - September 2010 Source: U.S. Bureau of Labor Statistics www.BLS.Gov
One in Seven in Poverty
September 2010
The Census Bureau reported, in its annual report for 2009 that the overall poverty rate climbed to 14.3 percent or 43.6 million people. The poverty rate climbed from 13.2 percent, or 39.8 million, in 2008. Another way to look at this is one out of every seven working-age Americans (18 – 65) is now classified as being in poverty. This is the highest level for this rating since the 1960s.
What exactly is the poverty level for the US? According to an official government calculation that includes only cash income before tax deductions, the poverty level in 2009 stood at $21,954. This amount excludes capital gains or accumulated wealth such as home ownership. Although this figure takes into account the effects of some of the stimulus programs such as unemployment benefits or jobs created or saved by government spending, it does not factor in non-cash government aid such as tax credits and food stamps.
Beginning next year the US government plans to publish new supplemental poverty figures that are expected to show even higher numbers of people in poverty than previously known.
The new figures will include the rising costs of medical care, transportation and child care.
Another figure that has risen dramatically is the number of uninsured. Americans without health coverage rose from 15.4 percent to 16.7 percent, or 50.7 million people.
Non-Farm Payrolls Decrease 3rd Month in a Row
Job losses much worse than the average recession in third consecutive monthly decline.
Today, the Labor Department reported that nonfarm payrolls (jobs) decreased by 54,000 in August — the third consecutive decline. Today’s chart puts the latest data into perspective by comparing job losses following the beginning of the current economic recession (solid red line) to that of the last recession (dashed gold line) and the average recession from 1950-1999 (dashed blue line). As today’s chart illustrates, the current job market has suffered losses that are more than triple as much as what occurs at the lows of the average recession/job loss cycle. Also, today’s decline in jobs provides further evidence that the current ‘economic recovery’ remains sluggish at best.
Chart courtesy of Chart of the Day
Unemployment Rate Falls, but Momentum Weak in Job Market
By Neil Irwin–
Washington Post.com
The nation’s unemployment rate fell in June, though hiring by the private sector remained soft, according to a government report Friday. The figures suggest the economic recovery is moving forward this summer, but with weak momentum in the job market.
The jobless rate was 9.5 percent last month, down from 9.7 percent in May, a surprising decrease that came as hundreds of thousands of workers dropped out of the labor force. Private employers added 83,000 jobs in June, more than double the rate in May but still below the six-figure job creation numbers that would suggest a strong recovery in employment.
AP reports New Jobless Claims Jump
WASHINGTON — New jobless claims in the U.S. jumped last week by the most since February, reversing a sharp fall two weeks ago. The rise is partly a result of seasonal factors but also reflects the job
The Labor Department says new claims for unemployment insurance jumped by 37,000 to a seasonally adjusted 464,000. Analysts expected a smaller rise, according to a survey by Thomson Reuters.
The sharp increase comes after claims fell steeply two weeks ago to their lowest level since August 2008. But much of that drop was driven by temporary seasonal factors and not necessarily by an improving job market.
Two weeks ago, General Motors and other manufacturers reported fewer temporary layoffs than usual this time of year, the Labor Department says.
Payrolls drop by 125K, jobless rate falls
FOX News reported the following:
WASHINGTON — A wave of federal census layoffs cut U.S. payrolls in June for the first time in six months, while private employers added a modest number of jobs. The unemployment rate fell to 9.5 percent, its lowest level in almost a year.
Employers cut 125,000 jobs last month, the most since last October, the Labor Department said Friday. The loss was driven by the end of 225,000 temporary jobs for the 2010 U.S. Census. Businesses added a net total of 83,000 workers, an improvement from May. But that’s also below March and April totals.
The country has 7.9 million fewer private payroll jobs than it did when the recession began. Continue reading
Rather than Reduce Unemployment Cap & Trade May Cause Unemployment to Skyrocket
by Jon Herring
Editor- In the following article John Herring explains how the current “Cap and Trade” bill might affect the Unemployment rate plus how you might benefit.
In 1964, Lyndon B. Johnson proposed legislation which became known as “The War on Poverty.” Five years later, Richard Nixon, introduced “The War on Drugs.”
And what do we have to show for these brilliant government initiatives, 40 years later? Not much, besides massive expansion of the welfare state and the costly incarceration of millions of people for victimless crimes. These two “wars” have done nothing to reduce poverty or curb the abuse of drugs.
But their effects are minor compared to the next “war” which our government is set to engage. And this is one in which you will be enlisted, whether you like it or not. I’m talking about the “War on Climate Change.” Continue reading
