That is the headline -- 5.8% unemployment rate last month! While that's certainly good, it is not enough of the story. It is a good story!
Total jobs produced last month were 214 thousand, of which 209 thousand were in the private sector, leaving only 5 thousand government jobs being produced. Certainly, no "make-work" job creation!
The labor force participation rate increased slightly from 62.7% to 62.8%. This is the percentage of the labor force that is either employed or looking for a job. As the job market improves, those who have given-up slowly return to the workforce. Think about this: only 2 out of 3 people between ages 18 and 65 are employed or looking for a job. One out of 3 either work in the home, are students, or are just too lazy to work in a candy store? Some are simply psychologically dysfunctional.
Happily, the U-6 level of unemployment dropped from 11.8% last month to 11.5% now. It was 13.8% this time last year. This measure includes the 5.8% who are unemployed plus those people who are working part-time but want to work full-time. It has been the most stubborn measure of employment to recover from the Great Recession.
There is no hiding from the fact that the job market continues to improve at a good, sustainable rate. Nonetheless, a survey last month showed that 62% of those surveyed thought the economy was either somewhat poor or very poor!
I just don't understand that 62%. Do you?
Total jobs produced last month were 214 thousand, of which 209 thousand were in the private sector, leaving only 5 thousand government jobs being produced. Certainly, no "make-work" job creation!
The labor force participation rate increased slightly from 62.7% to 62.8%. This is the percentage of the labor force that is either employed or looking for a job. As the job market improves, those who have given-up slowly return to the workforce. Think about this: only 2 out of 3 people between ages 18 and 65 are employed or looking for a job. One out of 3 either work in the home, are students, or are just too lazy to work in a candy store? Some are simply psychologically dysfunctional.
Happily, the U-6 level of unemployment dropped from 11.8% last month to 11.5% now. It was 13.8% this time last year. This measure includes the 5.8% who are unemployed plus those people who are working part-time but want to work full-time. It has been the most stubborn measure of employment to recover from the Great Recession.
There is no hiding from the fact that the job market continues to improve at a good, sustainable rate. Nonetheless, a survey last month showed that 62% of those surveyed thought the economy was either somewhat poor or very poor!
I just don't understand that 62%. Do you?
