The number of unemployed and the unemployment rate increase. But employment too. So, this is a sign that participation is going up, a generally good sign. Since July, the economy has created an average of 173,000 jobs a month, up from 67,000 a month from April through June. But still, the proportion of american in employment is at almost 40-years low.
“NEVER has higher unemployment seemed so good” writes The Economist
America’s jobless rate edged up to 7.9% in October from 7.8% in September. For a change, that is not a reason for despair, because it rose for the right reason—more people are looking for work—and because it reinforces other signs of healing in the labour market, including last month’s sharp and unexpected fall in unemployment….
via America’s jobs report: The healing continues | The Economist.
“The Recovery Spreads” over age groups notes Floyd Norris
A year ago, the jobs recovery outlook was gray. From October 2010 to October 2011, the economy added 1.2 million jobs, according to the non-seasonally adjusted figures from the household survey. All of the net gain, and a little more, was in the over-55 age category.
There were also gains among the youngest workers, 16 to 24 years old. But the number of people with jobs in the prime working years — 25 to 54 — actually fell, by 683,000.
Over all, more than two-thirds of the added jobs went to people over 60. It should be no surprise that there was a lot of doubt about whether there really was a recovery.
Over the last 12 months, the story has been different. First, the recovery has accelerated. There were 3.1 million more jobs shown in the household survey released Friday than in the October 2011 survey, and one million of them were in the prime-age category. Workers over the age of 60 still got one-third of them, but two-thirds went to younger workers…
via The Recovery Spreads – NYTimes.com.
“Veteran Unemployment Rate Falls to 6.3 Percent in October” reports Lauren Bailey
On Friday, the Bureau of Labor Statistics released Veteran unemployment data for the month of October. The unemployment rate for all Veterans was 6.3 percent—well below the national average of 7.9 percent. For post-9/11 veterans, the rate was 10 percent. While there is more work to do, it is very clear that the unemployment rate among all Veterans—to include America’s newest Veterans—is headed in the right direction…
“If Obama had managed to retain the workforce he inherited from George Bush, the official U-3 unemployment rate would be 10.6 percent for October” writes Conservative News
So, real unemployment remains right where it has been throughout this disastrous presidency: stuck in double digits. Only the complete departure of millions of Americans from the workforce allows Obama to callously pretend he has high single-digit unemployment. He promised 5.2 percent unemployment by 2012 if he got his trillion-dollar “stimulus” bill, and openly advised Americans to vote him out of office if he failed to deliver on this promise. Remarkably, Obama manages to criticize other people’s numbers for “not adding up” without getting laughed out of the room…
So, there is so much to be done that this month report shouldn’t make a mandate. Better keep an eye on what the candidate say they will do!
The Report
Total nonfarm payroll employment increased by 171,000 in October, and the unemployment rate was essentially unchanged at 7.9 percent, the U.S. Bureau of Labor Statistics reported today.
Employment rose in professional and business services, health care, and retail trade.
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Hurricane Sandy
Hurricane Sandy had no discernable effect on the employment and unemployment data for October. Household survey data collection was completed before the |storm, and establishment survey data collection rates were within normal ranges |nationally and for the affected areas. For information on how unusually severe weather can affect the employment and hours estimates.
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Household Survey Data
Both the unemployment rate (7.9 percent) and the number of unemployed persons (12.3 million) were essentially unchanged in October, following declines in September.
via Employment Situation Summary.
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