The unemployment rate edged down to 10.0% in November from 10.2% in October. Non-Farm unemployment was essentially unchanged down just -11,000 the US Bureau of Labor Statistics reported today. In the prior three months payroll job losses have averaged -(135,000) a month.
In November employment fell in construction, manufacturing and information, while temporary help services and health care added jobs.
The table below gives us a better approximate of what the unemployment rate really feels like to the average Joe on the street. Last row U-6, lower right hand corner, 17.2%.
If you count all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off of the unemployment rolls, because their unemployment benefits ran out, you get a closer picture of what the unemployment rate really is. The number is in the last row labeled U-6, and that number is 17.2%.
Bottom Line: Although this report was a step in the right direction, we will have to see some follow through for the December and January unemployment situation reports. Also, would like to see more manufacturing related jobs instead of the lower paying service sector jobs that were added. Thank you for reading.
No comments:
Post a Comment