Last month I wrote about the January employment report here January Employment Report. That report had some positives as the trend for improved employment was heading in the right direction, to the plus side. Today the Bureau of Labor Statistics (BLS) released the February employment report.
Nonfarm payroll employment was little changed (-36,000) in February, and the unemployment rate held at 9.7 percent, the U.S. Bureau of Labor Statistics reported today. Employment fell in construction and information, while temporary help services added jobs. February lost -36K jobs compared to January's loss of -56K, so a slight improvement. Within the report was this. Professional services contributed 51,00 jobs to the plus side, but 50,000 of them were part-time jobs! The quality of employment is not what it used to be, as many employers are only offering part time positions. The official unemployment rate is 9.7%. However, if you start counting 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 the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That rate is 16.8%, which is how unemployment feels to the average Joe on the street. Thank you for reading.
Nonfarm payroll employment was little changed (-36,000) in February, and the unemployment rate held at 9.7 percent, the U.S. Bureau of Labor Statistics reported today. Employment fell in construction and information, while temporary help services added jobs. February lost -36K jobs compared to January's loss of -56K, so a slight improvement. Within the report was this. Professional services contributed 51,00 jobs to the plus side, but 50,000 of them were part-time jobs! The quality of employment is not what it used to be, as many employers are only offering part time positions. The official unemployment rate is 9.7%. However, if you start counting 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 the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That rate is 16.8%, which is how unemployment feels to the average Joe on the street. Thank you for reading.
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