Tuesday, October 19, 2010

Unemployment Rate Stays High and Static

October 8th, 2010. The Bureau of Labor Statistics reported the unemployment stayed the same: 9.6% of the civilian labor force is unemployed. The unemployment rage for all major sub-groups was also static: adult men (9.8), adult women (8.0), teenagers (26.0), whites (8.7), Blacks (16.1)and Hispanics showed little or no change.

The report was completely flat in almost every category for both household and establishment data. Absolutely no short-term news here.

The long term unemployed stood at 6.1 million (those who are looking more than 26 weeks). Forty-two percent of all unemployed were part of the long term unemployed.

The civilian labor participation rate was 64.7% and the employment to population ratio remained at 58.5

In more troubling news, people working part-time for involuntary reasons jump 600K to 9.5 million. These are people who want to work full time but cannot find a full-time gig.

Marginally attached workers climbed to 2.5 million from 2.2 million a year earlier. And discouraged workers jump to 1.2 MM from 0.5 mm a year ago.

Non-farm payroll moved up 64,000 positions but was erased by a 76,000 decrease in local government jobs. Employment in manufacturing was flat and construction dropped 21K.

The average work week stayed at 34.2 hours and wages increased 1 cent to $22.67.

Both July and August Non-farm payroll number were revised downward.

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