Looking beyond unemployment numbers - Itemlive.com: Opinion

Commentary Looking beyond unemployment numbers

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Posted: Wednesday, January 15, 2014 3:00 am

The U.S. unemployment rate dipped to 6.7 percent in December, stirring considerable joy in Mudville. Before we spend time shouting hurrah, however, we should bear in mind a few other facts and recall that not so long ago an unemployment rate of 6.7 percent would have been considered scandalous.

One of the main reasons for containing our joy is that the rate fell from 7 percent in November despite the addition of just 74,000 net new jobs, a weak performance by any measure — and far below the 2013 monthly average of 182,000 new jobs. Another reason for caution is that the standard unemployment measure (U-3) provides a distorted picture of what’s taking place in the job market.

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1 comment:

  • charlesW posted at 4:32 am on Sat, Oct 11, 2014.

    charlesW Posts: 1

    So how is unemployment actually measured? The unemployment rate refers to the unemployed as a percentage of the economically active population. In 2012, the payroll services business ADP reported 136,000 jobs added in May. For June, it states that number is 176,000, a moderate but very much welcome boost. Here is the source: Private Jobs Report.