Courtesy of Mish.
Jobs Report at a Glance
Here is an overview of today’s release.
- US Payrolls +80,000 – Establishment Survey
- US Unemployment Rate steady at 8.2% – Household Survey
- Average workweek for all employees on private nonfarm payrolls rose .1 hours to 34.5 hours
- The average workweek for production and nonsupervisory employees on private nonfarm payrolls rose .1 hour to 33.8 hours.
- Average hourly earnings for all employees in the private sector rose by 6 cents.
Recall that the unemployment rate varies in accordance with the Household Survey not the reported headline jobs number, and not in accordance with the weekly claims data.
Quick Notes About the Unemployment Rate
- US Unemployment Rate steady at 8.2%
- In the last year, the civilian population rose by 3,666,000. Yet the labor force only rose by 1,754,000.
- This month the Civilian Labor Force rose by 156,000.
- This month, those “not” in the labor force increased by 34,000 to 87,992,000, another record high. If you are not in the labor force, you are not counted as unemployed.
- In the last year, those “not” in the labor force rose by 1,912,000
- This month, the number of people employed rose by 128,000. Over the course of the last year, the number of people employed rose by 3,030,000.
- Participation Rate was steady at 63.8%;
- There are 8,210,000 workers who are working part-time but want full-time work, an increase of 112,000
- Long-Term unemployment (27 weeks and over) was steady at 5.4 million.
- Were it not for people dropping out of the labor force, the unemployment rate would be well over 11%.
Over the past several years people have dropped out of the labor force at an astounding, almost unbelievable rate, holding the unemployment rate artificially low. Some of this was due to major revisions last month on account of the 2010 census finally factored in. However, most of it is simply economic weakness.
June 2012 Jobs Report
Please consider the Bureau of Labor Statistics (BLS) June 2012 Employment Report.
Nonfarm payroll employment continued to edge up in June (+80,000), and the unemployment rate was unchanged at 8.2 percent, the U.S. Bureau of Labor Statistics reported today. Professional and business services added jobs, and employment in other major industries changed little over the month.
Click on Any Chart in this Report to See a Sharper Image
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