US unemployment rate drops to 9.4 pct

US unemployment rate drops to 9.4 pct
Economics 1/7/2011 6:59:00 PM

WASHINGTON, Jan 7 (KUNA) -- The US Labor Department on Friday reported that the nation's unemployment rate fell last month to 9.4 percent from 9.8 percent in November 2010.

The drop marked the lowest US jobless level in 19 months with a net total of 103,000 jobs added in December. It also marked the biggest one-month decline in the jobless rate since April 1998.

The US jobless rate hit a 27-year high of 10.1 percent in October 2009 during what has come to be known as the Great Recession.

While analysts said the latest figures represented a good step in the right direction, they also noted that the growing US population means the economy needs 100,000 new jobs each month just to absorb new workers and prevent the unemployment rate from rising.

"The economic recovery that began a year and a half ago is continuing, although, to date, at a pace that has been insufficient to reduce the rate of unemployment significantly," Federal Reserve Chairman Ben Bernanke said in testimony before Congress on Friday.

Bernanke said it will take years for the unemployment rate to return to a healthy level of about 5.5 percent. (end) rm.hb KUNA 071859 Jan 11NNNN

http://www.kuna.net.kw/NewsAgenciesPublicSite/ArticleDetails.aspx?id=2136182&Language=en

another drop in the unemployment numbers shows just how much Obama has kept the US [and from the US, the rest of the world] out of a 1930's style Depression.

Re: US unemployment rate drops to 9.4 pct

Just in time to gather those temp jobs leading up to the Xmas holidays. Next months numbers will have it go right back (or close to) where it was in November. Also, there were many who lost unemployment bennies during December due to a lack of an extension. Those people aren't included in the figures.

Cable2 wrote:another drop in the unemployment numbers shows just how much Obama has kept the US [and from the US, the rest of the world] out of a 1930's style Depression.

As explained above. Also, the man didn't keep anything from going into a "depression." His policies have prolonged what was. Now all of a sudden the Democrats are talking about creating jobs. Bleh. They had two years to do it and instead concentrated on other things like the HC bill.

Official unemployment rate? 9.4 percent. Total rate? 16.7 percent.

When the government counts 'marginally attached' and 'underutilized' workers, America's unemployment rate nearly doubles.

When the government counts total unemployment, the rate
easily tops 15 percent.

Csmonitor.com
January 7, 2011

Today’s Employment Situation report showed that in December “total unemployment” including all marginally attached workers declined to 16.7% while the traditionally reported unemployment rate declined to 9.4%.

The traditional unemployment rate is calculated from the monthly household survey results using a fairly explicit definition of “unemployed” (essentially unemployed and currently looking for full time employment) leaving many workers to be considered effectively “on the margin” either employed in part time work when full time is preferred or simply unemployed and no longer looking for work.

The Bureau of Labor Statistics considers “marginally attached” workers (including discouraged workers) and persons who have settled for part time employment to be “underutilized” labor.

The broadest view of unemployment would include both traditionally unemployed workers and all other underutilized workers.

To calculate the “total” rate of unemployment we would simply use this larger group rather than the smaller and more restrictive “unemployed” group used in the traditional unemployment rate calculation.

So, for our European friends, this means (article above) that people like me who are employed part time are gauged as employed (for govt statistics). I have not been able to find meaning full time work in 2 years now. I work, at best, 10 hrs a week at my part time job. That's it. I spoke to a guy today who has a degree in robotics and he can't find work either. My cousins boyfriend graduated from a tech school for law enforcement a year and a half ago. He's doing shit jobs right now. He can't even get a job as a cop. That's sad.

I get where you're coming from Tex but you do have work, therefore you are in employment and paying your income tax.

But I agree that figures for January and February need to be seen in order to get a more realistic unemployment figure due to seasonal work.

The_Amber_Spyglass wrote:I get where you're coming from Tex but you do have work, therefore you are in employment and paying your income tax.

But I agree that figures for January and February need to be seen in order to get a more realistic unemployment figure due to seasonal work.

But the false sense of employment i based on people not working full time. That's not right for the govt to mislead that way.

Personally I don't think it misleading. If you are working part-time, you are not unemployed. Working part-time may not be ideal for most people but it is a job.

The_Amber_Spyglass wrote:Personally I don't think it misleading. If you are working part-time, you are not unemployed. Working part-time may not be ideal for most people but it is a job.

True. But it's not full time. Most, if not all, want full time (I do). 10 hrs a week doesn't cut it.

No it isn't full time (which you would obviously prefer - but some don't), but you are not unemployed.