October Unemployment 7.9%

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The economy added 171,000 jobs which will be revised downward no doubt. The unemployment rose to 7.9% according to the Bureau of Labor Statistics.

HOUSEHOLD  DATA

Table A-15. Alternative measures of labor underutilization

[Percent]

Measure

Not seasonally adjusted

Seasonally adjusted

Oct.

2011

Sept.

2012

Oct.

2012

Oct.

2011

June

2012

July

2012

Aug.

2012

Sept.

2012

Oct.

2012

U-1 Persons unemployed 15 weeks or longer, as a percent of the civilian labor force

5.0

4.2

4.3

5.1

4.6

4.5

4.4

4.3

4.4

U-2 Job losers and persons who completed temporary jobs, as a percent of the civilian labor force

4.8

4.0

3.9

5.1

4.6

4.6

4.5

4.2

4.2

U-3 Total unemployed, as a percent of the civilian labor force (official unemployment rate)

8.5

7.6

7.5

8.9

8.2

8.3

8.1

7.8

7.9

U-4 Total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers

9.1

8.0

8.0

9.5

8.7

8.8

8.6

8.3

8.4

U-5 Total unemployed, plus discouraged workers, plus all other persons marginally attached to the labor force, as a percent of the civilian labor force plus all persons marginally attached to the labor force

10.0

9.0

9.0

10.4

9.7

9.7

9.6

9.3

9.3

U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force

15.3

14.2

13.9

16.0

14.9

15.0

14.7

14.7

14.6

 

Jobless claims fell 9,000 to 363,000 last week according to the Labor Department. A department analyst said that NJ and DC did not turn in data due to the hurricane so he will make his best estimate.

Last week’s numbers were revised upward by 3,000. They are never revised downward until after they make news.

Gallup says the unemployment numbers for October are down to a seasonally adjusted 7.4%.

Alarmingly, the number of planned layoffs by firms jumped 41.1 percent in October to the highest level in five months, although the number includes more than 10,000 jobs in U.S.-owned auto plants in Europe, a report said on Thursday. [aol]

 

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