Slowest Economic Recovery in US History

January 4, 2013
By

JOBS copy

We added 155,000 jobs in December, unemployment rose to 7.8%, the broader number is unchanged, and 1.8 million new jobs were added this year, same as last year.

According to the BLS, health care continues to expand at the greatest rate. Employment increased in health care, food services, construction, and manufacturing. Many of the jobs added were in construction (30,000) and were due to Hurricane Sandy relief workers. There was no big movement in dropouts from the work force. According to market watch, manufacturing lost 11,000 jobs.

Retail employment is down which is problematic because it could be the result of Obama regulations and taxes. The government is still losing jobs.

We have settled into a new pattern of high unemployment and low job growth. The jobs created are enough to keep up with our new normal. This is the most sluggish recovery in our history but we voted for it.

Among the major worker groups, the unemployment rates for adult women (7.3%) and blacks (14.%) edged up, while rates for adult men (7.2%) and teens (23.5%), whites (6.9%) and Hispanics (9.6%) showed little or no change.

Eventually, the numbers will be revised. For example, the total nonfarm payroll employment for November was revised from 146,000 to 161,000.


HOUSEHOLD DATA

Table A-15. Alternative measures of labor underutilization

[Percent]

Measure

Not seasonally adjusted

Seasonally adjusted

Dec.

2011

Nov.

2012

Dec.

2012

Dec.

2011

Aug.

2012

Sept.

2012

Oct.

2012

Nov.

2012

Dec.

2012

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

4.8

4.2

4.2

4.9

4.4

4.3

4.4

4.3

4.3

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

5.0

3.9

4.3

4.9

4.5

4.2

4.2

4.1

4.1

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

8.3

7.4

7.6

8.5

8.1

7.8

7.9

7.8

7.8

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

8.8

7.9

8.3

9.0

8.6

8.3

8.4

8.3

8.5

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

9.8

8.8

9.2

10.0

9.6

9.3

9.3

9.2

9.4

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

15.2

13.9

14.4

15.2

14.7

14.7

14.5

14.4

14.4

NOTE: Persons marginally attached to the labor force are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the past 12 months. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not currently looking for work. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule. Updated population controls are introduced annually with the release of January data.

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