Posted on 10/11/2012 6:43:45 AM PDT by SeekAndFind
New employment data released Wednesday threw yet another grenade into the explosive controversy following last week's report on September unemployment numbers. The Job Openings and Labor Turnover Survey (or JOLTS) showed that since December 2007 there has been a net loss of 4.67 million jobs. But as scary as that number is, it does not tell us much on its own, any more than single data points like 7.8 percent (official unemployment), 14.7 percent (unemployment including workers who stopped looking for a job), or 114,000 (number of jobs created in September). To understand what these numbers mean and whether employment opportunities are truly getting better or not, we need to view them in the context of long-term labor market trends. There are three important trends we think are worth considering: changes in the labor force participation rate and labor turnover rate, unemployment's relationship to Gross Domestic Product (GDP) and productivity growth, and the huge swing in the ratio of full- to part-time workers.
The first set of trend lines to consider come from data related to the proportion of civilians looking for work, and measures of how many Americas are holding on to a job. Yesterday's JOLTS report showed the 4.67 million lost jobs, which is better than the 8.62 million net lost jobs number between December 2007 and December 2009, but is still a very slow recovery in employment. At this rate it will be several more years before we get back to those late 2007 employment levels - and even then we'll need to add more to keep up with population growth since then.
The problem is that the rate of jobs being added to the economy has slowed considerably in the past few years. Consider the civilian employment-population ratio, which is the percentage of people with jobs relative to the population. From December 2007 to 2009, the ratio fell more than 7 percent, and since then it has remained fundamentally flat, averaging at 58.4 percent of the civilian population with employment.
Consistent with this decline has been the widely highlighted drop in the percentage of workers in the labor force relative to the population. The "labor force participation" rate - which includes workers who don't have jobs but want to work - has fallen every quarter since the second quarter of 2008, ending the third quarter of 2012 at 63.6 percent. To put that in context, the labor participation rate has not been this low since the early 1980s. The fact that the labor force participation rate has not been at such low levels in 30 years suggests that there is a large amount of productive labor going unused, masking how bad unemployment really is.
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The census was politicized. Who is surprised at the fake jobs data ?
Good Lord, could this article, and its data, be any more complicated!?!
I understand that one states numbers are NOT included in this report so it is a decision by the BLS to pump up Obama
Yeah leave out a state , etc. then the media will make sure every American hears these bogus numbers every minute until the election.
Now after some idiots believe these fake numbers , Obama will win the election and Obama will issue an executive order for all to line up to get your tracking chip implanted in your neck which will show 0 unemployment. How much more will we take?
Obamacare is government limiting our freedom of choice and is socialism taking over our healthcare..
Government is too big already, this expansion of government , this takeover of healthcare is tyranny.
Government is the problem and it has grown at all levels every single year, every month for the last 100 years.
They are tracking our kids in schools with smart IDs, Moochel is telling kids what they can eat, Bloomberg banned big sodas in New York, Obama took over our healthcare, They banned 100 watt light-bulbs , they tell us that we have to discriminate to hire people (affirmative action), soon cars will have to be 27 mpg , etc. This crap has to stop.
I started to write a first draft on how to finally limit government for the first time ever. something has to be done as the problem is government. It’s in personal page here.
Was it New York? From the report:
“Extended Benefits were only available in New York during the week ending September 22.”
http://www.dol.gov/opa/media/press/eta/ui/current.htm
BLS —I just realized that it stands for
Bull Liberal Sh**.
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