Data for the Classroom fromEd Dolan’s Econ Blog

http://dolanecon.blogspot.com/

.US Employment Data: January Report and

Upward Revisions Maintain Stronger Trend

Posted Feb. 3, 2012

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Posted Feb. 3, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

Payroll Jobs Grow Strongly in January

Total payroll job growth for January was a stronger 243,000, including 257,000 in the private sector

The preliminary estimates are subject to revision. The Dec. figure was revised up to 203,000 from 200,000 and Nov. from 100,000 to 157,000

Both goods producing and service jobs gained, but government lost 14,000 jobs at all levels

A separate household survey reported 847,000 new jobs, including farm jobs and self-employment

Posted Feb. 3, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

Unemployment Rate Lowest in almost Three Years

The unemployment rate, which is the ratio of unemployed persons to the labor force, dropped to 8.3 percent, its lowest since February 2009

The decrease in the unemployment rate came partly from an increase in the labor force and partly from a decrease in the number of unemployed workers

Starting in January, the population basis was shifted from the 2000 census to the 2010 census. However, the shift did not affect the unemployment rate

Posted Feb. 3, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

Broad vs. Standard Unemployment Rate

The BLS also provides a broader measure of job-market stress, U-6

The numerator of U-6 includes Unemployed persons Marginally attached persons who

would like to work but are not looking because they think there are no jobs

Part-time workers who would prefer full-time work but can’t find it

The denominator includes the labor force plus the marginally attached

U-6 fell slightly in January to 15.1 percent, continuing a downward trend

Posted Feb. 3, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

Employment-Population Ratio Continues Slow Rise

The employment to population ratio was unchanged at 58.5 percent, up from its all-time low of July 2011

The ratio would have been 0.3 percent higher without the shift in population basis from the 2000 to the 2010 census

The long-term downward trend in this ratio reflects several factors Slow job growth More discouraged workers, who do

not look for jobs because they think none are available

More retired persons as the population ages