u.s. jobs report shows sharp decrease in broad unemployment index

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The official unemployment rate fell to 8.2 percent in January. The broad unemployment rate (U-6) fell more sharply, to 14.5 percent. Both were the lowest since January 2009

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Page 1: U.S. Jobs Report Shows Sharp Decrease in Broad Unemployment Index

Data for the Classroom fromEd Dolan’s Econ Blog

http://dolanecon.blogspot.com/

.US Jobs Data: Broad Unemployment Rate Falls

Sharply in MarchPosted April 6, 2012

Terms of Use: These slides are made available under Creative Commons License Attribution—Share Alike 3.0 . You are free to use these slides as a resource for your economics classes

together with whatever textbook you are using. If you like the slides, you may also want to take a look at my textbook, Introduction to Economics, from BVT Publishers.

Page 2: U.S. Jobs Report Shows Sharp Decrease in Broad Unemployment Index

Posted April 6, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

Payroll Job Growth Slows

Total payroll job growth for February was a respectable 120,000.

The rate of government job loss slowed to just 1,000 for the month

The previously reported February gain was revised upward by 14,000 jobs; January was revised down by 9,000

Job growth was widespread, with manufacturing, health care, and food services among the leaders

Page 3: U.S. Jobs Report Shows Sharp Decrease in Broad Unemployment Index

Posted April 6, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

Official Unemployment Rate Falls to 8.2 Percent

The official unemployment rate, which is the ratio of unemployed persons to the labor force, fell slightly to 8.2 percent, its lowest since February 2009

Surprisingly for this stage of the business cycle, the labor force, the number of employed, and the number of unemployed all fell

The unemployment rate is based on a household survey that does not always closely track job growth as reported by the payroll survey

Page 4: U.S. Jobs Report Shows Sharp Decrease in Broad Unemployment Index

Posted April 6, 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 sharply to 14.5 percent, largely because of a decrease in involuntary part-time work

Page 5: U.S. Jobs Report Shows Sharp Decrease in Broad Unemployment Index

Posted April 6, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

Employment-Population Ratio Falls Slightly

The employment to population ratio fell slightly to 58.5 percent, remaining only a little above its its all-time low of July 2011

Recent changes come against a longer-term downward trend caused, in part, by a steady increase in the percentage of the population of retirement age

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