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Jobs grow, unemployment rises

  Author:  15228  Category:(News) Created:(5/7/2010 9:54:00 AM)
This post has been Viewed (1710 times)

 So basically they underestimate the unemployed?  Last month the unemployment rate must have been higher then they said because now they are adding in people who had stopped looking for jobs??  I don't understand how any of this is determined I guess.  Just know this is good news!

Jobs up 290,000; jobless rate rises to 9.9 pct.


Jobs grow by most in 4 years; jobless rate rises 9.9 pct. as people resume searches



Jeannine Aversa, AP Economics Writer, On Friday May 7, 2010, 11:47 am


WASHINGTON (AP) -- The economy got what it was looking for in April: A burst of hiring that added a net 290,000 jobs, the biggest monthly total in four years.

The improving economy drew so many more people into the labor force in search of employment that the jobless rate rose to 9.9 percent.

The hiring last month of 66,000 temporary government workers to conduct the census added to overall job creation. But private employers -- the backbone of the economy -- contributed the most: A surprisingly strong 231,000 jobs, the most since March 2006, the Labor Department said Friday.

http://finance.yahoo.com/news/Jobs-up-290000-jobless-rate-apf-560235210.html?x=0&.v=6

 

But wait!  There's more!  Seems the real unemployment rate is over 17 percent

 

This might help explain the anomaly.  http://blogs.wsj.com/economics/2010/05/07/broader-u-6-unemployment-rate-increases-to-171-in-april/

The U.S. jobless rate rose to 9.9% in April, the first increase in three months, but the government’s broader measure of unemployment ticked up for the third month in a row, rising 0.2 percentage point to 17.1%.

The comprehensive gauge of labor underutilization, known as the “U-6″ for its data classification by the Labor Department, accounts for people who have stopped looking for work or who can’t find full-time jobs. Though the rate is still 0.3 percentage point below its high of 17.4% in October, its continuing divergence from the official number (the “U-3″ unemployment measure) indicates the job market has a long way to go before growth in the economy translates into relief for workers.

The 9.9% unemployment rate is calculated based on people who are without jobs, who are available to work and who have actively sought work in the prior four weeks. The “actively looking for work” definition is fairly broad, including people who contacted an employer, employment agency, job center or friends; sent out resumes or filled out applications; or answered or placed ads, among other things. The number ticked up this month as more people came back into the labor force to look for jobs. (Read a more in-depth explanation for the rise in the unemployment rate.)

The U-6 figure includes everyone in the official rate plus “marginally attached workers” — those who are neither working nor looking for work, but say they want a job and have looked for work recently; and people who are employed part-time for economic reasons, meaning they want full-time work but took a part-time schedule instead because that’s all they could find.

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Replies:      
Date: 5/7/2010 11:50:00 AM  ( Admin )   That brings up a good question.. What does unemployed mean?.. Able to work but can't find a job? Able to work but aren't looking for a job. Able to work and have stopped looking for a job because there aren't any. Or Able to work but chose not to. ..

I suspect the definition changes as the statistics need to be swayed one way or the other.

-Rad.
Date: 5/7/2010 12:00:00 PM  From Authorid: 10245    Unemployment rate simply means this: How many Americans are currently collecting unemployment benefits? The end.

Welfare recipients are not included. Those who have expired unemployment benefits aren't included. Those who have never worked are not included. People who never qualified for unemployment are not included. Anyone on disability is not included. Anyone on an extended worker's comp claim is not included.

I've always held that we should be looking at the EMPLOYMENT rate to get a better understanding of the true picture.
  
Date: 5/7/2010 4:17:00 PM  From Authorid: 22852    @}~~ I agree with Mercury. I am not employed but I don't count because I am not on unemployment, I am one of those that are out of work due to workmans comp and haven't been paid over a year and a half now. The Census workers are the reason for so many "new" jobs.  
Date: 5/8/2010 9:21:00 AM  From Authorid: 51876    What Mercury said, is truth.
  

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