Friday, October 05, 2012

THE EMPLOYMENT SITUATION -- SEPTEMBER 2012


The unemployment rate decreased to 7.8 percent in September, and total nonfarmpayroll employment rose by 114,000, the U.S. Bureau of Labor Statistics reported today.

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Employment increased in health care and in transportation and warehousing but changed little in most other major industries.

Household Survey Data

The unemployment rate declined by 0.3 percentage point to 7.8 percent in September.

For the first 8 months of the year, the rate held within a narrow range of 8.1 and 8.3 percent. The number of unemployed persons, at 12.1 million, decreased by 456,000 in September. (See table A-1.)



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Among the major worker groups, the unemployment rates for adult men (7.3 percent),
adult women (7.0 percent), and whites (7.0 percent) declined over the month.
The unemployment rates for teenagers (23.7 percent), blacks (13.4 percent), and
Hispanics (9.9 percent) were little changed. The jobless rate for Asians, at
4.8 percent (not seasonally adjusted), fell over the year. (See tables A-1, A-2,
and A-3.)

In September, the number of job losers and persons who completed temporary jobs
decreased by 468,000 to 6.5 million. (See table A-11.)

The number of persons unemployed for less than 5 weeks declined by 302,000 over
the month to 2.5 million. The number of long-term unemployed (those jobless for
27 weeks or more) was little changed at 4.8 million and accounted for 40.1
percent of the unemployed. (See table A-12.)

Total employment rose by 873,000 in September, following 3 months of little
change. The employment-population ratio increased by 0.4 percentage point to
58.7 percent, after edging down in the prior 2 months. The overall trend in
the employment-population ratio for this year has been flat. The civilian labor
force rose by 418,000 to 155.1 million in September, while the labor force
participation rate was little changed at 63.6 percent. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes
referred to as involuntary part-time workers) rose from 8.0 million in August
to 8.6 million in September. These individuals were working part time because
their hours had been cut back or because they were unable to find a full-time
job. (See table A-8.)

In September, 2.5 million persons were marginally attached to the labor force,
essentially unchanged from a year earlier. (These data are not seasonally
adjusted.) These individuals were not in the labor force, wanted and were
available for work, and had looked for a job sometime in the prior 12 months.
They were not counted as unemployed because they had not searched for work
in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 802,000 discouraged workers in
September, a decline of 235,000 from a year earlier. (These data are not
seasonally adjusted.) Discouraged workers are persons not currently looking
for work because they believe no jobs are available for them. The remaining
1.7 million persons marginally attached to the labor force in September had
not searched for work in the 4 weeks preceding the survey for reasons such
as school attendance or family responsibilities. (See table A-16.)

Read the detailed version of this report from the Bureau of Labor Statistics


Original content Bob DeMarco, All American Investor