February Jobs Report Brings Good News Across the Board
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The February employment report showed 227,000 new jobs for the month and strong upward revisions for January and December. The headline unemployment rate held steady at 8.3 percent in the face of labor force growth and broad unemployment fell to its lowest level in three years
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February Jobs Report Brings Good News Across the Board
- 1. Data for the Classroom from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ US Employment Data: . February Jobs Report Brings Good News Across the Board Posted Jan. 9, 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.
- 2. Payroll Job Growth Boosted by Upward Revisions Total payroll job growth for February was a respectable 227,000, including 233,000 private sector jobs The previously reported January gain was revised upward by 41,000 jobs and December by 20,000 jobs Both goods producing and service jobs gained, but government lost 6,000 jobs, mostly federal A separate household survey that includes farm jobs and self- employment reported 428,000 new jobs Posted Mar. 9, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com
- 3. Unemployment Rate Steady as Workers Return to Labor Force The unemployment rate, which is the ratio of unemployed persons to the labor force, was unchanged at 8.3 percent, its lowest since February 2009 Some 475,000 workers (net) entered the labor force in the month, of whom 428,000 found employment and 47,000 began looking for work without immediately finding it Posted Mar. 9, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com
- 4. 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 to 14.9 percent, its lowest since January 2009 Posted Mar. 9, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com
- 5. Employment-Population Ratio Continues Slow Rise The employment to population ratio edged up to 58.6 percent, continuing a steady rise from its all-time low of July 2011 Recent gains come against a longer- term downward trend caused, in part, by a steady increase in the percentage of the population of retirement age Also, older working-age people who had had long spells of unemployment during the recession are returning to the labor force only slowly, if at all Posted Mar. 9, 2012 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com