- The good news, if there is any, is that the Feds estimate that nonfarm employment increased by 271,000 in October, more than what was expected, higher than the past several months and higher than the 12 month average of 230,000.
- The other bit of faux good news is that the “official” unemployment rate is still at around 5.0%. However, as we will see shortly, this “official” unemployment rate is becoming more and more obsolete as more and more Americans become too discouraged to even look for a job and drop out of the workforce, skewing the official unemployment rate lower than it has been historically, as measured by the labor force participation rate.
- The official number of unemployed Americans was unchanged at a whopping 7.9 million people. This does not include those folks that have left the workforce because of discouragement in looking for a job.
- The number of long term (out of a job for more than 27 weeks) unemployed Americans was unchanged at 2.1 million.
- The critical measurement of labor force participation rate was unchanged at 62.4% as it continues to bump along at depressing low levels not seen since the Carter Presidency years almost 40 years ago.
- The employment-population ratio was stuck at depressing low level of 59.3%, basically unchanged over the past year according to the government analysis and write up.
- The number of people employed part time for “economic reasons,” i.e. involuntary part time workers who would like a fulltime job but cannot find one, dropped a little to finish at 5.8 million Americans in October.
- Over the past year this category of has decreased by 1.2 million people which is good news if they got full time jobs or bad news if they got so discouraged that they completely dropped out of the workforce.
- Thus, between the totally unemployed and the involuntary part time employed, there are almost 14 million (13.7) Americans who cannot find a full time job they want. This does NOT include the millions that have dropped out of the workforce altogether.
- The overall African-American unemployment rate was 9.2% in October, almost double the total unemployment rate of 5.0% and definitely more than double the rate of white unemployment rate of 4.4%.
- The unemployment rate for Hispanic Americans was about 25% higher than the total unemployment rate, 6.3%.
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