September Unemployment: The Job Loss Accelerates October 2, 2009Posted by geoff in News.
UPDATE: October unemployment results are posted here.
The September unemployment rate rose to 9.8%, as expected by economists, representing a modest 0.1% rise from last month:
Once again, the unemployment rate would have risen by a much larger amount if the civilian labor force hadn’t lost 570,000 people since last month. As we mentioned in previous posts, the labor force normally increases by ~ 150,000/month, so that’s a huge, very unusual, decrease. In fact, had the labor force size simply remained the same, the unemployment rate would have jumped to 10.2%
As we did last month, we ask: just how many jobs have we got out there?
Not so many – the pace of job loss seems to have accelerated, with 785,000 jobs lost since last month. That’s the 4th largest loss of jobs in the past year
We’re nowhere near out of the woods yet, folks.
Previous posts in this series:
- The August numbers
- The “million jobs saved” claim
- Initial unemployment filings
- The July numbers.
- The percentage of private-employed workers is steadily decreasing, meaning that the burden of supporting government workers is increasing. How long can this trend continue?
- The June numbers.
- Mark Zandi (Moody’s Economy.com) kind of agreed with the Obama team’s projection back in January. But his predictions weren’t much better.
- Saying that “the recession is worse than anybody thought” is a tired old tune
- Everybody did not “guess wrong” on the stimulus package
- The corrected chart for May.
- The predicted numbers for May from a few days ago, with some thoughts on why unemployment is worse than expected even without the stimulus package (and a hearty discussion in the comments on proper graphing)
- A look at the stimulus package spending – how late it is, and how little thus far has been devoted to job creation (it’s basically gone to pay off states’ social services debts)
- The April numbers
- The original post on the subject, noting that criticisms of the stimulus package may not have been motivated by racism after all.