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October 2012 Employment Report – Not Particularly Good News October 5, 2012

Posted by geoff in News.

The President is probably turning handsprings over the latest unemployment rate, which shows a drop from 8.1% to 7.8%. But it ain’t all that. While it’s true that the U-3 number of unemployment dropped, the U-6 number (which includes the underemployed) didn’t budge (14.7% for the past 2 months). That’s because almost 600K additional people are now employed part time because that’s all they can get.

On the Establishment Survey side, only 114K jobs were added (DOOM!™). Goods producers actually lost 10,000 jobs, while the big winners were people in education and health (+49K).

Here’s The Chart:


1. Jerry Taylor - October 5, 2012

It is that time of year when merchants, manufacturers and suppliers add extra help on a short term basis to meet holiday requirements. After the holidays (and the election) we will see the rate rise again unless we have the right guy as president. With the right guy as president I am sure you will see a boost in the economic activity because all of the employers will turn loose of the cash that is being held due to unknown government demands. Lets just hope we get the right guy as president!

2. geoff - October 5, 2012

Hunh. I left part of Geithner’s green-dot prediction out. If I get some time later I’ll fix it.

3. Michael - October 5, 2012

I use my coffee mug with The Chart on it all the time.

4. Solving the Fiscal Cliff With Tax Increases, and Guest Contributor Meryl Yourish | Consider This! - December 17, 2012

[…] October 2012 Employment Report – Not Particularly Good News […]

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