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Free Markets, Free People

Economic Statistics for 2 Sep 11

Published September 2, 2011 | By Dale Franks

The Unemployment situation is the big report today, but it’s not the only one.

The Monster Employment Index rose slightly from 144 to 147 as the number of job want ads increased a bit.

Big deal. The headline number today is, of course, the Bureau of Labor Statistics’ report on the national employment situation, and it’s not good. The headline unemployment rate remains unchanged at 9.1%, and no net new payroll jobs were created last month. Last month’s increase in jobs was revised downward to 85,000.

To the extent there is any positive news to this report, it is in the underlying data. The labor force participation rate rose very slightly, from 63.9% to 64%. The U-4 unemployment rate (Total unemployed plus discouraged workers, as a percent of the civilian labor force) fell from 10% to 9.6%. The U-6 rate (Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force) also fell from 16.3% to 16.1%. The number of employed persons also rose from 139,296,000 to 139,627,000.

The bad headline number, though, pushed the Dow down more than 200 points as of 6:40 this morning.

~
Dale Franks
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Posted in Dale Franks, Economy | Tagged Economic statistics, employment, unemployment, unemployment rate

3 Responses to Economic Statistics for 2 Sep 11

Neo says:

September 2, 2011 at 07:55

No job growth … this definitely has them scared.

President Obama abruptly pulled back proposed new national smog standards Friday morning, overruling the Environmental Protection Agency’s efforts to compel states and communities nationwide to reduce local air pollution in the coming years or face federal penalties.

Just the other day he said these have little impact, now . maybe a bit more.
Neo says:

September 2, 2011 at 14:53

Bad news ahead too.

As they work to complete the first phase of a major efficiency program, Bank of America Corp. executives are discussing plans that could slash the companywide workforce by much more than 10,000 jobs, sources familiar with the matter said.
The Charlotte-based bank could potentially shed 25,000 to 30,000 jobs over several years, the sources said.
Neo says:

September 4, 2011 at 11:03

Since 1948, the oldest data BLS has, there have been 46 months in which the unemployment rate has been 9% or higher. Twenty six of them have occurred during the 31 months of the Obama administration.