Free Markets, Free People


November Unemployment

Once again this month, the employment report, weak as it is, hides even worse weakness in the labor market. Despite the banner headline of 39,000 new jobs, the number of Americans actually employed declined from 139.061 million to 138.888 million, a decline in employment of 173,000. And, of course, 39,000 new jobs isn’t really helpful anyway, when you consider that last month, the labor force increased by 122,000. We need to be creating 122k+ jobs a month just to keep even with population growth.

The real unemployment rate continues to rise, according to my personally devised measure of employment (Population numbers are in thousands):

NOVEMBER 2010

Civilian Non-Institutional Adult Population: 238,715
Average Labor Force Participation Rate: 66.2%
Proper Labor Force Size: 158,029
Actually employed: 138,888

UNEMPLOYMENT RATE: 13.8%

Compare and contrast that with April of this year:

APRIL 2010

Civilian Non-Institutional Adult Population: 237,329
Average Labor Force Participation Rate: 66.2%
Proper Labor Force Size: 157,112
Actually employed: 139,455

UNEMPLOYMENT RATE: 12.7%

Since April, the number of Americans actually employed has declined from 139.455 million to 138.888 million, a drop of 567,000 employed.

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6 Responses to November Unemployment

  • You mean the population numbers are in thousands, not millions, unless the adult population has suddenly swelled to over 238 billion.

    -RJP

  • What’s really amazing are all the crickets.
    I mean, unemployment goes the wrong way, the Left has silence.
    Intelligence folks watching our credit cards in real-time, the Left has silence.
    CNN reporter put on TSA watch list after criticizing the TSA, the Left has silence.
    … and if it’s not silence, it’s the DREAM Act or the threat of filibusters, both of which are like complaining about the weather.

    • It’s not silence: it’s often outright cheerleading.  To the extent I watch it, the reporting from CNBC seems to waffle between wishful thinking and outright fantasy.  The word “recovery” gets used quite a lot as if our economy is picking itself up and prosperity is just around the corner.  I haven’t decided if these people are just totally in the tank for The Dear Golfer or else are trying to convince everybody and themselves most of all that we’re not screwed.