Jobless numbers don't add up
by Ed O'Boyle - posted Thursday, October 11th, 2012 @ 12:00 pm
In the partisan spinmeisters' eagerness to trumpet the September jobless rate of 7.8 percent or dismiss it, several important labor force developments have been overlooked.
First, the September unemployment rate for the 126 million full-time workers, who make up more than 80 percent of the entire civilian labor force, was 8.3 percent which is higher than the 8.2 percent rate for these workers when Obama was inaugurated. The 7.8 percent for all workers in September is the result of a much lower rate — 5.8 percent — among part time workers.
Second, with so many more persons employed why was there a one-year increase of 498,000 in the number of persons not in the labor force in September 2012 who currently want a job?
Edward J. O’Boyle is Senior Research Associate with Mayo Research Institute.
He has offices in West Monroe, Lake Charles and New Orleans. He can be reached at 381-4002 or firstname.lastname@example.org.