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Thread: US unemployment lowest in 4 years

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    US unemployment lowest in 4 years

    BBC News - US employment up by 162,000 in July



    The US economy added 162,000 new jobs in July.

    This was below economists' expectations of more than 180,000 and the government also cut its previous estimates for hiring in May and June.

    Nonetheless, the new jobs helped the unemployment rate to fall to 7.4%.





    overall positive for the US economy hopefully this is a sign of recovery worldwide.
    ‘This is not peace, it is an armistice for 20 years.’ (Ferdinand Foch. After the Treaty of Versailles, 1919).

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by Higgins86 View Post
    BBC News - US employment up by 162,000 in July



    The US economy added 162,000 new jobs in July.

    This was below economists' expectations of more than 180,000 and the government also cut its previous estimates for hiring in May and June.

    Nonetheless, the new jobs helped the unemployment rate to fall to 7.4%.

    overall positive for the US economy hopefully this is a sign of recovery worldwide.
    That number of "new" jobs sounds wonderful until you consider that over 336,000 people in the US turned 18 in that month.

    How many people turn 18 each year in US
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: US unemployment lowest in 4 years

    250k uptick since last July in people who have two jobs.

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    Re: US unemployment lowest in 4 years

    Remember the good ol' days when people just ranted about Iraq and Iran and didn't worry about jobs?
    You can't reason anyone out of a position they didn't reason themselves into in the first place.

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by Higgins86 View Post
    BBC News - US employment up by 162,000 in July



    The US economy added 162,000 new jobs in July.

    This was below economists' expectations of more than 180,000 and the government also cut its previous estimates for hiring in May and June.

    Nonetheless, the new jobs helped the unemployment rate to fall to 7.4%.





    overall positive for the US economy hopefully this is a sign of recovery worldwide.

    Despite the lackluster job growth, the unemployment rate still managed to tick down two notches to 7.4% in July from 7.6% in June.

    Part of the reason: the labor force participation rate, which fell to 63.4% last month from 63.5% the month before.

    The civilian labor force decreased by 37,000 to 155.80 million in July, while those not in the labor force rose by 240,000 to 89.96 million.


    Labor Force Participation Rate Falls In July - Yahoo! Finance

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    Re: US unemployment lowest in 4 years

    [QUOTE=Higgins86;1062136545]BBC News - US employment up by 162,000 in July



    The US economy added 162,000 new jobs in July.

    This was below economists' expectations of more than 180,000 and the government also cut its previous estimates for hiring in May and June.

    Nonetheless, the new jobs helped the unemployment rate to fall to 7.4%.


    70% of those jobs are part time.

    "When the payroll report was released last month, the world finally noticed what we had been saying for nearly three years: that the US was slowly being converted to a part-time worker society. This slow conversion accelerated drastically in the last few months, and especially in June, when part time jobs exploded higher by 360K while full time jobs dropped by 240K. In July we are sad to report that America's conversation to a part-time worker society is not "tapering": according to the Household Survey, of the 266K jobs created (note this number differs from the establishment survey), only 35% of jobs, or 92K, were full time. The rest were part time.



    Obamacare Full Frontal: Of 953,000 Jobs Created In 2013, 77%, Or 731,000 Are Part-Time | Zero Hedge

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by ttwtt78640 View Post
    That number of "new" jobs sounds wonderful until you consider that over 336,000 people in the US turned 18 in that month.

    How many people turn 18 each year in US
    And why do you think that's relevant?
    Therefore, since the world has still/Much good, but much less good than ill,
    And while the sun and moon endure/Luck's a chance, but trouble's sure,
    I'd face it as a wise man would,/And train for ill and not for good.

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by ttwtt78640 View Post
    That number of "new" jobs sounds wonderful until you consider that over 336,000 people in the US turned 18 in that month.

    How many people turn 18 each year in US

    good majority of those 18 year olds I imagine are not working through the summer, are going to college or already have a part time job established
    ‘This is not peace, it is an armistice for 20 years.’ (Ferdinand Foch. After the Treaty of Versailles, 1919).

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by sawyerloggingon View Post
    70% of those jobs are part time.
    Total non-farm employment as of July 2013: 162 million
    Non-farm part-time employees for economic reasons (including inability to find full-time jobs): 8.2 million
    Non-farm part-time employees for non-economic reasons (e.g. caring for a child, retired): 18.8 million

    Based on the past year of data, there's no obvious trends.

    U6 unemployment -- which includes part-timers who want to work full-time, discouraged workers and marginally attached workers, dropped from 15.2% (July 2012) to 14% (July 2013).

    We should be back to normal rates of unemployment in 6-12 months.

    BLS > ZeroHedge

    Employment Situation Summary Table B. Establishment data, seasonally adjusted
    Table A-8. Employed persons by class of worker and part-time status
    Table A-15. Alternative measures of labor underutilization

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by ttwtt78640 View Post
    That number of "new" jobs sounds wonderful until you consider that over 336,000 people in the US turned 18 in that month.

    How many people turn 18 each year in US
    That number of "new" 18-year-olds might sound problematic until you consider that roughly 320,000 people retired that same month.

    Also consider that about 80,000 people died sudden, unexpected deaths. Extrapolate out that a least half of them had to be below retirement age as a function of proportionality and consider what that would do to the work force/labor market.

    "New" workers entering the labor market for the first time really aren't that great of a consideration in respect to unemployment numbers because they're entering on a roughly 1:1 rate with those permanently leaving.

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