Left unmentioned in the BLS press release was that, on a seasonally-adjusted basis, there were 236,000 more private-sector jobs in September than in August. Also unmentioned – the U-5 rate, which includes those who want to work and last looked for work between mid-September 2013 and mid-August 2014, went down from 7.4% to 7.3%, while the U-6 rate, which includes those working part-time due to economic conditions in addition to those included in the U-5 rate, went down from 12.0% to 11.8%.
The “little” change in the seasonally-adjusted labor force particpation, a rounded 0.1 percentage point drop, means that the seasonally-adjusted participation rate for September is now lower than it was every month since February 1978, when it was also 62.7%. While there were 232,000 more people working in September than in August, more than the 217,000 increase in the civilian non-instutional population, there were 97,000 fewer people in the labor force.
Nearly half of those workforce dropouts, 45,000, became the increase in the number of those who want a job but are not part of the labor force. That number is now 6,349,000, with nearly 2/3rds of the uncounted unemployed last looking for work over a year ago.
Over the past year, 2,683,000 jobs were added on a not-seasonally-adjusted basis, 393,000 more than the growth in the civilian non-institutional population. However, over the same past year, only 12,000 more people gained employment, also on a not-seasonally-adjusted basis, than were added to the civilian non-institutional population.