The US unemployment rate fell to 5.9 percent in September, the lowest in 6 years. The economy gained 248,000 payroll jobs in the month, better than the average for the year
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US Unemployment Falls Below 6 Percent on Strong Job Gains
1. Economics for your Classroom from
Ed Dolanâs Econ Blog
US Unemployment Drops
Below 6 Percent on
Strong Job Gains
Oct. 4, 2014
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2. Unemployment Rate Falls to New Low of 5.9 Percent
ď˛ The US unemployment rate fell to 5.9
percent in September, a new low for
the recovery. It was the first time in
six years that the rate fell below 6
percent.
ď˛ The unemployment rate is the ratio of
unemployed persons to the labor
force. Both the numerator and the
denominator fell during the month.
ď˛ The unemployment rate is based on
a monthly survey of households
Oct. 4, 2014 Ed Dolanâs Econ Blog
3. Broad vs. Standard Unemployment Rate
ď˛ The BLS also provides a broader
measure of job-market stress, U-6
ď˛ The numerator of U-6 includes
ď˛ Unemployed persons
ď˛ Marginally attached persons who
would like to work but are not looking
because they think there are no jobs,
or for personal reasons
ď˛ Part-time workers who would prefer
full-time work but canât find it
ď˛ The denominator includes the labor
force plus the marginally attached
ď˛ U-6 fell to 11.8 percent in September,
also a new low for the recovery
Oct. 4, 2014 Ed Dolanâs Econ Blog
4. Payroll Job Growth Resumes in September
ď˛ In addition to the employment
numbers from the household
survey, the BLS reports payroll jobs,
based on a separate survey of
employers
ď˛ The economy added 248,000 payroll
jobs in September, a little above the
average for the year
ď˛ July and August job gains were
revised upward by a total of 69,000
Oct. 4, 2014 Ed Dolanâs Econ Blog
5. Long-term Unemployment Shows Little Change
ď˛ The recession and slow recovery
have been characterized by unusually
high levels of long-term
unemployment
ď˛ The absolute number of people out of
work for 27 weeks or more fell slightly
in September, but the number of long-term
unemployed rose as a
percentage of all unemployed
ď˛ The mean duration of unemployment
fell for the month but the median
duration rose
Oct. 4, 2014 Ed Dolanâs Econ Blog
6. Involuntary Part-Time Work Falls
ď˛ The percentage of the labor force
working part time for economic
reasons (involuntary part-time
work) decreased in September,
following its general downward
trend
ď˛ Involuntary part-time work
remains much higher than it was
before the onset of the Great
Recession
Oct. 4, 2014 Ed Dolanâs Econ Blog
7. The Bottom Line: Prospects Look Good for Q3
ď˛ Strong job growth in September was
consistent with other indicators of
continued growth of the economy for
the third quarter
ď˛ The trajectory of the economy will
become clearer at the end of October
when government statisticians
release the advance estimate of Q3
GDP
Oct. 4, 2014 Ed Dolanâs Econ Blog
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