Unemployment drops to 9.7%. OK, so here’s the conflicting part of their report:
By Daniel at 5 February, 2010, 11:30 am
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“In January, unemployment rates for most major worker groups–adult men
(10.0 percent), teenagers (26.4 percent), blacks (16.5 percent), and
Hispanics (12.6 percent)–showed little change. The jobless rate for adult
women fell to 7.9 percent, and the rate for whites declined to 8.7 percent.
The jobless rate for Asians was 8.4 percent, not seasonally adjusted.
(See tables A-1, A-2, and A-3.)”
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So, if the rates remained little changed, how could they have changed? Did I miss something here?
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“In January, the number of persons unemployed due to job loss decreased by
378,000 to 9.3 million. Nearly all of this decline occurred among permanent
job losers. (See table A-11.)”
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“About 2.5 million persons were marginally attached to the labor force in
January, an increase of 409,000 from a year earlier. (The data are not
seasonally adjusted.) These individuals were not in the labor force, wanted
and were available for work, and had looked for a job sometime in the prior
12 months. They were not counted as unemployed because they had not searched
for work in the 4 weeks preceding the survey. (See table A-16.)”
Last sentence is the key sentence here. They weren’t counted? So jobless claims fall 378,000, but they decided not to count the increase of 409,000. Are you kidding?!
http://www.bls.gov/news.release/empsit.nr0.htm
- tburcher
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