Unemployment Below 8% for First Time Since 2009

The US unemployment rate dropped .3% to 7.8% in September, the lowest since January 2009. The number of people unemployed six months or longer fell under 5 million for first time since July 2009. Payroll increased 114,000 jobs. The employment-population ratio increased .4% to 58.7%. The labor force participation rate increased .1% to 63.6%.  However, the median and mean durations of unemployed increased by .5 weeks to 18.5 and .6 weeks to 39.8 weeks, respectively.

For more information, see our Employment Report.

–From the BLS and the St. Louis Federal Reserve

 

Unemployment Rate Drops .2% in August, So Does Labor Force Participation Rate

The unemployment dropped .2% in August to 8.1%, down 1% from last August and 1.5% from 2010. However, the employment-population ration dropped .1% to 58.3% and the labor force participation rate slipped .2% to 63.5%. Nonfarm payroll increased 96,000. Both the median and mean unemployment duration increased, by 1.3 weeks to 18 and .4 weeks to 39.2, respectively.

For more information, see our Employment Report.

–From the Bureau of Labor Statistics

Unemployment Rate Increases to 8.3% in July

The unemployment rate rose .1% to 8.3% in July. The employment – population ration fell .2% to 58.4% while the labor force participation rate dropped .1% to 63.7% Often, when the unemployment rate rises, these numbers do as well. Because these rates lowered, it means there are fewer total people in the labor force and fewer of them are working.

Somewhat at odds with the other figures in the July release, total nonfarm payroll increased 163,000 jobs to 133.2 million. In addition, the median duration of unemployment fell an enormous 3.1 weeks.

For more information, see our Employment Report

–from The St. Louis Federal Reserve and the Bureau of Labor Statistics

Unemployment Rate Up to 8.2% in May

The Unemployment rate rose .1% in May to 8.2%, the first increase since June of last year. Compared to last year, the unemployment rate is down .8% since last May and 1.4% compared to 2010. The civilian employment-population ratio and the participation rate increased .2% this month to 58.6% and 63.8%, respectively. Total nonfarm payroll increased a small 69,000 this month. Unfortunately, the median duration of unemployment jumped .7 weeks to 20.1 weeks.

For more information, see our Employment Report.

Unemployment Drops to 8.1% in April

The unemployment rate dropped .1% to 8.1% in April. Although this appears to be good news, it seems many of these people dropped out of the measured labor force. There were 115,000 new jobs added to the economy in April, but that is not enough to account for a .1% drop. The employment-population ratio dropped .1% to 58.4% while the labor force participation rate dropped .2% to 63.6%. Of particular concern is the number of people unemployed for six months or longer which dropped 207,000 this month. Since far more people went off unemployment than got jobs and the participation rate dropped, many of these long-term unemployed have now simply dropped out of the economy.

For more information see our Employment Report.

–From the BLS and the St. Louis Federal Reserve

Unemployment Rate Drops to 8.2%

The unemployment rate fell .1% to 8.2% in March. The unemployment rate has been falling every month since June 2011. Unemployment is .7% lower than last March. Mitigating the happy news of another drop, the civilian employment-population ratio and the civilian labor force participation rate dropped .1% to 58.5% and 63.8%, respectively.

Total nonfarm payroll increased 120,000 to 132.8 million. Median duration of unemployment fell .4 weeks to 19.9 due largely to a 2% drop in people unemployed for more than 6 months. Since those people have not appeared in the participation rate, it is likely that these people lost long term benefits and are no longer in the labor market.

For more information see our Employment Report.

–from the BLS and the St. Louis Federal Reserve

Unemployment Rate Held Steady at 8.3% in February

The unemployment rate held steady at 8.3% in Februrary. This is the lowest unemployment has been since February of 2009. The employment to population ratio increased two tenths of a percent this month to 58.6%. The Labor Force participation rate increased two tenths of a percent this month to 63.9%. Compared to Feburary 2010, the employment to population ratio is up .2% and the labor force participation rate is down .4%.

For more information see our Employment Report.

–From the BLS and the St. Louis Federal Reserve

US Unemployment Rate Drops to 8.3% in January

The US unemployment rate dropped .2% to 8.3% in January. This is the lowest level of unemployment since February 2009. Greatly influencing this decline, the labor force participation rate fell .3% to 63.7%. This means an increased number of people stopped looking for work entirely. On the positive side, 243,000 jobs were added to the total nonfarm payroll. The median duration of unemployment increased .1 weeks while the mean decreased .7 weeks.

Even with a slightly lower unemployment rate, it is still a severe problem. As of this month, more people are unemployed for more than six months than people unemployed less than six months in the spring of 2007.

For more information, see our employment report.

-From the St. Louis Federal Reserve and the Bureau of Labor Statistics

Unemployment Rate Drops to 8.5%

The US unemployment rate dropped .2% in December to 8.5%. Total nonfarm payroll increased 200,000 and both the civilian employment population ratio and the civilian labor force participation rate held steady. Since the percentages held steady, this implies that more people found work this past month. The median duration of unemployment dropped .5 weeks led largely by the decrease of 92,000 people unemployed more than six months. For more information, see our Employment Report.

-From the Bureau of Labor Statistics and the St. Louis Federal Reserve