Unemployment rate 8.3 percent August 3, 2012, Labor force participation rate 63.7 percent, Black Latino Asian drops don’t compute, Numbers rectified?
“The United States economy has lost more jobs than it has added since the recovery began over a year ago.”…NY Times Sept. 20, 2010.
“Guilford (Large NC County) appears on it’s way to a third consecutive year with annual jobless rates in double digits. Economists say that likely hasn’t happened since the Great Depression.”…Greensboro News Record December 2, 2011
“the Times of the nineteenth of December had published the official forecasts of the output of various classes of consumption goods in the fourth quarter of 1983, which was also the sixth quarter of the Ninth Three-Year Plan. Today’s issue contained a statement of the actual output, from which it appeared that the forecasts were in every instance grossly wrong. Winston’s job was to rectify the original figures by making them agree with the later ones.”…George Orwell, “1984″
From the US Labor Department August 3, 2012.
“THE EMPLOYMENT SITUATION — JULY 2012
Total nonfarm payroll employment rose by 163,000 in July, and the unemployment rate was essentially unchanged at 8.3 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in professional and business services, food services and drinking places, and manufacturing.
Household Survey Data
Both the number of unemployed persons (12.8 million) and the unemployment rate (8.3 percent) were essentially unchanged in July. Both measures have shown little movement thus far in 2012. (See table A-1.)
Among the major worker groups, the unemployment rate for Hispanics (10.3 percent) edged down in July, while the rates for adult men (7.7 percent), adult women (7.5 percent), teenagers (23.8 percent), whites (7.4 percent), and blacks (14.1 percent) showed little or no change. The jobless rate for Asians was 6.2 percent in July (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)
In July, the number of long-term unemployed (those jobless for 27 weeks and over) was little changed at 5.2 million. These individuals accounted for 40.7 percent of the unemployed. (See table A-12.)
Both the civilian labor force participation rate, at 63.7 percent, and the employment-population ratio, at 58.4 percent, changed little in July.”
From the Employment Situation Summary Table A. Household data, seasonally adjusted.
The white unemployment rate remained at 7.4 percent. The Black, Hispanic and Asian dropped by a combined 1.1 percent. They must be using new or fuzzy math or perhaps the numbers have been rectified as in “1984.”
Perhaps part of the reason is the drop in the Labor Force Participation Rate which is .3 percent lower than a year ago.
And speaking of Labor Force Participation Rate. Have you noticed the rate in West Virginia?