September jobs report
Key excerpts from today's jobs report:
Economists expected a gain of 180,000 in September. Unfortunately, the report fell short of those numbers:
"Total nonfarm payroll employment rose by 148,000 in September, and the unemployment rate was little changed at 7.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in construction, wholesale trade, and transportation and warehousing."
Unemployment rates for major worker groups:
Adult men (7.1 percent)
Adult women (6.2 percent),
Teenagers (21.4 percent),
Whites (6.3 percent)
Blacks (12.9 percent),
Hispanics (9.0 percent)
Asians (5.3 percent
Long-term joblessness unchanged:
"In September, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 4.1 million. These individuals accounted for 36.9 percent of the unemployed. The number of long-term unemployed has declined by 725,000 over the past year."
The fabor force stops shrinking:
"Both the civilian labor force participation rate, at 63.2 percent, and the employment-population ratio at 58.6 percent, were unchanged in September. Over the year, the labor force participation rate has declined by 0.4 percentage point, while the employment- population ratio has changed little."
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was unchanged at 7.9 million in September. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. "
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