The Bureau of Labor Statistics reported mixed news on the job front Friday morning. The national unemployment rate managed to fall below 10 percent in January, but employers reported having 20,000 fewer jobs on its payrolls.
The contradiction is the result of the methodology used to glean the numbers. The unemployment rate, which fell to 9.7 percent, the lowest level since August, is measured through a household survey that asks people if they have jobs and are looking. The employer survey, which is most closely watched by investor, asks how many people are on payroll.
According to the report, 541,000 more Americans had jobs in January, but most of that was attributed to seasonal adjustments to the data. The report also showed ‘The Great Recession’ of 2008-09 was actually worse than first thought. The number of jobs lost since the downturn began in December 2007 was actually 8.4 million, not the 7.2 million previously reported.
There are signs the economy is rebounding, however. January’s job losses were the fewest since the recession began and is down significantly from the 779,000 jobs lost in January 2009.
To view the full report click here.
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February 9th, 2010 at 1:07 pm
[...] U.S. Bureau of Labor Statistics last week reported the national unemployment rate had fallen to 9.7 percent in January, the lowest level in five months. While things appear to be looking up, Larry Mishel, [...]
March 6th, 2010 at 8:14 pm
[...] Visit link: U.S. Jobs Report Offers Mixed Results | EmploymentSpectator … [...]
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