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Unemployment News Lost Census Workers Offset Poor Employment Gains
August 6, 2010 Both the July U-6 and U-3 unemployment rates were unchanged from the previous month at 16.5% and 9.5% respectively, the government reported today.
Long term unemployment, defined to be 27 weeks or more out of work was little changed at 6.6 million, or about 45% of unemployed(U3) people. The median number of weeks of unemployment declined slightly to 22.2 in July.
There were 1.2 million discouraged workers in July, up from 389,000 a year earlier. Discouraged workers are persons not currently looking for work because they believe no jobs are available for them.
The number of persons working part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged 8.5 million in July. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
The number of unemployed persons was 14.6 million and 131,000 jobs were LOST in July. Federal government em- ployment fell, as 143,000 temporary workers hired for the decennial census completed their work. Private-sector payroll employment edged up by 71,000.
The U-6 unemployment rate includes the total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers. What is unemployment?
Click here for a larger graph of unemployment rates.
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