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Unemployment rate

Unemployment rate

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by: billybob Active Indicator LED Icon 12 OP 
~ 3 years, 10 mos ago   Jun 4, '20 9:43pm  
Unemployment rate
The new unemployment rate will be announced tomorrow morning before the markets open. It is going to be ugly as it will take into account job losses in April.
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AngryCodger Active Indicator LED Icon 5
~ 3 years, 10 mos ago   Jun 5, '20 8:44am  
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,,,
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AngryCodger Active Indicator LED Icon 5
~ 3 years, 10 mos ago   Jun 5, '20 8:52am  
Total nonfarm payroll employment rose by 2.5 million in May, and the unemployment rate declined to 13.3 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it. In May, employment rose sharply in leisure and hospitality, construction, education and health services, and retail trade. By contrast, employment in government continued to decline sharply. …
 
The unemployment rate declined by 1.4 percentage points to 13.3 percent in May, and the number of unemployed persons fell by 2.1 million to 21.0 million. Reflecting the effects of the coronavirus pandemic and efforts to contain it, the unemployment rate and the number of unemployed persons are up by 9.8 percentage points and 15.2 million, respectively, since February.
 
CNBC called it the biggest job gain ever recorded. "The May gain was by far the biggest one-month jobs gain in U.S. history since at least 1939."
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Crispus Active Indicator LED Icon 1
~ 3 years, 10 mos ago   Jun 5, '20 9:33am  
Is there a breakdown by state? Also, I saw this mentioned:
 
- Change in non-farm payrolls: +2.509 million vs. -7.5 million expected and -20.687 million in April
- Unemployment rate: 13.3% vs. 19.0% expected and 14.7% in April
- Average hourly earnings month on month: -1.0% vs. +1.0% expected and +4.7% in April
- Average hourly earnings year on year: +6.7% vs. +8.5% expected and +8.0% in April
 
Do those average hourly earning numbers indicate these were mostly low-wage jobs added? I'm wondering if many unemployed needed more money than the stimulus provided them (not a surprise), so they abandoned sheltering in place and took low paying jobs in 'essential' positions to keep them partially afloat.
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DennisinMH Active Indicator LED Icon 12
~ 3 years, 10 mos ago   Jun 5, '20 10:07am  
Well, hopefully this will take away the hot wind of folks like Rush, Fox, Hannity, and other RW and Conservative pundits that the Dems were using Covid to destroy the economy by keeping folks unemployed and locked down.
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DennisinMH Active Indicator LED Icon 12
~ 3 years, 10 mos ago   Jun 5, '20 10:09am  
On the other hand, you have to wonder if the numbers were 'fixed' to look good, because RW always complained the Obama administration was 'fixing' unemployment numbers during his term.
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leslie110 Active Indicator LED Icon 16
~ 3 years, 10 mos ago   Jun 5, '20 10:10am  
Were 2.5 million jobs added or 2.5 million people allowed to return to their jobs?
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leslie110 Active Indicator LED Icon 16
~ 3 years, 10 mos ago   Jun 5, '20 10:14am  
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Per BLS
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bn13814 Active Indicator LED Icon 11
~ 3 years, 10 mos ago   Jun 5, '20 11:15am  
Well, hopefully this will take away the hot wind of folks like Rush, Fox, Hannity, and other RW and Conservative pundits that the Dems were using Covid to destroy the economy by keeping folks unemployed and locked down.
 
@DennisinMH : They are, but it is failing as most states reject institutional paranoia.
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bn13814 Active Indicator LED Icon 11
~ 3 years, 10 mos ago   Jun 5, '20 11:16am  
On the other hand, you have to wonder if the numbers were 'fixed' to look good, because RW always complained the Obama administration was 'fixing' unemployment numbers during his term.
 
@DennisinMH : They were, and an adjustment was made later, almost always showing lower job creation, GDP growth.
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Mahkno Active Indicator LED Icon 17
~ 3 years, 10 mos ago   Jun 5, '20 11:17am  
Numbers are almost always revised as more data comes in.
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bn13814 Active Indicator LED Icon 11
~ 3 years, 10 mos ago   Jun 5, '20 11:55am  
Numbers are almost always revised as more data comes in.
 
@Mahkno : More data usually made Obama era numbers worse.
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leslie110 Active Indicator LED Icon 16
~ 3 years, 10 mos ago   Jun 5, '20 11:57am  
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....
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Mahkno Active Indicator LED Icon 17
~ 3 years, 10 mos ago   Jun 5, '20 12:19pm  
The number of persons collecting unemployment benefits is not the same thing as the unemployment rate.
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leslie110 Active Indicator LED Icon 16
~ 3 years, 10 mos ago   Jun 5, '20 12:21pm  
No, it isn't, my quote had nothing to do with the unemployment rate.
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Mahkno Active Indicator LED Icon 17
~ 3 years, 10 mos ago   Jun 5, '20 12:29pm  
@leslie110 :
 
"9m more unemployed ppl on benefits than there were ppl unemployed [eg the rate]."
 
Yes it did.
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