Unemployment drops to 8.3%

[bjl584]

Bottom Line - Jobless rate drops to lowest in almost 3 years

Lowest unemployment level in 3 years. Hopefully this is the start of a longer term trend and not a one time anomaly.

[snshijuptr]

From my personal experience, things are looking up. My department is hiring 2 new professors this year. All of my friends with higher degrees just got jobs in the last few months. My university's career center has employers streaming through it. Things are looking much brighter, at least for those with a higher education degree in my area.

[disneysteve]

Originally Posted by snshijuptr

From my personal experience, things are looking up. My department is hiring 2 new professors this year. All of my friends with higher degrees just got jobs in the last few months. My university's career center has employers streaming through it. Things are looking much brighter, at least for those with a higher education degree in my area.

One thing that was often lost in the doom and gloom reports was that the "national" unemployment rate varied by demographic. For example, among those with at least a college degree, the rate only got a little above 4%. The rate among those without a degree and those in the 18-24 demographic was much higher and skewed the average upward.

I wonder how the lower national rate breaks down. Are the people in the highest unemployment sector getting jobs or is the rate amongst the college-educated dropping to lower the average, or both?

[photo]

Originally Posted by bjl584

Bottom Line - Jobless rate drops to lowest in almost 3 years

Lowest unemployment level in 3 years. Hopefully this is the start of a longer term trend and not a one time anomaly.

If you dig a little deeper, you'll find that one of the reasons for the drop is that many people have quit actively looking for a job, so their unemployment is not included in the figures.

[bjl584]

Originally Posted by photo

If you dig a little deeper, you'll find that one of the reasons for the drop is that many people have quit actively looking for a job, so their unemployment is not included in the figures.

What is the definition of someone giving up looking for work? Someone that has been unemployed for X number of months? Or, someone that has been looking for work unsucessfully for X number of months?

[photo]

Originally Posted by bjl584

What is the definition of someone giving up looking for work? Someone that has been unemployed for X number of months? Or, someone that has been looking for work unsucessfully for X number of months?

Lots of articles on this.

The standard unemployment rate -- the one we hear about every month -- counts people who are actively searching for a job. Meaning, they filled out an application, sent in a resume, went to an interview in the last four weeks.

When people just stop looking for work | Marketplace from American Public Media

That was from 2009, but better yet to research how your original source was calculated. As we've all agreed before, it's more important to question the story behind the numbers.

For instance, the oft-quoted "women only receive X% of men's pay" suggests that a woman with the same education and experience gets paid significantly less than a man for the same job. Yet, the truth was discovered that the numbers are nearly identical. The figures were pitting all men against all women. Therefore, a woman who works part-time is compared with men who work full-time. And statistically, women, more than men, tend to work part-time.

Statistics are attention-grabbing but often do not tell what's really happening.


Edit: something else

These are jobless Americans who have grown so discouraged by their unsuccessful searches for work that they have simply given up the hunt. They are no longer counted among the 14.5 million Americans [one year ago] officially considered unemployed as of the end of last year, according to the Department of Labor.

Missing Workers: 4.9 Million Out Of Work And Forgotten

[bjl584]

Originally Posted by photo

Statistics are attention-grabbing but often do not tell what's really happening.

I had a Stats class in college. Day one we learned that you can make numbers say anything that you want them to.

[photo]

Originally Posted by bjl584

I had a Stats class in college. Day one we learned that you can make numbers say anything that you want them to.

Then you know to question stats. Even during WWII, the media didn't tell the public how bad things really were because they didn't want to discourage people.

[DRILLINDK]

It's all smoke and mirrors. The economy is worse than what the headlines are saying.

Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low | ZeroHedge

[J. Spence Financial]

those numbers are slightly deceiving in taht they dont include all of the unemployed like the previous posters have stated. and if you are out of work for a certain length then you are not counted in those numbers. i will say that in general the unemployment number going down is a good thing. even if it's just to help consumer confidence.