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Economics for your Classroom
            from
    Ed Dolan’s Econ Blog

US Unemployment Drops
 to 7.6 Percent but Job
     Growth Slows
          April 5, 2013




          Terms of Use: These slides are provided under Creative Commons License Attribution—Share Alike 3.0 . You are free
          to use these slides as a resource for your economics classes together with whatever textbook you are using. If you like
          the slides, you may also want to take a look at my textbook, Introduction to Economics, from BVT Publishing.
Unemployment Rate Falls to 7.6 Percent


 The US unemployment rate fell to 7.6%
  in March, the lowest since December
  2008. The unemployment rate is the ratio
  of unemployed persons to the labor force.
 The decrease in the unemployment rate
  was largely due to withdrawals from the
  labor force, which decreased by 496,000
  for the month. The number of employed
  workers fell by 206,000 and the number
  of unemployed fell by 290,000
 The unemployment rate is based on a
  survey of households that includes self-
  employed and farm workers



                        April 5, 2013 Ed Dolan’s Econ Blog
Broad vs. Standard Unemployment Rate

 The BLS also provides a broader
  measure of job-market stress, U-6
 The numerator of U-6 includes
     Unemployed persons
     Marginally attached persons who
      would like to work but are not
      looking because they think there
      are no jobs, or for personal reasons
     Part-time workers who would prefer
      full-time work but can’t find it
 The denominator includes the labor
  force plus the marginally attached
 U-6 fell to 13.8 percent in February,
  its lowest since the recovery began

                        April 5, 2013 Ed Dolan’s Econ Blog
Job Growth Slows Sharply in March


 According to a separate survey of
  employers, which excludes self-
  employed and farm workers, the
  economy added just 88,000 payroll jobs
  in March
 That marked a sharp decrease from the
  268,000 added in February
 Most of the new jobs were in the private
  service sector. Jobs in goods producing
  sectors barely increased, and
  government employment fell




                        April 5, 2013 Ed Dolan’s Econ Blog
Long-term Unemployment Remains Stubbornly High


 The recession and slow recovery have
  been characterized by unusually high
  levels of long-term unemployment
 The percentage of the unemployed
  out of work for 27 weeks or more fell
  slightly to 39.6 percent in March, but
  remained above the low reached in
  January
 The mean duration of unemployment
  increased to 37.1 weeks and the
  median duration to 18.1 weeks



                       April 5, 2013 Ed Dolan’s Econ Blog
Involuntary Part-Time Falls to a Low for the Recovery

 The number of people working part
  time for economic reasons has also
  been unusually high throughout the
  recession and recovery
 These people are sometimes called
  “involuntary” part-time workers to
  distinguish them from people who
  regularly work part time because of
  family or personal obligations,
  school or training, retirement, and
  other reasons
 Involuntary part-time workers
  decreased to 4.9 percent of the
  labor force in March

                      April 5, 2013 Ed Dolan’s Econ Blog
The employment
situation at a glance
This spider chart summarizes
the employment situation for
March 2013
The zero mark in the center
of the chart represents the
worst month for each indicator
since the start of the recession
The 100 mark represents the
best month for each indicator
immediately before the onset of
the recession
For more slideshows and commentary, follow Ed Dolan’s Econ Blog




                      Like this slideshow?
                      Follow @DolanEcon on Twitter


             Click here to learn more about Ed Dolan’s Econ texts

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US Unemployment Rate Falls to 7.6 Percent but Job Growth Slows

  • 1. Economics for your Classroom from Ed Dolan’s Econ Blog US Unemployment Drops to 7.6 Percent but Job Growth Slows April 5, 2013 Terms of Use: These slides are provided under Creative Commons License Attribution—Share Alike 3.0 . You are free to use these slides as a resource for your economics classes together with whatever textbook you are using. If you like the slides, you may also want to take a look at my textbook, Introduction to Economics, from BVT Publishing.
  • 2. Unemployment Rate Falls to 7.6 Percent  The US unemployment rate fell to 7.6% in March, the lowest since December 2008. The unemployment rate is the ratio of unemployed persons to the labor force.  The decrease in the unemployment rate was largely due to withdrawals from the labor force, which decreased by 496,000 for the month. The number of employed workers fell by 206,000 and the number of unemployed fell by 290,000  The unemployment rate is based on a survey of households that includes self- employed and farm workers April 5, 2013 Ed Dolan’s Econ Blog
  • 3. Broad vs. Standard Unemployment Rate  The BLS also provides a broader measure of job-market stress, U-6  The numerator of U-6 includes  Unemployed persons  Marginally attached persons who would like to work but are not looking because they think there are no jobs, or for personal reasons  Part-time workers who would prefer full-time work but can’t find it  The denominator includes the labor force plus the marginally attached  U-6 fell to 13.8 percent in February, its lowest since the recovery began April 5, 2013 Ed Dolan’s Econ Blog
  • 4. Job Growth Slows Sharply in March  According to a separate survey of employers, which excludes self- employed and farm workers, the economy added just 88,000 payroll jobs in March  That marked a sharp decrease from the 268,000 added in February  Most of the new jobs were in the private service sector. Jobs in goods producing sectors barely increased, and government employment fell April 5, 2013 Ed Dolan’s Econ Blog
  • 5. Long-term Unemployment Remains Stubbornly High  The recession and slow recovery have been characterized by unusually high levels of long-term unemployment  The percentage of the unemployed out of work for 27 weeks or more fell slightly to 39.6 percent in March, but remained above the low reached in January  The mean duration of unemployment increased to 37.1 weeks and the median duration to 18.1 weeks April 5, 2013 Ed Dolan’s Econ Blog
  • 6. Involuntary Part-Time Falls to a Low for the Recovery  The number of people working part time for economic reasons has also been unusually high throughout the recession and recovery  These people are sometimes called “involuntary” part-time workers to distinguish them from people who regularly work part time because of family or personal obligations, school or training, retirement, and other reasons  Involuntary part-time workers decreased to 4.9 percent of the labor force in March April 5, 2013 Ed Dolan’s Econ Blog
  • 7. The employment situation at a glance This spider chart summarizes the employment situation for March 2013 The zero mark in the center of the chart represents the worst month for each indicator since the start of the recession The 100 mark represents the best month for each indicator immediately before the onset of the recession
  • 8. For more slideshows and commentary, follow Ed Dolan’s Econ Blog Like this slideshow? Follow @DolanEcon on Twitter Click here to learn more about Ed Dolan’s Econ texts