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Friday, October 07, 2011

More Bad News Than Good In Jobs Report

By Susan Duclos

FLASHBACK: Obama: My Presidency Will Be 'A One-Term Proposition' If Economy Doesn't Turn In 3 Years

103,000 net new jobs in September is the semi-good news.

Over to Felix Salmon to explain the bad news in the jobs report just issued:

There’s no particularly good news in these numbers. For every glimmer of good news, like the upward revisions to previous reports totaling 100,000 new jobs or so, there’s an offsetting piece of bad news, like the broad U6 unemployment rate jumping up to 16.5% from 16.2%.

And the number of people unemployed for more than six months is now 6.24 million — up by 208,000. The long-term unemployed — the least employable of the unemployed, and the most intractable problem in terms of getting America back to work — are now 44.6% of the total, up from 42.9% last month, and 41.8% a year ago.

The Official unemployment is still at 9.1 percent and as I always note, from the The Employment Situation Summary released by the United States Department of Labor Bureau of Labor Statistics, that 9.1 percent figure does not include 2.5 million unemployed:

In September, about 2.5 million persons were marginally attached to the labor force, about the same as a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.

Areas still at or above the official national average for unemployment are:

Alabama- 9.9%
Arizona 9.3%
California- 12.1%
D.C.- 11.1%
Florida- 10.7%
Georgia- 10.2%
Idaho- 9.2%
Illinois 9.9%
Kentucky- 9.5%
Michigan- 11.2%
Mississippi- 10.3%
Nevada- 13.4%
New Jersey- 9.4%
North Carolina- 10.4%
Ohio- 9.1%
Oregon- 9.6%
Rhode Island- 10.6%
South Carolina- 11.1%
Tennessee- 9.7%
Washington 9.3%

Data obtained from Bureau of Labor Statistics on the Local Area Unemployment Statistics page. (Right side)