The 9.8% unemployment number announced this morning ? Well, it is really 9.817 %. and, what is packed into this number?
Unpacking the 9.8% unemployment number released this morning, 12/3/10.
Understand that this so-called "unemployment" number is not the picture of America's unemployed. That percentage is around 15% and more than 23 million folks, more than half of which are no longer drawing unemployment benefits. Now, to the numbers:
The 9.817 % figure represents an increase in benefit applicants of 276,000 persons.
Private sector jobs gained 50,000 jobs - most of which were temporary jobs [39,500 in total make up the 50,000 private sector job gain.]
More than 10,000 government jobs (local, county, state and federal) were lost.
Manufacturing lost 13,000 jobs, retail was down 28,100, financial sector jobs were down 9,000.
The unemployment rate would have been close to 10% if it had not been for part-time work totals. This monthly report included 39,500 temporary jobs.
As has been the case in previous reports, healthcare employment was up (19,200 for November) as was employment in the restaurant industry (adding 11,700 jobs to the 22,400 total for October).
The next unemployment report will come out on January 7, 2011 in the a.m. This end of the year report, will not only included the numbers for the month of December, it will include a revision of than annual totals and averages for the year.
Understand that the annual unemployment benefits total average for last year, 2009, was 9.3% or 14.265 million workers - according to Department of Labor stats. A month from now, we will find out if Obama's constant talk of "turning things around" is, in fact, in line with the statistical reality. Bad news for Novice Economist is anticipated.
Understand that Obama will point to the 11th consecutive month of private sector job increase. He will not tell you that 80% of this total is temporary employment. In fact, when finished listening to the Novice, one would think that the unemployment total is rather meaningless !!!
Understand that this so-called "unemployment" number is not the picture of America's unemployed. That percentage is around 15% and more than 23 million folks, more than half of which are no longer drawing unemployment benefits. Now, to the numbers:
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