Challenges Persist in Job Creation and Unemployment
Year over year, the employment situation looks rather upbeat. But closer and more recent analysis reveals some softness in U.S. performance.
In September we added only 142,000 jobs, well under the expected 200,000, and August was revised downward to 136,000. This is far weaker than performance earlier in the year.
I expect Connecticut’s numbers, due out October 19, will underperform compared to the last several reports.
While most experts anticipate that the U-3 (regular) unemployment rate — now 5.1% — will sink below 5% soon, underemployment remains a real concern. The effective U-6 unemployment rate (which counts discouraged workers as well as part-timers who desire full-time work) exceeds 10% throughout most of the U.S.
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