7.8 Percent – US Unemployment Rate Below 8 Percent

Zennie Abraham / Zennie62
Zennie Abraham / Zennie62

7.8 percent. The U.S. unemployment rate is now at 7.8 percent, and has gone below 8 percent for the first time since January 2009, the month of President Obama’s inauguration.

In moving below 8 percent, a number that Obama pointed to as a target at first, and then Republicans, led by House Speaker John Boehner pointed to as a target the President could not reach – Obama now has quickly regained the political upper hand in the Presidential race.

In a way, considering the amazing swath of lies Governor Mitt Romney told at Wednesday’s debate, it’s a fitting, almost God-sent rebuttal. What’s sad is that there are Conservatives like Former GE CEO Jack Welsh who seem to so want Obama out of office, they would accuse the Bureau Of Labor Statistics for cooking the numbers because they weren’t bad.

How’s that for celebrating America? And if they think 7.8 is bad for their desires, the GOP will really bust a gut when they see the iPhone 5-fueled October estimates.

Here’s the BLS data and information:

Employment Situation Summary
Transmission of material in this release is embargoed USDL-12-1981
until 8:30 a.m. (EDT) Friday, October 5, 2012

Technical information:
Household data: (202) 691-6378 * [email protected] * www.bls.gov/cps
Establishment data: (202) 691-6555 * [email protected] * www.bls.gov/ces

Media contact: (202) 691-5902 * [email protected]

THE EMPLOYMENT SITUATION — SEPTEMBER 2012

The unemployment rate decreased to 7.8 percent in September, and total nonfarm
payroll employment rose by 114,000, the U.S. Bureau of Labor Statistics reported
today. Employment increased in health care and in transportation and warehousing
but changed little in most other major industries.

Household Survey Data

The unemployment rate declined by 0.3 percentage point to 7.8 percent in September.
For the first 8 months of the year, the rate held within a narrow range of 8.1
and 8.3 percent. The number of unemployed persons, at 12.1 million, decreased by
456,000 in September. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (7.3 percent),
adult women (7.0 percent), and whites (7.0 percent) declined over the month.
The unemployment rates for teenagers (23.7 percent), blacks (13.4 percent), and
Hispanics (9.9 percent) were little changed. The jobless rate for Asians, at
4.8 percent (not seasonally adjusted), fell over the year. (See tables A-1, A-2,
and A-3.)

In September, the number of job losers and persons who completed temporary jobs
decreased by 468,000 to 6.5 million. (See table A-11.)

The number of persons unemployed for less than 5 weeks declined by 302,000 over
the month to 2.5 million. The number of long-term unemployed (those jobless for
27 weeks or more) was little changed at 4.8 million and accounted for 40.1
percent of the unemployed. (See table A-12.)

Total employment rose by 873,000 in September, following 3 months of little
change. The employment-population ratio increased by 0.4 percentage point to
58.7 percent, after edging down in the prior 2 months. The overall trend in
the employment-population ratio for this year has been flat. The civilian labor
force rose by 418,000 to 155.1 million in September, while the labor force
participation rate was little changed at 63.6 percent. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes
referred to as involuntary part-time workers) rose from 8.0 million in August
to 8.6 million in September. These individuals were working part time because
their hours had been cut back or because they were unable to find a full-time
job. (See table A-8.)

In September, 2.5 million persons were marginally attached to the labor force,
essentially unchanged from a year earlier. (These 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. (See table A-16.)

Among the marginally attached, there were 802,000 discouraged workers in
September, a decline of 235,000 from a year earlier. (These data are not
seasonally adjusted.) Discouraged workers are persons not currently looking
for work because they believe no jobs are available for them. The remaining
1.7 million persons marginally attached to the labor force in September had
not searched for work in the 4 weeks preceding the survey for reasons such
as school attendance or family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment increased by 114,000 in September. In 2012,
employment growth has averaged 146,000 per month, compared with an average
monthly gain of 153,000 in 2011. In September, employment rose in health care
and in transportation and warehousing. (See table B-1.)

Health care added 44,000 jobs in September. Job gains continued in ambulatory
health care services (+30,000) and hospitals (+8,000). Over the past year,
employment in health care has risen by 295,000.

In September, employment increased by 17,000 in transportation and warehousing.
Within the industry, there were job gains in transit and ground passenger
transportation (+9,000) and in warehousing and storage (+4,000).

Employment in financial activities edged up in September (+13,000), reflecting
modest job growth in credit intermediation (+6,000) and real estate (+7,000).

Manufacturing employment edged down in September (-16,000). On net, manufacturing
employment has been unchanged since April. In September, job losses occurred
in computer and electronic products (-6,000) and in printing and related
activities (-3,000).

Employment in other major industries, including mining and logging, construction,
wholesale trade, retail trade, information, professional and business services,
leisure and hospitality, and government, showed little change over the month.

The average workweek for all employees on private nonfarm payrolls edged up by
0.1 hour to 34.5 hours in September. The manufacturing workweek edged up by
0.1 hour to 40.6 hours, and factory overtime was unchanged at 3.2 hours.
The average workweek for production and nonsupervisory employees on private
nonfarm payrolls was unchanged at 33.7 hours. (See tables B-2 and B-7.)

In September, average hourly earnings for all employees on private nonfarm
payrolls rose by 7 cents to $23.58. Over the past 12 months, average hourly
earnings have risen by 1.8 percent. In September, average hourly earnings of
private-sector production and nonsupervisory employees increased by 5 cents
to $19.81. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for July was revised from
+141,000 to +181,000, and the change for August was revised from +96,000 to
+142,000.

____________
The Employment Situation for October is scheduled to be released on
Friday, November 2, 2012, at 8:30 a.m. (EDT).

Stay tuned.

About the Author

Zennie Abraham
Zennie Abraham | Zennie Abraham or "Zennie62" is the founder of Zennie62Media which consists of zennie62blog.com and a multimedia blog news aggregator and video network, and 78-blog network, with social media and content development services and consulting. Zennie is a pioneer video blogger, YouTube Partner, social media practitioner, game developer, and pundit. Note: news aggregator content does not reflect the personal views of Mr. Abraham.

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