Unemployment Numbers, August 2012 Edition
|September 8, 2012||Posted by Adam T under Political News, Political News - U.S.|
Following the previous articles on this topic, the trend of unemployment began to get shaky in May 2012, but the overall trend continues downward.
The Bureau of Labor Statistics continually measures a standard unemployment rate that has been dropping recently. Currently, the Unemployment Rate is 8.1%, down from 8.3% over the last month and down from 9.1% just a year ago. The bad news is that the unemployment rate has dropped mostly because of people who have left the labor force due to various reasons. The good news, however, is that the unemployment rate trend is still good.
In the above data, the standard unemployment rate is the U-3 metric. But the U-4 through U-6 metrics include the workers that detractors often say are ignored. Some of them even say that because the numbers don’t include them, therefore the “real unemployment rate” is much higher, and growing higher each time the U-3 metric goes down.
The above graph shows a shaky trend over the early summer. Still, the overall unemployment rate is down. Detractors just continue to focus on the unemployment rate being above 8%. Mitt Romney even declared that the July jobs report, which showed more jobs but a higher unemployment rate, that what you really need to look at is the unemployment rate going up. This month, he declared that the thing you need to look at is the number of jobs created, which has still increased but has increased by less than the previous month, while the unemployment rate went down.
The overall trend is still downward. Yes, we have a long way to go, but with 30 straight months of positive job growth, it gives us hope that things truly are getting better.