The New Employment Numbers: Things are Worsening More Slowly
The economy is getting worse more slowly. That's just about the only clear reading that's coming from the economic reports, including this morning's important one on employment. The pace of job losses slowed -- payrolls fell by 247,000, after a 443,000 loss in June, and the official jobless rate dropped from 9.5 to 9.4 percent.
Be careful with these figures, though. They don't include the increasing numbers of people working part-time who'd rather have full-time jobs. Nor do they include a large number who have given up looking for work. They don't reflect the many millions who have found new jobs that pay less than the old ones they lost. And they don't include one of the shortest typical workweeks on record, for those who still have full-time jobs. (On this score, though, another indication that things are worsening more slowly -- the workweek went up very slightly from 33 hours.) Nor, for that matter, do the numbers reflect the 130,000 people who are coming into the labor force each month ready and willing to work, who can't find jobs.
Be careful with these figures, though. They don't include the increasing numbers of people working part-time who'd rather have full-time jobs. Nor do they include a large number who have given up looking for work. They don't reflect the many millions who have found new jobs that pay less than the old ones they lost. And they don't include one of the shortest typical workweeks on record, for those who still have full-time jobs. (On this score, though, another indication that things are worsening more slowly -- the workweek went up very slightly from 33 hours.) Nor, for that matter, do the numbers reflect the 130,000 people who are coming into the labor force each month ready and willing to work, who can't find jobs.











