The US economy created 155,000 new payroll jobs in December, equal to the monthly average for the year. The unemployment rate remained steady and long-term unemployment fell

1. Data for the Classroom from
Ed Dolan’s Econ Blog
http://dolanecon.blogspot.com/
Unemployment Duration Falls
as Job Market Ends 2012 on
Quiet Note
Posted Jan. 5, 2013
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2. December Job Growth of 155 k Equals Year’s Average
 The latest report from the Bureau of
Labor Statistics shosw an increase of
155,000 payroll jobs in September,
almost exactly equal to the 2012
monthly average of 154,000
 The November figure was revised up
from 146,000 to 161,000 and the
October figure was revised down from
138,000 to 137,000
 30,000 new construction jobs probably
reflected rebuilding from superstorm
Sandy
 The private sector produced 168,000
new jobs while the government sector
lost 13,000, with local government
education the biggest loser
Posted Jan. 5, 2013 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

3. Unemployment Rate Steady at 7.8 Percent
 The unemployment rate was steady at
7.8 percent in December. November
unemployment, previously reported at
7.7 percent, was revised to 7.8 percent
 The unemployment rate is the ratio of
unemployed persons to the labor force.
 The labor force increased by 192,000
for the month. The number of employed
workers rose by 28,000 and the number
of unemployed workers by 164,000
 The unemployment rate is based on a
separate survey of households that
includes self-employed and farm
workers
Posted Jan. 5, 2013 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

4. Broad vs. Standard Unemployment Rate
 The BLS also provides a broader
measure of job-market stress, U-6
 The numerator of U-6 includes
 Unemployed persons
 Marginally attached persons who
would like to work but are not
looking because they think there
are no jobs, or for personal reasons
 Part-time workers who would prefer
full-time work but can’t find it
 The denominator includes the labor
force plus the marginally attached
 U-6 remained unchanged at 14.4
percent in October, its lowest rate
since January 2009
Posted Jan. 5, 2013 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

5. Long-term Unemployment Falls to Lowest Since 2010
 The recession and slow recovery have
been characterized by unusually high
levels of long-term unemployment, but
the rate has begun to fall
 The percentage of the unemployed
out of work for 27 weeks or more
decreased to 39.1 percent in
December, the lowest rate since
November 2010
 The mean duration of unemployment
fell to 38.1 weeks and the median
duration to 18 weeks
Posted Jan. 5, 2013 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

6. Long-term Unemployment Falls to Lowest Since 2010
 The recession and slow recovery have
been characterized by unusually high
levels of long-term unemployment, but
the rate has begun to fall
 The percentage of the unemployed
out of work for 27 weeks or more
decreased to 39.1 percent in
December, the lowest rate since
November 2010
 The mean duration of unemployment
fell to 38.1 weeks and the median
duration to 18 weeks
Posted Jan. 5, 2013 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com