Nonfarm payroll employment rose by 290,000 in April, the unemployment rate edged up to 9.9 percent, and the labor force increased sharply, the U.S. Bureau of Labor Statistics reported today.
The household survey reports that employment increased by 550,000 in April, which increased the employment-population ratio from 58.6% to 58.8%. So why did the reported unemployment rate increase? The key here is this sharp increase in the labor force with the participation rate rising from 64.9% to 65.2%. Not bad for one month but a long, long way from full employment.
PGL:
ReplyDeleteThat is a huge jump in Participation Rate resulting from more people looking for work, I assume, and leaving the Not In Labor Force. 66.7% Participation Rate at 9% Unemployment would be a huge improvement over today.
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