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UPDATED May4, 2012 The economy created a moderate number of jobs in January. The U3 unemployment rate was little changed and U6 unemployment rate remained at 14.5%. Still, if the pace of job growth is maintained, unemployment rates won't return to pre-recession levels until after 2016!
The number of unemployed decreased in April the government reported today. The U-3 unemployment declined slightly 8.1% in April. The U-6 unemployment rate remained at 14.5%. The US economy added 115,000 jobs last month. Total U-3 Unemployment was little changed at 12.5 million persons.
Click here for a larger graph of unemployment rates.
Long term unemployment, defined to be 27 weeks or more out of work was little changed at 5.1 million, or 41.3% of unemployed(U3) people. The median number of weeks of unemployment was declined slightly to 19.4 weeks.
About 2.4 million persons were marginally attached to the labor force in April, little different from a year earlier. 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.
Among the marginally attached, there were 968,000 discouraged workers in April, little different from a year earlier. Discouraged workers are persons not currently looking for work because they believe no jobs are available for them.
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) remained much teh same at 7.9 million over the month. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
The U-6 unemployment rate includes the total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers. What is unemployment?
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