Friday, November 7, 2014

AJSN Down Again, As America Is Now "Only" 18.3 Million Jobs Short

October was another good month for United States employment.

The country added 214,000 net new jobs and the headline seasonally adjusted unemployment fell to 5.8 percent.  Long-term joblessness, those looking for 27 weeks or longer plunged to 2.9 million, and unadjusted unemployment fell to 5.5 percent.

Other secondary measures changed little or not at all.  The labor force participation rate and the employment to population ratio came in at 62.8% and 59.2% respectively.  There were 7.0 million people working part-time for economic reasons, or wanting full time work and not finding it, the same as in September.

Two developments were worthy of concern.  Those wanting work but not looking for the past year grew over 150,000 to 3,350,000.  The job groups with the largest gains in employment were food services, drinking places, retail trade and health care, at least 3 of which are full of low-paying positions.

Overall, the American Job Shortage Number, or AJSN was down 135,000, as follows:

Total Latent Demand % Latent Demand Total
Unemployed 8,680,000 90 7,812,000
Discouraged 770,000 90 693,000
Family Responsibilities 247,000 30 74,100
In School or Training 229,000 50 114,500
Ill Health or Disability 131,000 10 13,100
Other 816,000 30 244,800
Did Not Search for Work In  Previous Year 3,350,000 80 2,680,000
Not Available to Work Now 580,000 30 174,000
Do Not Want a Job 85,919,000 5 4,295,950
Non-Civilian, Institutionalized, and Unaccounted For, 15+ 9,514,318 10 951,432
American Expatriates 6,320,000 20 1,264,000
TOTAL 18,316,882

The turtle is still moving forward.

Thanks to my wonderful wife Mary for being my eyes, on which I had surgery, this week.

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