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August 7, 2009

Economy Getting Worse More Slowly

-- by Dave Johnson

Behind the "good" news:

Employment Situation Summary:

* Nonfarm payroll employment continued to decline in July (-247,000)

* The unemployment rate was little changed at 9.4 percent (because 400,000 more people gave up looking for work)

* In July, the number of unemployed persons was 14.5 million.

* The number of long-term unemployed (those jobless for 27 weeks or more) rose by 584,000 over the month to 5.0 million.

* The civilian labor force participation rate declined by 0.2 percentage point in July to 65.5 percent. The employment-population ratio, at 59.4 percent, was little changed over the month but has declined by 3.3 percentage points since the recession began in December 2007.

* The number of persons working part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in July at 8.8 million.

* About 2.3 million persons were marginally attached to the labor force in July, 709,000 more than a year earlier. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.

* U-6 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.. 16.3%

Posted by Dave Johnson at August 7, 2009 7:25 AM


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