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Establishment Survey +146,000; Household Survey -122,000 Jobs; Unemployment 7.7% as Labor Force Shrinks by 350,000; No Sandy Effect
Initial Reaction and Election Impact
The establishment report of +146,000 jobs was about what most expected. However, beneath the surface, this report looks grim.
The household survey shows a loss of 122,000 jobs. The unemployment rate dropped by .2% because the labor force fell by 350,000 and those "not in the labor force" rose by a whopping 542,000.
Thus, we are back to the 2012 pattern of witnessing unemployment rate drop simply because people left the labor force.
Read more at http://globaleconomicanalysis.blogspot.com/2012/12/establishment-survey-146000-household.html#mmcdFTSoDLYSExhB.99
The establishment report of +146,000 jobs was about what most expected. However, beneath the surface, this report looks grim.
The household survey shows a loss of 122,000 jobs. The unemployment rate dropped by .2% because the labor force fell by 350,000 and those "not in the labor force" rose by a whopping 542,000.
Thus, we are back to the 2012 pattern of witnessing unemployment rate drop simply because people left the labor force.
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