Friday, April 5, 2013

March US Unemployment 7.6% - underlying data even worse

The Federal Bureau of Labor Statistics just released their unemployment report for March.

Nonfarm payroll employment edged up in March (+88,000), and the unemployment rate was little changed at 7.6 percent, the U.S. Bureau of Labor Statistics reported today.   
The civilian labor force declined by 496,000 over the month, and the labor force
participation rate decreased by 0.2 percentage point to 63.3 percent. The employment-population ratio, at 58.5 percent, changed little. (See table A-1.) 
The Calculated Risk blog has a good commentary on the unemployment numbers and trends:

And here is Mish's commentary on the report:

How can 496,000 people drop out of the labor force in one month?  This looks like a blatant adjustment to reduce the headline unemployment percentages of 7.6%.

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