Friday, September 6, 2013

Unemployment rate down 0.1% to 7.3% for August

Credit: Calculated Risk
Fresh electrons from the Bureau of Labor Statistics: the National Unemployment Rate for August was down 0.1% to 7.3%. The broader U6 measurement of unemployment was also down by 0.3% to 13.7%.

The media is going to be talking about (and already is) about the lukewarm payroll number: 169,000 new non-farm jobs for August, which is not very stunning and lower than expected.

The number of long-term unemployed stayed flat at 4.3 million. Those with a college degree have an unemployment rate of 3.5%, a drop of 0.3%; those without a high school diploma have an unemployment rate of 11.3%, an increase of 0.3%.

Chemical manufacturing employment was down 3,200 jobs to 793,000 from July's 796,200.

It looks to me like August was a so-so month for employment, and 2013 isn't looking much brighter, which is too bad.

Thanks, as always, to Calculated Risk for the graph. 


  1. A bit tangential to this post, but have you seen this?

    Thought you might find it interesting

  2. Our country lost 3200 chem manufacturing jobs from July. Then we have presumably very smart people from Chem labs at Berkeley (e.g., who will eventually get out on the market.

    Just think how your going to feel if you get a PhD Chem degree from a 2nd or 3rd tier university (like I did)?

    1. I've been long arguing that nation's needs could be served by the graduates of top 10-15 programs. Ban TA-ing and shut down everything else, or rather allow them to graduate as many students as they can employ as permanent research and teaching staff.