Friday, October 8, 2010

Job market: Mixed results for September 2010

The unemployment rate, at 9.6%, remained unchanged in September. Although it is below its late 2009 peak, it has spent almost all of 2010 (except April) in a range of 9.5-9.7%.

Payrolls continued to get worse in September. Ironically, businesses are actually increasing workers. It is governments that are losing workers. John Maynard Keynes must be rolling over in his grave.

On the bright side, aggregate weekly hours worked is increasing. This suggests that underemployment is declining.

Also on the bright side, the mean duration of unemployment has continued to decline after reaching its all-time peak in June 2010.

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