Friday, November 06, 2009
|Education level||October 2008||October 2009|
|Less than H.S.||10.4%||15.5%|
|H.S., no college||6.5%||11.2%|
|H.S. some college||5.3%||9.0%|
|Bachelors & up||3.1%||4.7%|
I also note on Table A-8 many re-entrants into the labor force. How many of these are formerly stay-at-home spouses now trying to find work again?
Notice as well the increase in duration of unemployment: half of people unemployed are now out of work more than 18.7 weeks. More than a third are out over six months. It's hard to imagine Congress not passing a lengthening of unemployment insurance eligibility in this situation, even if it does lead to a lengthening of spells of unemployment. (The counterargument is that it provides for better job matching, which is plausible. Heritage did a study on extended unemployment insurance last year worth reviewing.)
Nothing really stands out for me from the payroll data, at least on first glance. I said yesterday that I thought we'd be just short of 200,000 jobs lost, and 190k is pretty close. It would not normally lead to an increase in unemployment rates of 0.4% but the rate of decline in labor force participation slowed down a bit. Paul Ashworth noted that temporary workers picked up, which is a good sign, but only if sales pick up in this last quarter. The markets focus on the bottom line, but I focus on the top.