Dr. Bernard E. Anderson: August Jobs Report
An Economy on the Mend
Dr. Bernard E. Anderson
The Wharton School, University of Pennsylvania
Senior Economic Advisor, National Urban League
The September Jobs Report shows the labor market slowly climbing out of a deep hole. Payroll employment grew 1.4 million in August, less than the 1.7 million in July, and 4.8 million in June. The household survey, based on a larger sample and broader base showed 3,756 more workers employed.
The unemployment rate fell 1.8 points, to 8.4 percent. The labor force grew to 61.7 percent, and the employment population ratio -- which shows the share of population with jobs -- rose to 56.5 percent. The “real unemployment rate,” which includes those who stopped looking for work, declined 2.3 points to 14.2 percent.