Job numbers
Apr. 3rd, 2004 09:39 amI continue to be perplexed by the job stats in the newspaper. Today's Chron article has me scratching my head. Can anyone explain the following paragraph from the article to me?
The unemployment rate rose to 5.7 percent from 5.6 percent in February primarily because 179,000 people entered the labor force, as better prospects lured job seekers to search for work.
Huh?
The "good news" for the day was that there were 308,000 new jobs. Jobs go up and unemployment goes up? I do understand that it's not a one-to-one ratio. One person can hold multiple jobs, but a person can only be counted unemployed once (and then later drop off the stats after unemployment insurance runs out). So it's a multiple jobs thing.
The article later points out that part-time jobs increased from 4.4 million to 4.7 million last month. Ah, so there's that 300,000 number.
Would you like fries with that?
The unemployment rate rose to 5.7 percent from 5.6 percent in February primarily because 179,000 people entered the labor force, as better prospects lured job seekers to search for work.
Huh?
The "good news" for the day was that there were 308,000 new jobs. Jobs go up and unemployment goes up? I do understand that it's not a one-to-one ratio. One person can hold multiple jobs, but a person can only be counted unemployed once (and then later drop off the stats after unemployment insurance runs out). So it's a multiple jobs thing.
The article later points out that part-time jobs increased from 4.4 million to 4.7 million last month. Ah, so there's that 300,000 number.
Would you like fries with that?