Saturday, October 07, 2023

Unemployment Rate Remained Steady At 3.8% In September


 The Labor Department released its unemployment report for September on Friday. It showed that the economy produced a fairly healthy 336,000 new jobs for the month. That was enough to keep the unemployment rate at 3.8% (the same as in August).

Here are the relevant statistics for September:

SIZE OF THE CIVILIAN WORK FORCE:

167,929,000

OFFICIAL NUMBER OF UNEMPLOYED WORKERS:

6,360,000

OFFICIAL UNEMPLOYMENT RATE:

3.8%

DEMOGRAPHIC BREAKDOWN OF OFFICIAL UNEMPLOYMENT:

Adult men...............3.8%

Adult women...............3.1%

Teens (16-19)...............11.6%

Whites...............3.4%

Blacks...............5.7%

Asians...............2.8%

Hispanics...............4.6%

No HS diploma...............5.5%

HS graduate...............4.1%

Some college...............3.0%

Bachelor's deg. or more...............2.1%

NUMBER OF MARGINALLY-ATTACHED WORKERS (unemployed but not counted):

1,457,000

MORE REALISTIC NUMBER OF UNEMPLOYED WORKERS (official + marginally-attached):

7,817,000

MORE REALISTIC UNEMPLOYMENT RATE:

4.65%

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