Friday, May 8, 2009

Unemployment Rate Rises to 8.9% in April 2009--U6 Unemployment up to 15.8%

According to figures released from the bureau of labor statistics, the US unemployment rate increased from 8.5% in March 2009 to 8.9% in April 2009---losing 539,000 jobs in the process.

There are now 3.7 million people who have been unemployed for over a half year. This is up from 1.3 million people in the same position at the start of the "Great Recession" in 12/2007.

Click on Image for a larger chart

One other interesting point is the fact that even though the unemployment increased by 0.4 percentage points in the month (8.5 to 8.9%), the U6 Unemployment Rate (which includes the unemployed as well as peole working part-time b/c they can't find full time work) increased only 0.2 percentage points (15.6 to 15.8%). Now maybe I'm being a pollyanna, but this is pretty good news--It means that the number of people who were working part time work, but wanted full time work actually fell!---I hope that means they found full time work, and not that they are now just happy with their part-time careers.
Click on Image for a Larger Chart

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