The Homa Files

There are 3 main sources of unemployment data: ADP, Gallup, and the BLS, with the latter — the gov’t number — comes out today.

This week, ADP report that 39,000 private sector jobs were lost in Sept.

Now, Gallup is reporting a .7% rise in the unemployment rate to 10.1%, and an increase in the underemployment rate to 18.8%. Charts and link below.

So, the Recovery Summer Tour — showcasing the trillion dollar faux stimulus program — started with unemployment at 9.6%, and ends with the rate at 10.1%.

Some recovery …

Gallup says that most of the job losses came in the last 2 weeks of the month and probably won’t be reflected in today’s BLS numbers … they’ll show up in a revision that comes — you guessed it — 3 days after the mid-term elections. 

Hmmm.

” The government’s final unemployment report before the midterm elections is based on job market conditions around mid-September. Gallup’s modeling of the unemployment rate is consistent with Tuesday’s ADP report of a decline of 39,000 private-sector jobs, and indicates that the government’s national unemployment rate in September will be in the 9.6% to 9.8% range. This is based on Gallup’s mid-September measurements and the continuing decline Gallup is seeing in the U.S. workforce during 2010.

However, Gallup’s monitoring of job market conditions suggests that there was a sharp increase in the unemployment rate during the last couple of weeks of September. It could be that the anticipated slowdown of the overall economy has potential employers even more cautious about hiring.”

http://www.gallup.com/poll/143426/Gallup-Finds-Unemployment-September.aspx

This entry was posted on October 8, 2010 at 6:59 am and is filed under Employment - Jobs, Unemployment. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.