Additional Information. Seasonal adjustment is a statistical method for removing the seasonal component of a time series that is used when analyzing non-seasonal trends. It is normal to report un-adjusted data for current unemployment rates, as these reflect the actual current situation.
Seasonally adjusted data may be used for the longer term comparison. Unlike the trend and cyclical components, seasonal components, theoretically, happen with similar magnitude during the same time period each year. The seasonal component of a series are often considered to be uninteresting in their own right and to cause the interpretation of a series to be ambiguous. By removing the seasonal component, it is easier to focus on other components. This feature is limited to our corporate solutions.
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In October , the national unemployment level of the United States stood at about 7. Loading statistic Show source. Some experts argue the official headline figure hides a far darker picture of the state of the labor market.
First, it is important to unpack what this commonly cited statistic does and does not tell us. The headline unemployment rate measures the proportion of the American civilian labor force — anyone over the age of 16 — that does not have a job and is still actively looking for work.
It does not include the large number of people who have given up looking for work, those stuck in low wage, low hour jobs or those stuck in part-time jobs when they want full time ones.
Economist Dr William Rodgers, vice-president and director of the Institute for Economic Equity at the Federal Reserve Bank of St Louis, sees the headline unemployment rate as more of a measure of the fluidity experienced by people trying to get job, rather than a definitive snapshot of who is not working.
It tells you what has already happened, since employers only lay off workers after business slows down. The unemployment rate isn't lagging as much as usual because the pandemic is still creating sudden changes. Companies resist hiring new workers when a recession is over until they can be sure that the economy will stay strong. The economy could improve for months, and the recession could be over before the unemployment rate drops. It's not suitable for predicting trends, but it's useful for confirming them.
Check the unemployment rates since to put October's report into perspective,. The unemployment rate reached a record of April 's unemployment rate skyrocketed to Unemployment rose to These two recession-driven spikes resulted in elevated unemployment levels that lasted for years. Bureau of Labor Statistics. Center on Budget and Policy Priorities. Board of Governors of the Federal Reserve System. Alternative Measures of Labor Underutilization. Accessed Nov.
Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content.
Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. These statistics are likely an undercount. Certain workers, like those who left the labor force entirely due to pandemic health risks or child-care duties, aren't considered unemployed since they're not actively looking for work. It's likely that the long-term unemployed are overrepresented in the hardest-hit industries , like leisure and hospitality, according to economists.
There are almost 3 million fewer jobs in that sector relative to pre-pandemic levels — accounting for a third of the 8. Hiring in the sector, which includes restaurants, bars and hotels, for example, grew by , last month. In April, 4. More from Personal Finance: Eviction ban remains in effect as government appeals ruling Will your child's school mandate Covid vaccinations? Here's who would benefit most from student loan forgiveness. That's close to the historical peak hit in the aftermath of the Great Recession:
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