We had previously discussed the Augmented Unemployment Rate back on January 10, 2004. (I’ve been meaning to update it, but its not the type of stat that moves markets).
Now, 2 months later, we see an actual improvement in this number, at +8.5%. This is down almost a percentage point from the 9.3 percent reading in January. I would expect to see an furtherimprovement still in April when it gets released.
Some people don’t think highly of the Augmented Unemployment Rate; At least not lately. These critics were not holding court on the subject back in 2000 (although unemployment was hardly the election issue then it is today, so its not a fair comparo).
Regardless, any improvement in the overall employment situation is welcome.
More on this later . . .
Gloomsters, Ship Sinking, Hold on for Dear Life
Bloomberg, Nov. 14, 2003
Economic Calendar: March 1-5