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.
Improvement:
Source: TheStreet.com
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 . . .
Sources:
Gloomsters, Ship Sinking, Hold on for Dear Life
Caroline Baum
Bloomberg, Nov. 14, 2003
http://quote.bloomberg.com/apps/news?pid=10000039&cid=baum&sid=aOeKXad1eX1Y
The Street.com
Economic Calendar: March 1-5
http://www.thestreet.com/markets/databank/10145820.html
Interesting, but there are all sorts of adjustment problems with this data. We can hope the direction of movement at least is telling.
Augmented Unemployment Rate
Augmented Unemployment Rate
From Barry Riholtz at the Big Picture, a note on the “augmented unemployment rate” that shows a decline to about 8.5%. Here is some info about this number, according to Barry:
“The Augmented Unemployment Rate includes the …
Look at this!
The Misleading Jobless Rate
David Leonhardt has an interesting article in today’s NYT about a subject we have discussed around here ad nauseum: The Misleading Jobless Rate. Over the years, TBP has looked at the Augmented unemployment rate, as well as the NILF issue (Not In Labor …