NFP: 13.5%!

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From Karim:

Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force:

This measure rose from 12.6% to 13.5% in December. It was 8.7% in December 2007.

As for NFP/UE:

  • -524k; net revisions -154k
  • Unemployment rate rises from 6.8% to 7.2%
  • Hours fall another 1.1% (negative for production and a precursor to more layoffs)
  • Average duration of unemployment up from 18.9 weeks to 19.7
  • Diffusion index down from 27.2 to 25.4
  • Manufacturing (-149k), construction (-101k), temp help (-81k) and retail (-67k) lead the way lower.


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