|The unemployment rate fell from 8.3% to 8.1% in August 2012, BUT
* 368,000 people were NOT counted by the Labor Department because they dropped out of the labor force and did not look for a job
* 119,000 fewer Americans were employed last month
* 88,921,000 Americans are NOT in the labor force
* Highest unemployment rates was: 24.6% for teenagers ages 16 to 19, 14.1% for blacks, and 10.2% for Hispanics
* Broad total underemployment rate (U-6) continues to be sticky at 14.7%
The only reason the unemployment rate edged down slightly in August was that fewer people looked for work and thus no longer count as unemployed. The percentage of people participating in the labor force dropped by 0.2 percent—the same amount the unemployment rate dropped. (Heritage)
Obama Jobs “Arithmetic” (Eric Bolling, financial commentator at Fox Business Network and “The Five”):
|GDP Growth Rate:
Thus, for example, if a component increases from $100 in the first quarter to $105 in the second quarter (5% at a quarterly rate), the annual rate of increase is (($105/$100)4/1 – 1) x 100 = 21.6%.
|GUIDES & TABLES:
Real gross domestic product is the inflation adjusted value of the goods and services produced by labor and property located in the United States.
Table 1.1.6. Real Gross Domestic Product, Chained Dollars
Guide to the National Income and Product Accounts of the United States (NIPA)
|MORE FORMULAS TO CALCULATE GROWTH RATES:
Change from Year Ago
Percent Change from Year Ago
Compounded Annual Rate of Change
Continuously Compounded Rate of Change
Continuously Compounded Annual Rate of Change
‘x(t)’ is the value of series x at time period t.
‘n_obs_per_yr’ is the number of observations per year. The number of observations per year differs by frequency:
Daily, 260 (no values on weekends)
‘ln’ represents the natural logarithm.
‘**’ represents to the power of.
Consumer Price Index (CPI): unchanged in Jul 2012
Graph & Table
|Source: Bureau of Labor Statistics – “Latest Numbers”
|■ Consumer Price Index (CPI): +0.3% in Jan 2009|
|The Consumer Price Indexes (CPI) program produces monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services.
CPI FAQs, What is the CPI?
|■ Unemployment Rate: 8.1% in Feb 2009|
|■ Payroll Employment: -651,000(p) in Feb 2009|
|■ Average Hourly Earnings: +$0.03(p) in Feb 2009
■ Producer Price Index (PPI): +0.8%(p) in Jan 2009
■ Employment Cost Index (ECI):+0.5% in 4th Qtr of 2008
|■ Productivity:-0.4% in 4th Qtr of 2008|
Source: Bureau of Labor Statistics
|#39 Jimmy Carter||Democrat||1/20/1977 thru 1/20/1981|
|#40 Ronald Reagan||Republican||1/20/1981 thru 1/20/1989|
|#41 George H.W. Bush||Republican||1/20/1989 thru 1/20/1993|
|#42 Bill Clinton||Democrat||1/20/1993 thru 1/20/2001|
|#43 George W. Bush||Republican||1/20/2001 thru 1/20/2009|
|#44 Barack Obamar||Democrat||1/20/2009 thru Present|