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325_Supplement5 - Department of Economics University of...

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Intermediate Macroeconomic Analysis Spring 2011 1 Department of Economics University of Maryland Economics 325 Intermediate Macroeconomic Analysis Supplement 5 Professor Sanjay Chugh Spring 2011 The following article, which appeared in the Wall Street Journal on February 5, 2011, discusses the January 2010 labor market report, released by the U.S. Bureau of Labor Statistics (BLS) on February 4, 2011. The unemployment rate, which measures the percentage of people in the labor force who are willing to, able to, and searching for employment that have unable to find employment, ratcheted down to 9 percent, still elevated but the lowest reading since May 2009. However, the decline was not solely due to positive factors; there was a notable decline in the labor force participation rate (which measures the percentage of individuals ages 16-65 that are either employed or unemployed) to 64.5 percent, its lowest level since 1984. Indeed, employment did not advance much, rising a miniscule 36,000 in January.
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Intermediate Macroeconomic Analysis Spring 2011 2 BUSINESS FEBRUARY 5, 2011 Job Report Muddies Outlook Payrolls Advance at Snail's Pace in Stormy Winter Even as Unemployment Rate Falls Sharply to 9% By JUSTIN LAHART Associated Press Job seekers line up last week for a job fair at a Dallas hotel. Job growth was meager in January, but the unemployment rate fell sharply. Meager January job growth and uncertainty about winter weather's effect on the numbers stirred concerns about the economic recovery, even as the unemployment rate fell to its lowest level in nearly two years. The government's broadest snapshot of the job market, released Friday, showed payrolls ticked up only 36,000 in January, far less than the 200,000 needed to sustain growth.
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