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What does 64,000 jobs mean?

Grim as my earlier post on the jobs report was, I worry it wasn't quit grim enough. Take the report's "good" number: 64,000 private-sector jobs. That's about 35,000 less than the 100,000 or so jobs needed to keep up with population growth. It's about 180,000 less than the number of jobs needed to get back to 5 percent unemployment in the next 10 years. It's about 257,000 less than the 320,000 jobs needed to get back to 5 percent unemployment in five years. Here's the graph:

the_september_jobs_report_in_perspective.png

By Ezra Klein  | October 8, 2010; 10:58 AM ET
Categories:  Economy  
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Comments

But the U6 unemployment number is 17.1% which is the highest so far.

http://www.bls.gov/news.release/empsit.t15.htm

Posted by: EducatingTheFools | October 8, 2010 12:53 PM | Report abuse

EducatingTheFools,

I think it hit 17.4% back in October '09, but yes 17.1% is very high and a good bit higher than August's 16.7%.

Posted by: justin84 | October 8, 2010 1:29 PM | Report abuse

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