Unemployment, as measured by Gallup without seasonal adjustment, is 8.5% in mid-November — up from 8.3% in mid-October, but down significantly from 9.2% in mid-November 2010. Gallup’s mid-month unemployment measure suggests the government is likely to report no change in its seasonally adjusted unemployment rate for November 2011.
An additional 9.7% of U.S. employees work part time but want full-time work, up from 9.2% in mid-October. The current reading is significantly higher than the 8.5% of mid-November 2010.
And, underemployment has increased.
So, what does this all mean?
It appears that the unemployment rate is modestly improving because Americans are more accepting of part-time work. But, as Gallup says: a part-time job is better than NO job but there is no real sign that American unemployment is improving.
How will this impact the upcoming 2012 elections?
In most recent elections, an unemployment rate above 8% is a danger sign for a Presidential re-election.