U.S. unemployment, as measured by Gallup without seasonal adjustment, is 7.4% in mid-November, up from 7.0% in October but below the 7.9% of September. Seasonally adjusted unemployment is 7.9%, up from 7.4% in October but slightly lower than September’s 8.1%.
The American economy continues in the doldrums.
Let’s hope a good Christmas retail season bolsters employment some.
But, the elephant in the closet is the impending implementation of ObamaCare and business being leery of increasing their number of employees at the same time.
Gallup’s unemployment results for the 30 days ending on Nov. 15 suggest that the improvement in the U.S. unemployment situation found in October was short-lived. Still, on an unadjusted basis, Gallup’s unemployment and underemployment measures over the past two months show what might be expected holiday seasonal improvement. U.S. companies increase hiring for the Christmas holidays at this time of year.
At the same time, superstorm Sandy distorted weekly jobless claims, according to the U.S. Bureau of Labor Statistics, and may be doing the same to Gallup’s unemployment results. The presidential election may also have disrupted the job market for a few days in early November.
Taking seasonal factors into account, it appears that the unemployment rate has remained around 8.0% since May. This seems consistent with other general economic data showing the economy growing slowly, the most recent of these being the 0.3% decline in October retail sales.