A total of only 18,000 jobs were created in August and September.
(Not the 341,000 being reported in the media headlines from the deliberately inaccurate Establishment Survey.)
Another 652,000 people dropped out of the labor force in Aug and Sep, hence the tick down in the headline unemployment rate.
Presumably because they cannot find any decent paying jobs.
Labor participation rates continue their relentless decline.
The number of non-working adult Americans just hit a new record of over 90 million people.
7.5 million people remain in part time working for economic reasons.
Either they have been put on short hours by their company or, they can only find a part time job but want to work in a full time job.
Until there is a meaningful reduction in the huge number of part time workers there will be no noticeable improvement in the labor market.
U6 unemployment is now at 13.6%, down very slightly from the 13.8% in May.
(Table A-15 of the BLS reports.
This takes out some of the seasonal blips due to the large number of school and college leavers over the summer.)
U6 unemployment is a much better measure of the real world employment situation.
The overall employment situation remains dire.
References
Employment Situation Summary Table A. Household data, seasonally adjusted
http://www.bls.gov/news.release/empsit.a.htm
Table A-15. Alternative measures of labor underutilization
http://www.bls.gov/news.release/empsit.t15.htm
The full BLS News Release intended for media and public consumption
http://www.bls.gov/news.release/empsit.nr0.htm
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