Labor Market Report: What Does it Mean?
August 2022 Labor (actual) vs Estimates
Civilian Labor 164,746 (actual) TFY Estimate 162,039 (Diff 2.7M)
Participation Rate 62.4% (actual) TFY Estimate 61.7% (Diff 0.7%)
Employed 158,732 (actual) TFY Estimate 156,668 (Diff 2.0M)
Employment - population ratio 60.1 (actual) TFY Estimate 59.7 (0.4%)
Unemployed 6,014 (actual) TFY Estimate 5,056 (Diff 958k)
Unemployment Rate 3.7 (actual) TFY Estimate 3.1% (Diff 0.6)
Labor Market Forecast created 2 years ago in 2020 (Jan) vs Actual Numbers-Differences-Not bad forecasting, but I have to figure out how to make adjustments to the unemployment based on a rise in the participation rate.Remember a tick-up in unemployment during rapid job growth is always positive it means more people are CHOOSING to enter the Labor Market and Look for work.This makes me very happy for the 99% Keep coming back to the US Labor Market :) More people More Output More Income.
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