The addition of 80,000 jobs has led to a small dip in the national unemployment rate, according to data released last week by the U.S. Bureau of Labor Statistics. Heres' the official press release.
But it’s a gain that’s no cause for celebration. As noted in the New York Times: "...a gain of 80,000 jobs… was just about enough to keep up with population growth, so it did not significantly reduce the backlog of 14 million unemployed workers."
The economic outlook still remains shaky, fueled in part by events here and overseas. Experts differ on whether inaction by the Congressional bi-partisan charged with finding at least $1.2 trillion in deficit savings over the next decade will have an impact on the U.S. economy. But fears are mounting that the continuing debt crisis in Greece, which soon will hit Italy, could have a ripple effect here.
In Niles, unemployment numbers in 2011 have been fluctuating. They appeared brighter at the top of the year, but then spiked at 9.1 percent in August. Right now, the unemployment rate for all of 2011 is hovering at 8.7 percent, nearly a full percentage point below the state rate of 9.5 percent. Will that trend continue?
Below is 10 years worth of data from the Bureau of Labor Statistics showing the month-by-month unemployment rate in Niles.
C : Corrected.
P : Preliminary.