The big news with the September 2012 employment situation report is that it added 873,000 people to the count of the number of employed individuals in the U.S. thanks to an unexpected adjustment in the BLS' monthly count. Here's how that breaks down in the month-over-month change in the number of employed Americans by age group:
Overall, some 142,974,000 Americans are now being counted as having jobs.
Approximately two-thirds of the month-over-month increase of 873,000 are accounted for by individuals working part time, as the BLS added some 582,000 part time workers to its count that it had previously been missing in its monthly totals.
Looking at the change in the number of employed by age group since total employment peaked in November 2007, just ahead of the recession, we find that teens are still in the basement, with their numbers in the U.S. work force reduced by just over 1.5 million. Meanwhile, we see that 519,000 fewer young adults in the age range from 20 to 24 years old are being counted as being employed today compared to that point nearly five years ago.
There are 1.6 million fewer adults Age 25 and older working today than in November 2007.
Perhaps then the most surprising outcome of the BLS' unexpected adjustment to its reported data is that it continues to show that there has been no meaningful improvement in the employment situation for U.S. teens since October 2009.
Political Calculations is a site that develops, applies and presents both established and cutting edge theory to the topics of investing, business and economics.
Be the first to read Political Calculation's column. Sign up today and receive Townhall.com delivered each morning to your inbox.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 9th, 2014 | John Ransom
In Other News: America's Favorite "Gun Free Zone" is Plagued by Weekend Gun Violence | Michael Schaus