What’s the real unemployment rate?

Unemployment Rate in Ghana averaged 8.82 percent from 2001 until 2013, reaching an all time high of 12.9 percent in 2005 according to figures from the Ghana Statistical Service.

The USA economy added 142,000 jobs in September, less than forecast.

Mining continued its downward trend last month, losing 10,000 jobs, mostly in support activities (-7,000 jobs). In September, employment rose in computer systems design (+7,000) and legal services (+5,000).

The public sector generated 24,000 jobs, down slightly from the prior month´s gain of 36,000. The September employment report came in weaker than expected on all scores with nonfarm payroll at 142,000, well under the low estimate for 180,000.

Construction employment was little changed in September and has shown little movement over the past several months.

Economists had noted that the broad-based slowdown in the manufacturing sector, and in employment, would likely show up in this report. Over the past 12 months, average hourly earnings have risen by 2.2 percent.

Average hourly earnings were flat month-over-month in September, below expectations for 0.2% growth. The number of people who had been unemployed for less than five weeks increased, however, by 268,000 to 2.4 million, and the labor force participation rate declined to 62.4 percent in September from 62.6 percent for the past three months. The yearly change equals a 1 percent rise in jobs here.

The government defines the unemployed as people who are looking for but unable to find work. The number of persons working part time for economic reasons has declined by 1.0 million over the past year.

How come? The preliminary report has undercounted the number of new jobs created in August by an average of 60,000 in recent years.

The Labor Department said Friday that the unemployment rate stayed at 5.1 percent in September – but does that tell the real story?