The unemployment rate is the percentage of people who are actively seeking work and unable to find it (the unemployed) divided by the total number of people in the labor force. The total civilian labor force, the number of unemployed individuals, and the corresponding unemployment rate are determined by a monthly survey which is conducted by the Federal Bureau of Labor Statistics (BLS), and the Washington State Employment Security Department (ESD) reports these statistics for the various regions of the State. The ESD publishes both unadjusted and seasonally adjusted employment data. The unadjusted data is simply that—unadjusted. It is the ESD’s estimate of employment during any particular month based on a survey of households. Seasonally adjusted rates are the result of a process that takes into consideration typical fluctuations in employment that corresponds with certain industry’s cycles, and adjusts the data accordingly. The unemployment rate is considered healthy within a range of four to six percent. A rate below four percent is viewed as inflationary, and thought to lead to upward pressure on wages. An unemployment rate above six percent is considered unhealthy due to the threat of reduced consumer spending. The unemployment rate in Pierce County has been higher than the average rate across the state for more than a year. In 2011 Pierce County had an average unemployment rate of 9.8% while the State averaged 9.2%. In October of 2011 the unemployment rate across the state dropped below 9.0% for the first time since April of 2009, however it took until April of 2012, or six months longer, for Pierce County to achieve that milestone. As of July 2012 the gap between the unemployment rates of Pierce County and the State had narrowed, but at 8.9% this rate is still unhealthy, and there are still 35,150 people who are looking for work and can not find it.
Posted on: Wed, 04 Dec 2013 11:59:17 +0000
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