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[0:14] ..." considerably below. What had been predicted by many experts David Wyss -- chief economist. Of Standard and Poor's and he joins us with his perspective on the numbers and what do you think is a Labor"...
[0:41] ..." the drop in the labor force. Which created the drop in the unemployment rate. Is getting things back -- little bit more normal conditions in the labor market. "...
[1:26] ..." wondering too why it seems sometimes. That the the difference in the unemployment rate and the jobless numbers don't seem to -- and a straight line why is sent."...
[2:11] ..." up looking. Because -- factors like you mentioned or others that the unemployment rate in this country's over 16%."...
[2:46] ..." is as high up. An economic food chain is the president the United States that employment or unemployment does not keep pace with the -- in the economy it always lags behind."...
[3:15] ..." be there on September 17. But you've heard it here. David Wyss chief economist of -- thanks David thank you."...
[0:00]" The news better than expected unemployment still high but it nine point 4% and improvement slight one over the nine point five. In the month of June in the number of jobs that were lost although still substantial at more than 240000. It was considerably below. What had been predicted by many experts David Wyss -- chief economist. Of Standard and Poor's and he joins us with his perspective on the numbers and what do you think is a Labor Department given us some good news."
[0:26]" Well clearly good news obviously that we still lost jobs that's not good but it certainly better than we've been seeing. We're still down six point seven million jobs where we -- to keep their skin. December 2000 happened but the pace of decline is slowing down and the drop in the labor force. Which created the drop in the unemployment rate. Is getting things back -- little bit more normal conditions in the labor market. "
[0:50]" Any tricks in hero and -- for example of that factory jobs. Wore off but a considerably smaller margin than they were the month before is that because of some sort of seasonable adjustments."
[1:01]" Yes some of -- for seasonal I think because of the actually not so much seasonal factors but the pattern of shutdowns in the auto industry. They shut down earlier than usual which really -- the that the June numbers. But July they would normally -- shutting down anyway summer vacations in -- changeover to the new models so it doesn't look as -- as -- to have a look at those two months together."
[1:23]" Topic David Cook of people or often wondering too why it seems sometimes. That the the difference in the unemployment rate and the jobless numbers don't seem to -- and a straight line why is sent."
[1:37]" But comes from a number of reasons in this case whoever comes mostly because of the big drop in the labor force. A lot of people dropped out stop looking for work. This happens frequently during these months during the summer because many in June is when kids start looking for work coming out of school. If they don't find a job in June they pretty much stopped looking in July. Because you know the going to be going -- moment --"
[2:01]" 2%. The of one live reports is that if you were to take all the people who are unemployed right now and you add in the people who are working part time possess the best they can do. People who have just given up looking. Because -- factors like you mentioned or others that the unemployment rate in this country's over 16%."
[2:19]" Well that's true if you add those in -- members -- a dozen -- past recessions 21. The relationship is not repeat courses than usual as you might think but he connect came down to sixteen point three in July from sixteen point five in June. So even -- improving."
[2:36]" All right well let's just stick with the basic number again and tonight point 4% and what does that mean what sort of harbingers of that. For the recession we've heard from people is as high up. An economic food chain is the president the United States that employment or unemployment does not keep pace with the -- in the economy it always lags behind."
[2:57]" Unemployment always lagging indicator of what really counts what -- at least be looked at more closely using employment number. Once jobs starting crease once on that people are hiring instead of firing. That's really when you marked the end of the recession. We're not quite there yet but were a lot closer to."
[3:13]" And your crystal ball tells you when will we be there on September 17. But you've heard it here. David Wyss chief economist of -- thanks David thank you."
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