Unemployment rate falls 0.3% to 6.5%

CBS: Number of employed people remained stable in January despite drop in unemployment rate.

unemployment 311 (photo credit: Ariel Jerozolimski)
unemployment 311
(photo credit: Ariel Jerozolimski)
The number of employed people remained stable in January despite a drop in the unemployment rate, according to figures released by the Central Bureau of Statistics on Thursday.
While the unemployment rate for January fell to 6.5 percent, a 0.3% drop from December’s figures, that measure can be misleading because it only reflects the percentage of employed people within the labor force. Labor-force participation, which measures how much of the population is actively seeking work, fell to 63.4% from 63.7% the previous month, belying the fall in the unemployment rate.
“The number of employed people in January 2013 reached 3.396 million, unchanged from December, 2012,” the statistics bureau said. In fact, the percentage of the overall population over the age of 15 that was employed fell from 59.4% in December to 59.3% in January.
Some good news shone through the data, however.
Among those who were employed, the percentage who worked full time (35 hours a week or more) rose from 76.7% in December to 77.3% in January. Those figures reflected a rise of 20,000 full-time employees over the previous month, the report said.
The unemployment rate was equal for men and women, though the number of men participating in the overall labor force was about 14% higher than the number of women.