Comparing 'true unemployment' rate with September jobs report

- The Labor Department reported that employers have added 134,000 new jobs in September, while the national unemployment rate has decreased to a near 50-year low.

Job creation has missed expectations by tens of thousands.

While the 3.7 percent unemployment rate is the lowest since December 1969, it is just a narrow definition of joblessness in the U.S. It is simply a measurement of people actively searching for full-time employment.

By contrast, the national 'true unemployment' rate increased to 7.5 percent. That number includes people who have become so discouraged that they have stopped searching for employment and those holding part-time jobs who are unable to find something more substantive.

Among all those statistics are job searchers like Robert Spangle. He was laid off as a marketing director in late 2017. In months of searching, Spangle says he has sent resumes or applications to a hundred different places.

Despite a few interviews, Spangle says the job hunting experience is more challenging than he expected,

"Probably the first couple weeks, my balloon got popped," describes Spangle. "It was humbling. You get some 'no thank you's or silence. It's very, very different."

The September jobs report also notes significant hiring in 'professional and business services,' 'health care,' 'construction' and 'manufacturing.'

Paychecks also grew at an annual rate of 2.8 percent.

Counterintuitively, that growth is the kind of thing that will likely prompt higher interest rates to keep the economy from growing too quickly.

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