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TRUMP TO PUT MUSK ON $100 BILL? (THIS IS EVEN BETTER.)
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| I’ve never been angrier at the U.S. banking system. Here’s something most people don’t know. Since 2020, American banks have been required to keep exactly zero percent of your deposits on hand. Zero. Your money isn’t really there. They’ve lent it out, every last dollar. They pay you 0.04% on your savings… then charge you 25% on your credit card. For years, we had no choice. But this summer it’s all about to change. The U.S. Treasury just cleared the way for a new form of money — riding on a law President Trump signed last summer, the GENIUS Act. And it could soon hand the richest man on Earth the legal right to do the one thing the banks feared most: make money great again. With up to 6% interest on your savings. It goes live this spring. Position yourself early, and you could make a fortune. Go here and I’ll show you what I’ve found. Regards, |  | | Ian King
Chief Strategist, Strategic Fortunes | | This ad is sent on behalf of Banyan Hill Publishing. | | | | |
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Unemployment Ticked Up to 4.2% — but More People Are Looking for Work The household survey shows a higher jobless rate alongside rising participation, steady prime-age unemployment and a jump in Black unemployment. | | | The Capital Brief | October 03 | | | Workforce Economics Brief | | Unemployment Ticked Up to 4.2% — but More People Are Looking for Work | | | | The unemployment rate is one of the most quoted numbers in economics, and one of the most misunderstood. It can rise because people lose jobs, or because more people start looking for them. The Bureau of Labor Statistics reported Friday that the unemployment rate edged up to 4.2% in September from 4.1%, with 7.1 million people unemployed. At the same time, labor force participation rose to 61.8% from 61.6%, and the employment-population ratio rose to 59.2%. The broader U-6 underemployment rate fell to 7.6%. Unemployment for prime-age workers, ages 25 to 54, held at 3.6%. These numbers do not tell us whether layoffs are accelerating, whether a recession is near, or how any family is faring. The household survey is volatile month to month, and BLS described most changes as small. The practical value is to read the unemployment rate together with participation and the reasons people are unemployed. For employers, it reveals labor supply. For households, it shows who is finding work and who is not. | | 01 | What the Household Survey Measures | | | The household survey asks about 60,000 households about their work status in a reference week. People are counted as unemployed only if they have no job and are actively looking. Those not looking are outside the labor force. The survey is separate from the payroll survey and can move differently in any month. Good interpretation begins with the range. BLS noted the unemployment rate has stayed between 4.1% and 4.3% since March. | | | | The labor force grew by about 485,000 people in September, and employment rose by about 406,000. Because the labor force grew faster than employment, the number of unemployed rose by about 78,000. Reentrants, people returning to the labor force, rose to about 2.3 million, and new entrants to about 818,000. Job leavers fell, and job losers edged down slightly. That pattern points to more people looking, not a surge of layoffs. | | 03 | Participation Is Recovering | | | Labor force participation rose to 61.8% in September from 61.6% in August and 61.4% in July. It remains below the 62.5% of a year earlier, reflecting an aging population and other factors. The employment-population ratio rose to 59.2%, still below 59.7% a year earlier. Rising participation alongside a modestly higher unemployment rate is often a sign of confidence among people re-entering the job search. | | | | The U-6 rate, which includes part-time workers who want full-time jobs and discouraged workers, fell to 7.6% from 7.7%, and from 8.1% a year earlier. Part-time work for economic reasons rose to about 4.5 million. Discouraged workers and people marginally attached to the labor force declined. Long-term unemployment, 27 weeks or more, held at about 1.9 million, or 27.1% of the unemployed. | | 05 | Differences Across Groups | | | Unemployment for Black workers rose to 7.0% from 6.0%, the only group BLS identified as increasing. Monthly changes for smaller groups are volatile, but the jump deserves attention. Unemployment for workers aged 20 to 24 rose to 8.0%, suggesting young job seekers face the slow hiring market most directly. Rates fell for Asian workers, older workers and those with a bachelor's degree, whose rate dropped to 2.5%. Aggregate stability can mask very different experiences across age, race and education. | | 06 | How It Fits With Payrolls | | | The payroll survey showed only 29,000 jobs added in September, with downward revisions to prior months. Job openings were 7.1 million in August, quits and layoffs were low, and announced job cuts in September were the lowest for the month since 2022. Together, these describe a labor market with few layoffs but slow hiring, making it harder for new entrants and returning workers to find jobs. Average hourly earnings rose 3.0% over the year, below recent inflation, adding pressure on household budgets. | | 07 | What Workers and Employers Can Control | | | For job seekers, especially young adults and people returning to work, longer searches are likely. Networking, targeted training and flexibility on role or location can help. Workers who are employed benefit from low layoff risk, but should keep savings and skills current. For employers, rising participation means a larger pool of applicants, which may ease recruiting for some roles. This is not advice to change or keep a job. Household survey statistics describe populations, not individual outcomes. | | | | A 0.1-point rise in the unemployment rate should not be turned into a grand theory about the labor market. It is within the range of the past several months. The October jobs report is scheduled for November 6, and September consumer prices arrive in mid-October. For households, the long game is preparing for a market that rewards persistence and skills. For employers, it is using a larger applicant pool to build teams carefully. A higher jobless rate can mean more people trying, not more people failing. The useful question is not whether 4.2% is high. It is whether the people now looking for work can find it. | | | | The Takeaway | | 1 | Unemployment rose to 4.2% in September, but the labor force grew and participation rose to 61.8%. | | 2 | Most of the increase in unemployment came from people entering or returning to the job market, not layoffs. | | 3 | Broader underemployment fell to 7.6%, and prime-age unemployment held at 3.6%. | | 4 | Unemployment rose notably for Black workers and young adults. | | 5 | In a slow-hiring market, job seekers benefit from persistence, skills and savings. | | | Stay patient, stay curious,
T.C. Brown
Editor, True Capital Talk | | | | Sources & Further Reading | | | | For educational and informational purposes only. Nothing here is financial, career, employment, legal, or tax advice. Labor statistics describe populations, not individual outcomes; estimates are subject to revision, and personal circumstances vary. | | |
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