In a tracking survey that estimates the percentage of the U.S. population employed at least 30 hours a week, Gallup reports that the payroll-to-population (P2P) employment rate fell from 45.7% in October to 43.7% in November.
The November reading represents the largest month-over-month decline since the tracking poll was introduced in January 2010. In November 2011 the P2P rate was 44.1%.
According to Gallup, this metric is based on the entire population, not just those in the workforce as is the case with unemployment rate computations, nor does the survey include the self-employed, part-time workers, the unemployed or workers who are out of the workforce. Gallup claims that its P2P survey “gives a more accurate representation of the job climate” and that “November’s reading demonstrates how a shrinking workforce and rising unemployment can be a double whammy.”
Gallup had forecast a rise in November unemployment as reported by the U.S. Bureau of Labor Statistics. That did not happen, but the number of U.S. workers not included in the BLS labor force numbered 2.5 million.