Economist Speaks to Unemployment Rates

12/28/2012 (Updated 7:20:08 PM)

BINGHAMTON -- As we reported, the newest unemployment rates for the month of November have been released by the state labor department.

Binghamton's unemployment rate has remained the same-- at 8 percent-- from November 2011 through November 2012.  We spoke to a local economist who discussed the meaning of the rates. He pointed out that in this report, unemployed is defined as looking for work. 

"People are getting discouraged and aren't looking--more so than individuals coming in looking for seasonal work. It's eight percent, that's way too high.  For Binghamton, a comfort zone based on where we've been in good times in the past is probably around 5 percent," said Christian Harris, Regional Labor Market Analyst of the State Department of Labor.

The report also says that in the past month, the unemployment rate has gone down.