September 2011 Jobs Report and Wages
Here are the job market and compensation numbers for September 2011 (based on the job report):
Net gain of 103,000 jobs in the month (final revision to a gain of 210,000 jobs)
- Analysts expected an overall gain of 65,000
- Private sector payrolls increased by 137,000
- Private sector payrolls increased by 137,000
– Private sector service providing industries added 119,000 jobs
– Private sector goods producing industries added 18,000 jobs
– 45,000 of the 137,000 jobs were counted but reflect the end of the Verizon Wireless worker strike
- August was revised to gain of 57,000 from an original reading of zero jobs added/lost
- July was revised to a gain of 127,000 from an original reading of 85,000
- Revisions added 99,000 jobs from prior readings
- The labor force in the US is currently 154,017 million, up slightly from August 2011
- The unemployed totaled 14 million in September and it has remained flat for several months
- 6.2 million had have been jobless for six months or longer – relatively unchanged from the prior month
- 44.6% of the unemployed are long term unemployed; up 0.2% from last month
- Payroll processing company ADP said private-sector payrolls grew by 91,000
- August was revised to gain of 57,000 from an original reading of zero jobs added/lost
- July was revised to a gain of 127,000 from an original reading of 85,000
- Revisions added 99,000 jobs from prior readings
- The labor force in the US is currently 154,017 million, up slightly from August 2011
- The unemployed totaled 14 million in September and it has remained flat for several months
- 6.2 million had have been jobless for six months or longer – relatively unchanged from the prior month
- 44.6% of the unemployed are long term unemployed; up 0.2% from last month
- Payroll processing company ADP said private-sector payrolls grew by 91,000
– According to ADP, small firms, with payrolls ranging from one to 49 employees and thought by many to be the engine of job growth, led the charge, adding 60,000 jobs
– Again, according to ADP, medium-sized businesses, with payrolls between 50 and 499 employees, added 36,000 jobs in the month, while the nation’s largest businesses shed 5,000 jobs.
– Of the 91,000 private sector-jobs added in the month, only 1,000 of them came from the goods-producing sector.
– The announced jobs cuts more than doubled from August to September with a rise from 51,114 in August to 115,730 in September
– This is the highest number since September 2009 when 132,590 cuts were announced
- Employers have now announced a total of 479,064 planned job cuts so far this year — up 16.5% from 411,272 cuts at the same time in 2010
- Employers have now announced a total of 479,064 planned job cuts so far this year — up 16.5% from 411,272 cuts at the same time in 2010
– About 80,000 of the cuts, or nearly 70% of last month’s total, came from just two organizations: Bank of America and the United States Army
Unemployment rate remained at 9.1%
- Analysts predicted it would remain at 9.1%
- the civilian labor force participation rate was 64.2 percent- little changed
- the civilian labor force participation rate was 64.2 percent- little changed
- The employment-population ratio was 58.3 percent – little changed
- The U-6 report, which is a broader group to count (workers who are part time but want to be full time and discouraged worker), rose significantly to 16.5%
- Overall consumer prices were up 3.8% over the past year
- PMI, a measure of manufacturing pace, is 51.6% a drop from 55.3% and the 26th consecutive month of readings over 50 percent. Anything above 50% means the machines are running
- Service sector activity fell to 53.0%. It was the 22th straight month of growth and anything over 50% signifies growth
Specific Segment Job numbers:
- Manufacturing lost 13,000 jobs
- Construction gained 26,000 jobs
- Retailers gained 13,600 jobs
- Leisure and Hospitality Services lost 4,000 jobs
- Government sector lost 34,000: a 35,000 loss in local government alone
- Education and Health Services gained 45,000
- Health Care and Social Assistance grew by 40,800
- Professional and Business Services grew by 48,000
- Temporary help gained 19,400
Wage (can be revised):
- The average weekly paycheck (seasonally adjusted) is $655.87, an increase of $2.69
- The average hourly earning (seasonally adjusted) is $19.52
- Average weekly hours and overtime of production and nonsupervisory employees on private nonfarm payrolls by industry sector, seasonally adjusted is 33.5, a slight dip from 33.6 last month
