December 2011 Jobs Report and Wages
Here are the job market and compensation numbers for December 2011 (based on the job report):
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Net gain of 200,000 jobs in the month
- Analysts expected an overall gain of 150,000
- Private sector payrolls increased by 212,000
- Private sector payrolls increased by 212,000
– Private sector service providing industries added 164,000 jobs
– Private sector goods producing industries gained 48,000 jobs
- November was revised from a gain of 100,000
- October was revised to a gain of 112,000 from a gain of 80,000 and a revision of 100,000
- October was revised to a gain of 112,000 from a gain of 80,000 and a revision of 100,000
- For 2011 1.6 million jobs were added, 1.9 million private sector jobs
– The number of jobs added in 2010 was 940,000
- The labor force in the US is currently 153,887 million, down from 153,937 from an amended November 2011
- The unemployed totaled 13.1 million, down from 13.3 million last month
- 5.6 million had have been jobless for six months or longer
- 42.5% of the unemployed are long term unemployed
- Payroll processing company ADP (a separate report) said private-sector payrolls grew by 325,000 jobs; the largest gain since December 2010.
- The labor force in the US is currently 153,887 million, down from 153,937 from an amended November 2011
- The unemployed totaled 13.1 million, down from 13.3 million last month
- 5.6 million had have been jobless for six months or longer
- 42.5% of the unemployed are long term unemployed
- Payroll processing company ADP (a separate report) said private-sector payrolls grew by 325,000 jobs; the largest gain since December 2010.
– Analysts thought it would be 180,000
– 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 148,000 jobs (added 60,000 two months ago)
– Again, according to ADP, medium-sized businesses, with payrolls between 50 and 499 employees, added 140,000 jobs in the month (added 36,000 two months ago), while the nation’s largest businesses added 37,000 jobs.
– Of the 206,000 private sector-jobs added in the month, 28,000 of them came from the goods-producing sector and 178,000 jobs were added in the service providing industries
– The announced jobs cuts for December were 41,785
– The number of announced cuts for the 12 months of the year is 606,082 , surpassing 2010 year end total (529,973) and 14% higher overall
– There were 1,288,030 announced job cuts in 2009
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Unemployment rate dropped to 8.5%
- Analysts predicted it would remain at 8.7%
- Lowest rate recorded since March 2009
- Dropped 0.6% since August 2011
- Its a combination of more workers getting jobs and about 315,000 workers dropped out of the labor force
- the civilian labor force participation rate was 64.0 percent, same as last month
- the civilian labor force participation rate was 64.0 percent, same as last month
- The employment-population ratio was 58.5 percent, same as last month
- 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), dropped in line with the Unemployment rate to 15.2%, it was 16.6% in December 2010
- PMI, a measure of manufacturing pace, is 53.9% and the 29th consecutive month of readings over 50 percent. Anything above 50% means the machines are running
- Service sector activity fell to 52.6%. It was the 25th straight month of growth and anything over 50% signifies growth
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Specific Segment Job numbers:
- Manufacturing gained 23,000 jobs
- Construction gained 17,000 jobs
- Retailers gained 27,900 jobs
- Leisure and Hospitality Services gained 21,000 jobs
- Government sector lost 12,000: 14,000 loss in local government
- Education and Health Services gained 28,700
- Health Care and Social Assistance grew by 27,000
- Professional and Business Services grew by 12,000
- Temporary help lost 7,500
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Wage (can be revised):
- The average weekly paycheck (seasonally adjusted) is $658.50
- The average hourly earning (seasonally adjusted) is $19.54, unchanged
- Average weekly hours and overtime of production and nonsupervisory employees on private nonfarm payrolls by industry sector, seasonally adjusted is 34.4
