December 2007 Job Report Statistics

Here are the job market and compensation numbers for December of 2007:

Net gain of 18,000 jobs in the month (Revised in the January report to a gain of 82,000 jobs)

  • 52,000 less than expected by Economists
  • November was revised up from 94,000 to 115,000

Unemployment rate moved to 5.0%

  • Forecasters thought unemployment would rise to 4.8%
  • 5.0% is a two year high
  • That increase is the highest since August of 2001 (the US was in a recession then)

Wages were up 0.4% for December

  • Wages were up 3.7% for the year
  • 2006 saw an increase in wage of 4.3%
  • Inflation for most of the year has been at 4.2%
  • Inflation grew faster than wages in December, meaning power buying power decreased

$17.71 is the average hourly wage

Specific Segment Job numbers:

Construction lost 49,000 workers

Manufacturers lost 31,000 jobs

Financial services lost 7,000

  • Banks saw employment stay basically unchanged which indicates that the job losses due to sub prime missteps are level

Retailers showed a 24,000 loss

Health care added 28,000 jobs in December, and 381,000 for the year

Food services generated 27,000 new jobs in December.

Government jobs increased by 31,000

Other information:

The writers strike has also effected the unemployment number since they have lost about 12,000 jobs.

The separate household survey came back with a job loss of 436,000 in December, the worst number in five years.

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