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.
Working Thoughts 