Here are the job market and compensation numbers for February 2008 (based on the job report):
Net loss of 63,000 jobs in the month (revised to 76,000 loss)
- 88,000 less than expected by Economists
- 63,000 job loss is the worst in almost 5 years
- January was revised down from a loss of 17,000 to 22,000 (revised also to a loss of 76,000)
- December was revised from 82,000 job increase to 41,000 job increase
Unemployment rate moved to 4.8%
- Fewer people were looking for work resulting in the unemployment rate to decrease from 4.9% to 4.8%. That means people looking for work are discouraged.
- Economists had forecast the unemployment rate would rise to 5%
Wages were up 0.3% for February
- Adjusted for inflation than means pay was flat
$17.20 is the average hourly wage
Specific Segment Job numbers:
Construction lost 39,000 workers
Manufacturers lost 52,000 jobs
Retailers showed a 34,000 loss
Business and Professional services lost 20,000 jobs
Temporary Staffing reduced payroll by 28,000 jobs
Hotels showed a cut of 4,000
Service sector gained 26,000 jobs, which is low
Other information:
The private sector as a whole loss 101,000 jobs (revised to 109,000)
The loss in Temp staffing means businesses are slowing their spending
The loss in Hotel staffing means consumers are slowing their spending
Working Thoughts 