Working Thoughts

• Analysts expected a loss of 105,000 (I expect the revision to come closer to this number)
  
• ninth straight months of job losses
• 760,000 jobs lost in 2008
  • 969,000 jobs in the private sector
• March 2003 was the last time an unemployment number was higher
• The 159,000 is approximately twice as much as the average for the rest of the year (75,000 jobs lost a month)
• August 2008 was again revised to a loss of 127,000 (was -84,000 and was -73,000) and July 2008 was revised to a loss of 67,000 jobs (was -51,000). Revised to a final loss of 334,000
  

Unemployment rate stayed at 6.1% 

• Forecasters thought it would stay at 6.1%
• Goldman Sachs thinks the jobless rate will hit 8% by the end of 2009
  
• In the last twelve months the unemployment rolls have increased from 2.2 million to 9.5 million
  • The highest since December 1992
    
• Underemployment is now at 11%
  • This includes part timers who want full time jobs
  • Highest since April 1994
• The number of people in the Underemployment category increased by 337,000 people to 6.1 million
  • First time it has topped 6 million since 1993
• The one third increase from a year ago is the largest increase since 1982

Specific Segment Job numbers:

• Manufacturing lost 51,000 jobs
  • 442,000 loss for the year
  • 27th consecutive month of declines
• Construction lost 35,000 jobs
  
• Retailers lost 40,000
• Leisure and hospitality lost 17,000 jobs (they have been bouncing up and down all year)
  
• Government sector added 9,000
• Education and Health Services grew by 25,000 jobs
  • State and local governments cut 18,000 jobs outside of education
• Mining added 8,000 jobs
• Financial Services lost 17,000 jobs
  • Lost 172,000 since peaking in December 2006

Wage:

• The average weekly paycheck is $610.51 – down $0.81
  
• The average hourly work week shrank by 0.1 hour to 33.6
  • 6th straight decline in hours worked
    
• The average weekly wages for many Americans has increased by 2.8% over the past 12 months
• Average hourly salary increased by $0.03
  
• Gains were weaker than forecaster predictions

Notes:

• Two demographics most impacted were African-Americans (11.4% unemployment) and teenagers (19.1% unemployment)
  
• Those unemployed for more than 6 months (still receiving unemployment checks) has reached 21%
  • Up from 17.6% a year ago
• If you count last year, the economy has lost almost 1,000,000 jobs
  

Bureau of Labor Statistics

Job Report Stats Summary