January 2009 Jobs Report and Wages

Here are the job market and compensation numbers for January 2009 (based on the job report):

Net
loss of 598,000 jobs in the month
(revised on 3/6/09 to a loss of 655,000 jobs, revised to a final loss of 779,000)

  • Analysts expected a loss of 540,000
  • Thirteen straight months of job losses
    • 3.6 million jobs lost in 2008
    • Almost 1.8 million jobs lost in the last three months
  • November was revised to loss of 597,000 jobs (revised to a final loss of 728,000)
  • December was revised to a loss of 577,000 jobs (revised on 3/6/09 to a loss of 681,000 jobs, revised to a final loss of 673,000)
  • Long term unemployed stayed flat at 2.6 million persons
  • Discouraged worker, those working part time because they can’t find full time work, reached 3.1 million

Unemployment rate rose to 7.6%

  • Analysts predicted a rise to 7.5%
  • Underemployment is now at 13.9%
  • From 13.5% last month (an increase of 0.4% in one month!)

Specific Segment Job numbers:

  • Manufacturing lost 207,000 jobs
  • Construction lost 111,000 jobs
  • Retailers lost 45,000
  • Temporary Work lost 76,000 jobs
  • Transportation and Warehouse lost 44,000 jobs
  • Leisure and Hospitality Services lost 28,000 jobs
  • Government sector added 6,000
  • Health care grew by 19,000 jobs

Wage:

  • The average weekly paycheck is $608.32
    • A drop of almost $3
  • The average hourly work week stayed at 33.3
    • Lowest it has ever been recorded for two straight months

Bureau of Labor Statistics

Job Report Stats Summary

About benleeson
My name is Ben Leeson. I currently work for a large financial company in IT. I went to school at Marist College in Poughkeepsie, NY. I graduated with a B.S. in Business Administration concentrating in HR. Professor William Brown taught me and I enjoyed his classes; even acquiring an appreciation for just about all things HR. I didn’t pursue a job in that field after college but I’ve kept up with it. This blog will further my fascination with all things HR. I hope to grow my knowledge of the area through thoughtful writings and spirited feedback. I will attempt to have a fairly routine style so anyone reading can come to expect certain segments. Please excuse my incorrect grammar and occasional misspelling.

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