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
- A drop of almost $3
- The average hourly work week stayed at 33.3
- Lowest it has ever been recorded for two straight months
Working Thoughts 