Working Thoughts

• Analysts expected a loss of 660,000
  
• Fifteen straight months of job losses
  • 5.1 million jobs lost since December, 2007
    
    • 3.3 Millions in the last 5 months alone
      
• January was revised to loss of 741,000 jobs (revised to a final loss of 779,000)
  
• February was revised to a loss of 651,000 jobs (revised to a final loss of 726,000)
• Long term unemployed increased 3.2 million persons
• The first quarter of 2009 alone would account for the fourth worst year of job losses since 1939
  

Unemployment rate rose to 8.5%

• Analysts predicted a rise to 8.5%
• Over the last 12 months the rate has risen 3.4%
• Highest since 1983
  
• Underemployment is now at 15.6%
  
• From 13.9% in January (an increase of 1.7% in two months!)

Specific Segment Job numbers:

• Manufacturing lost 161,000 jobs
• Construction lost 126,000 jobs
• Retailers lost 48,000
• Temporary Work lost 72,000 jobs
• Leisure and Hospitality Services lost 40,000 jobs
  
• Government sector loss 5,000
• Health care grew by 14,000 jobs
  • Averaged 17,000 jobs in Q1 of 2009
  • The average in Q1 of 2008 was 30,000
    

Wage:

• The average weekly paycheck is $614.20
  
  • A decrease of $0.85
    
• The average hourly work week dropped 0.1 to 33.2
  

Bureau of Labor Statistics

Job Report Stats Summary