June 2009 Jobs Report and Wages

• Analysts expected a loss of 365,000
  
• Eighteen straight months of job losses
• The total of unemployed person remained steady at 14.7 million
  
• March was revised to loss of 652,000 jobs (revised to a final loss of 753,000)
• April was revised to a final loss of 582,000
  
• May was revised to a loss of 322,000 jobs (from 345,000, revised to a final loss of 347,000)
• Long term unemployed increased 4.4 million persons (people out of work longer than 27 weeks)

Unemployment rate rose to 9.5%

• Analysts predicted a rise to 9.6%
• 26 year high (and the calculation for this was changed in the early 90s)
  
• Since the recession began in December of 2007, the unemployment rate has risen 4.6%
• Underemployment is at a high of 16.5% (this include those that have given up looking for a job)
  

Specific Segment Job numbers:

• Manufacturing lost 136,000 jobs

• Declined 1.9 million during the recession
  

• Construction lost 79,000 jobs
• Retailers lost 21,000
• Temporary Work lost 38,000 jobs
• Leisure and Hospitality Services lost 18,000 jobs
  
• Government sector lost 52,000
• Health care grew by 21,000 jobs

Wage:

• The average weekly paycheck (seasonally adjusted) is $611.49
  

• An decrease of $1.19

• The average hourly earning (seasonally adjusted) is $18.53 – down a penny
• The average hourly work week was down 0.1 to 33.0

• This is the lowest on record (started in 1964)

• Over the last 12 months, earnings are up 2.7%
  

• it was 3.1% last month
• Deflation is actually causing buying power to go up despite the small increase in compensation

Bureau of Labor Statistics

Job Report Stats Summary