June 2009 Jobs Report and Wages

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


Net
loss of 467,000 jobs in the month (revised to a final loss of 504,000)

  • 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

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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