June 2009 Jobs Report and Wages
July 3, 2009 Leave a comment
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
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