July 2009 Jobs Report and Wages

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


Net
loss of 247,000 jobs in the month (revised to a final loss of 344,000)

  • Analysts expected a loss of 325,000
  • nineteen straight months of job losses
  • The total of unemployed person remained decreased to 14.5 million
  • June was revised to loss of 443,000 jobs (from a loss of 467,000, revised to a final loss of 504,000)
  • May was revised to a loss of 303,000 jobs (from 345,000 originally to 322,000 last month, revised to a final loss of 347,000)
  • Involuntary part time workers was unchanged at 8.8 million. This number has leveled off over the last four months
  • Since December of ’07, payroll employment has fallen by 6.7 million
  • Long term unemployed increased  to 5.0 million persons (people out of work longer than 27 weeks)

Unemployment rate declined to 9.4%

  • Analysts predicted a rise to 9.6%
  • This number is tempered by the fact that a large number of people dropped out of the pool since they quit looking for work
  • The average length for an unemployed person is now at 25.1 weeks
    • A year ago it was 16.3 weeks

Specific Segment Job numbers:

  • Manufacturing lost 52,000 jobs
  • Construction lost 76,000 jobs
  • Retailers lost 21,000
  • Leisure and Hospitality Services gained 9,000 jobs
  • Government sector grew by 7,000
  • Health care grew by 20,000 jobs

Wage:

  • The average weekly paycheck (seasonally adjusted) is $612.87
  • The average hourly earning (seasonally adjusted) is $18.56 – up 3 cents
  • The average hourly work week was up 0.1 to 33.1

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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