Working Thoughts

• 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