Here are the job market and compensation numbers for August 2009 (based on the job report):
Net loss of 216,000 jobs in the month (revised twice, first to a loss of 201,000 and settled at a loss of 154,000 jobs, revised to a final loss of 211,000)
- Analysts expected a loss of 230,000
- Twenty straight months of job losses
- July was revised to loss of 276,000 jobs (from a loss of 247,000, revised to a final loss of 344,000)
- June was 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 grew to at 9.1 million. This number has leveled off over the last five months
- The number of unemployed persons increased to a total of 14.9 million
- Since December of 2007, when the recession began, 7.4 million people have been added to that number
- Of those out of work, about 33% are jobless for more than 27 weeks
Unemployment rate declined to 9.7%
- Analysts predicted a rise to 9.5%
- 26 year high
- This number soared from 9.4% in July
- As I said last month though, the 9.4% number was tempered by the fact thata large number of people dropped out of the pool since they quit looking for work
- The U-6 report, which is a broader group, reached 16.8%. Up from 16.3%
- It has stabilized over the last 3 months
Specific Segment Job numbers:
- Manufacturing lost 63,000 jobs
- Construction lost 65,000 jobs
- Retailers lost 10,000
- Leisure and Hospitality Services lost 21,000 jobs
- Government sector lost 18,000
- Health care grew by 28,000 jobs
Wage:
- The average weekly paycheck (seasonally adjusted) is $617.32 – up almost $2.00
- The average hourly earning (seasonally adjusted) is $18.61 – up 6 cents
- The average hourly work week was even at 33.1
Working Thoughts 