September 2009 Jobs Report and Wages

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

loss of 263,000 jobs in the month (revised to a loss of 219,000, revised to a final loss of 225,000)

  • Analysts expected a loss of 175,000
  • Twenty-one straight months of job losses
  • August was revised to loss of 201,000 jobs (and again revised to a loss of 154,000 jobs from the originally reported number of 216,000, revised to a final loss of 211,000)
  • A benchmark revision is underway as well. This means the horrible numbers reported in the spring were actually worse by an accumulated 800,000 lost jobs
  • 5.4 million people are considered long term unemployed, meaning they’ve been without a job for longer than 27 weeks
  • This jobs report is probably higher than it will revised to. The reason is that both health care and government employment performed worse than they have over the last few months. These numbers will get improved.

Unemployment rate declined to 9.8%

  • Analysts predicted a rise to 9.8%
  • Highest since 1983
  • It’s estimated that this number would have hit 10% if some people didn’t fall out of the count and were eligible
  • The U-6 report, which is a broader group, reached 17%
    • The highest since this has been recorded (1993)

Specific Segment Job numbers:

  • Manufacturing lost 51,000 jobs
  • Construction lost 64,000 jobs
  • Retailers lost 39,000
  • Leisure and Hospitality Services lost 9,000 jobs
  • Government sector lost 53,000
  • Health care grew by 19,000 jobs

Wage (can be revised):

  • The average weekly paycheck (seasonally adjusted) is $616.11 – a loss of $1.54
  • The average hourly earning (seasonally adjusted) is $18.67 – up 1 cent
  • The average hourly work week dropped to at 33.0 (from 33.1)

Bureau of Labor Statistics

Job Report Stats Summary


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