January 2010 Jobs Report and Wages

Here are the job market and compensation numbers for January 2010 (based on the job report):

loss of 20,000 jobs in the month (revised in March 2010 to a gain of 14,000 jobs)

  • Analysts expected a gain of 13,000
  • A benchmark adjustment was made to the unemployment numbers for the last 18 months
    • The job losses of 2009 were actually under reported by a sum of 617,000
    • One year ago the US lost 779,000 jobsstill jaw dropping

  • October was revised to a loss of 224,000 from an original reading of 190,000 and revised reading of 111,000
  • November was revised to a gain of 64,000 jobs, up from an original gain of 4,000
    • The first gain in 23 months

  • December was revised to a loss of 150,000 from an original loss of 85,000
  • 14.8 million of people are unemployed, it was 15.3 million in December 2009
  • 9.3 million are unemployed due to job loss, down from 9.7 million last month
  • 6.3 million people have been jobless for more than 6 months
  • Temporary work, which usually precedes full time employment gains, added 52,000 jobs in January. This is after adding 46,500 jobs in December
  • Major federal government hiring is underway for the census – 9,000 jobs were added (part of an overall increase of 33,000)
  • Layoffs are flattening out, but hiring isn’t happening

Unemployment rate fell at 9.7%

  • Analysts predicted it would stay at 10.0% or possibly go up
    • The Unemployment rate hit 10.8 in 1982
    • As employment picks up, the labor pool will grow again and the unemployment rate should go up

  • The U-6 report, which is a broader group, dropped to 16.5%. It reached 17.3% last month
  • GDP, which earned its status as an economic indicator for growth in the 1950s, showed an annualized gain of 5.7% in the 4th quarter of 2009
  • PMI, a measure of manufacturing pace, showed a reading of 58.4%. Anything above 50% means the machines are running.

Specific Segment Job numbers:

  • Manufacturing added 11,000 jobs
  • Construction lost 75,000 jobs
  • Retailers gained 42,100
  • Leisure and Hospitality Services lost 14,000 jobs
  • Government sector lost 8,000, Federal gains were 33,000
  • Education and Health Services grew by 16,000 jobs
    • Health Care and Social Assistance grew by 17,100

  • Professional and Business Services grew by 44,000
    • Temporary work added 52,000 jobs in December

Wage (can be revised):

  • The average weekly paycheck (seasonally adjusted) is $629.04
  • The average hourly earning (seasonally adjusted) is $18.89 – up 5 cents
  • The average hourly work week rose to 33.3

Bureau of Labor Statistics

Job Report Stats Summary


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