February 2010 Jobs Report and Wages

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

loss of 36,000 jobs in the month (revised in March to a loss of 14,000 jobs; final revision shows a gain of 39,000)

  • Analysts expected a loss of 68,000
    • Predictions were all over the place since a winter storm affected the Northeast, possibly impacting survey results

  • One year ago the US lost 726,000 jobs
  • December was revised to a loss of 109,000 after reading a loss of 150,000 and originally a loss of 85,000
  • January was revised to a loss of 26,000 from an original reading of a loss of 20,000 (revised again in March to a gain of 14,000)
  • 6.1 million people have been jobless for more than 6 months
    • The first decrease in this number in 14 months

  • Temporary work, which usually precedes full time employment gains, added 48,000 jobs in February. This is after adding 46,500 jobs in December and 51,000 in January
  • Last month it appeared that layoffs were flattening out, but now actual hiring is happening
    • Challenger, Gray & Christmas, an outplacement firm, said that only 42,900 firings were announced in February – best number since 2006

Unemployment rate held at 9.7%

  • Analysts predicted it would rise to 9.8%
    • As employment picks up, the labor pool will grow again and the unemployment rate should go up

  • The unemployment population held at 58.5% – meaning people were not dropping out of the population
  • The U-6 report, which is a broader group, increased to 16.8%
  • GDP,which earned its status as an economic indicator for growth in the 1950s, showed a revised annualized gain of 5.9% in the 4th quarter of 2009
  • PMI, a measure of manufacturing pace, showed a reading of 56.5% (58.4%last month). Anything above 50% means the machines are running

Specific Segment Job numbers:

  • Manufacturing added 1,000 jobs
  • Construction lost 64,000 jobs
  • Retailers lost 400 jobs
  • Leisure and Hospitality Services grew by 7,000 jobs
  • Government sector lost 18,000, Federal gains were 7,000
  • Education and Health Services grew by 32,000 jobs
    • Health Care and Social Assistance grew by 20,400

  • Professional and Business Services grew by 51,000
    • Temporary work added 48,000 jobs in Feb

Wage (can be revised):

  • The average weekly paycheck (seasonally adjusted) is $626.58, from $629.37
  • The average hourly earning (seasonally adjusted) is $18.93 – up 3 cents
  • The average hourly work week rose to 33.1, a drop from 33.3
    • The snow probably figured into these numbers

Bureau of Labor Statistics

Job Report Stats Summary


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