May 2010 Jobs Report and Wages

Here are the job market and compensation numbers for May 2010 (based onthe job report):

Net gain
of 431,000 jobs in the month
(revised to 433,000 in June)

  • The largest one month gain in ten years (March 2000)
  • 411,000 jobs were added by the Federal government for the Census and the work will end by the end of summer (was that the same reason March of 2000 was so high as well?)
  • Analysts expected a gain of 540,000
  • One year ago the US lost 387,000 jobs
  • March was revised to a gain of 208,000 jobs from an original reading of a gain of 190,000 and last month’s revision of 230,000
  • April’s revision held at 290,000
  • The first five months of 2010 have seen 982,000 jobs gained
  • 6.8 million people have been jobless for more than 6 months (long term unemployed)
    • 46% of the unemployed are long term unemployed
    • The average length of time that people remained out of work grew to 34.4 weeks

  • Temporary work has added 362,000 jobs since September of 2009. Temporary workers appear to be catching on since the average workweek has been on the uptick (shown below) and the average weekly paycheck has increased as well

Unemployment rate fell to 9.7%

  • Analysts predicted it would be 9.8%
    • As employment picks up, the labor pool grows and the unemployment rate goes up or holds steady while this period balances out – this reading will be counter-intuitive for the next few months

  • The unemployment population is 58.7%
  • The U-6 report, which is a broader group to count, dropped to 16.6% from 17.1%
  • PMI, a measure of manufacturing pace, is 59.7%. Anything above 50% means the machines are running.

Specific Segment Job numbers:

  • Manufacturing added 29,000 jobs
  • Construction loss 35,000 jobs
  • Retailers gained 6,600 jobs
  • Leisure and Hospitality Services grew by 2,000 jobs
  • Government sector gained 390,000, Federal gains were 411,000 (state and local gov contracted)
  • Education and Health Services grew by 17,000 jobs
    • Health Care and Social Assistance grew by 13,100

  • Professional and Business Services grew by 22,000

Wage (can be revised):

  • The average weekly paycheck (seasonally adjusted) is $636.17, from $632.93
  • The average hourly earning (seasonally adjusted) is $18.99
  • The average hourly work week rose to 33.5 reflecting a move to full time work from part time employment

Bureau of Labor Statistics

Job Report Stats Summary


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