Here are the job market and compensation numbers for June 2010 (based on the job report):
Net loss of 125,000 jobs in the month
- The first loss since December (2009)
- Census workers accounted for a loss of 225,000 jobs as they rolled off the federal payrolls
- Private sector payrolls increased by 83,000
- Analysts expected an overall gain of 100,000
- One year ago the US lost 515,000 jobs
- May was revised to a gain of 433,000 jobs from an original reading of a gain of 431,000 and last month’s revision of 230,000
- April was revised to 313,000 from 290,000
- 6.8 million people have been jobless for more than 6 months (long term unemployed)
- 45.5% of the unemployed are long term unemployed
- This number held steady from last month
- The 14.6 million people still counted as unemployed have been out of work an average of 35 weeks, a record duration in the 62 years the government has tracked that figure
- Businesses have now added 593,000 jobs since the start of 2010, after cutting 8.5 million in 2008 and 2009 combined
Unemployment rate fell to 9.5%
- Analysts predicted it would be 9.8%
- 652,000 Americans left the work force creating an unwarranted positive impression
- The Federal Reserve, in its latest forecast, predicts that unemployment will stay around 7% or above through 2012, and in the 5% to 5.3% range in the long-run
- The unemployment population is 58.5%
- The U-6 report, which is a broader group to count, dropped to 16.5% from 16.6%
- PMI, a measure of manufacturing pace, is 56.2%. It was 59.7% last month. Anything above 50% means the machines are running.
Specific Segment Job numbers:
- Manufacturing added 9,000 jobs
- Construction loss 22,000 jobs
- Retailers lost 6,600 jobs
- Leisure and Hospitality Services grew by 37,000 jobs
- Government sector lost 208,000, Federal losses were 198,000 (state and local gov slowed their layoffs)
- Education and Health Services grew by 22,000 jobs
- Health Care and Social Assistance grew by 16,800
- Professional and Business Services grew by 46,000
Wage (can be revised):
- The average weekly paycheck (seasonally adjusted) is $634.60 – a decline
- The average hourly earning (seasonally adjusted) is $19.00 – a penny increase
- The average hourly work week is 33.4 hours – a decline
Net loss of 125,000 jobs in the month
- The first loss since December (2009)
- Census workers accounted for a loss of 225,000 jobs as they rolled off the federal payrolls
- Private sector payrolls increased by 83,000
- Analysts expected an overall gain of 100,000
- One year ago the US lost 515,000 jobs
- May was revised to a gain of 433,000 jobs from an original reading of a gain of 431,000 and last month’s revision of 230,000
- April was revised to 313,000 from 290,000
- 6.8 million people have been jobless for more than 6 months (long term unemployed)
- 45.5% of the unemployed are long term unemployed
- This number held steady from last month
- The 14.6 million people still counted as unemployed have been out of work an average of 35 weeks, a record duration in the 62 years the government has tracked that figure
- Businesses have now added 593,000 jobs since the start of 2010, after cutting 8.5 million in 2008 and 2009 combined
Unemployment rate fell to 9.5%
- Analysts predicted it would be 9.8%
- 652,000 Americans left the work force creating an unwarranted positive impression
- The Federal Reserve, in its latest forecast, predicts that unemployment will stay around 7% or above through 2012, and in the 5% to 5.3% range in the long-run
- The unemployment population is 58.5%
- The U-6 report, which is a broader group to count, dropped to 16.5% from 16.6%
- PMI, a measure of manufacturing pace, is 56.2%. It was 59.7% last month. Anything above 50% means the machines are running.
Specific Segment Job numbers:
- Manufacturing added 9,000 jobs
- Construction loss 22,000 jobs
- Retailers lost 6,600 jobs
- Leisure and Hospitality Services grew by 37,000 jobs
- Government sector lost 208,000, Federal losses were 198,000 (state and local gov slowed their layoffs)
- Education and Health Services grew by 22,000 jobs
- Health Care and Social Assistance grew by 16,800
- Professional and Business Services grew by 46,000
Wage (can be revised):
- The average weekly paycheck (seasonally adjusted) is $634.60 – a decline
- The average hourly earning (seasonally adjusted) is $19.00 – a penny increase
- The average hourly work week is 33.4 hours – a decline
Working Thoughts 