June 2010 Jobs Report and Wages

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

Bureau of Labor Statistics

Job Report Stats Summary


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