July 2010 Jobs Report and Wages

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

Net loss
of 131,000 jobs in the month
(revised to a loss of 66,000 jobs)

  • Census workers accounted for a loss of 143,000 jobs as they rolled off the federal payrolls
  • Private sector payrolls increased by 71,000
  • Analysts expected an overall loss of 65,000
  • One year ago the US lost 346,000 jobs
  • June was revised to a loss of 221,000 jobs from an original reading of a loss of 125,000
  • May was revised to gain of 432,000
  • 6.8 million people have been jobless for more than 6 months (long term unemployed) – unchanged from June

    • 44.9% of the unemployed are long term unemployed, a drop from 44.5%
  • Businesses (private sector) have now added 630,000 jobs since the start of 2010, after cutting 8.5 million in 2008 and 2009 combined (90,000 a month)

Unemployment rate held at 9.5%

  • Analysts predicted it would be 9.6%
  • The unemployment population is 58.4% – virtually unchanged
  • The U-6 report, which is a broader group to count, stayed at 16.5%
  • PMI, a measure of manufacturing pace, is 55.5 from 56.2% last month and 59.7% the month before. Anything above 50% means the machines are running
  • Economic growth will be by sector. The strongest component of economic growth is business investment in office buildings, equipment and software, growing at 17% during the second quarter
    • Job postings on Dice.com, a technology and engineering job Web site, are up 36 percent in the year through Aug. 1
    • Postings on efinancialcareers.com, which serves as an online clearinghouse for finance positions, are up 31 percent

Specific Segment Job numbers:

  • Manufacturing added 36,000 jobs
  • Construction loss 11,000 jobs
  • Retailers gained 6,700 jobs
  • Leisure and Hospitality Services grew by 6,000 jobs
  • Government sector lost 202,000, Federal losses were 154,000
  • Education and Health Services grew by 30,000 jobs
    • Health Care and Social Assistance grew by 27,800

  • Professional and Business Services lost 13,000

Wage (can be revised):

  • The average weekly paycheck (seasonally adjusted) is $637.84 – an increase
  • The average hourly earning (seasonally adjusted) is $19.04 – two penny increase
  • The average hourly work week is 33.5 hours – a increase of 0.1 hours

Bureau of Labor Statistics

Job Report Stats Summary


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