August 2010 Jobs Report and Wages

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

Net loss
of 54,000 jobs in the month
(revised to a loss of 57,000 workers)

  • Census workers accounted for a loss of 114,000 jobs as they rolled off the federal payrolls (143,000 census workers were released last month)
  • Private sector payrolls increased by 67,000 (71,000 last month)
  • Analysts expected an overall loss of 120,000
  • One year ago the US lost 211,000 jobs
  • June was revised to a loss of 175,000 from a revised 221,000 jobs and an original reading of a loss of 125,000
  • July was revised to a loss of 66,000 from an updated read of a loss of 54,000 jobs and an original reading of 131,000 lost jobs
  • 6.2 million people have been jobless for more than 6 months (long term unemployed) – an improvement by 323,000 jobs

    • 42.0% of the unemployed are long term unemployed, a drop from 44.9%*
  • Businesses (private sector) have now added 763,000 jobs since the start of 2010, after cutting 8.5 million in 2008 and 2009 combined

Unemployment rate rose to 9.6%

  • Analysts predicted it would be 9.6%
  • The employment to population ratio is 58.5%. It’s been a year since it’s been over 59% and two years since it’s been above 62%
  • The U-6 report, which is a broader group to count, rose to 16.7% from 16.5% (it had held steady for a few months)
  • PMI, a measure of manufacturing pace, is 56.3 from 55.5% last month and the 16th consecutive month of readings over 50 percent. Anything above 50% means the machines are running
    • A sub-index, which measures the proportion of manufacturers that say they are hiring, rather than reducing jobs, came in at 60.4. This is the highest number since November of 1983 (perhaps signaling the wait and see period is over in manufacturing)

  • The number of job openings has risen by 704,000 (30 percent) since the most recent series low of 2.3 million in July 2009
    • A person without a job is averaging 19.9 weeks to find work. Down from 22.2 weeks
    • There are currently 5 applications for every 1 job opening. In November, 2009 there were 6.2 and in September 2003 there were 2.8

Specific Segment Job numbers:

  • Manufacturing lost 27,000 jobs (expected to be a seasonal loss)
  • Construction added 19,000 jobs
  • Retailers lost 4,900 jobs
  • Leisure and Hospitality Services grew by 13,000 jobs
  • Government sector lost 121,000, Federal losses were 111,000
    • State and Local Government losses have moderated their losses

  • Education and Health Services grew by 45,000 jobs
    • Health Care and Social Assistance grew by 40,200

  • Professional and Business Services grew by 20,000

Wage (can be revised):

  • The average weekly paycheck (seasonally adjusted) is $639.18 – an increase
  • The average hourly earning (seasonally adjusted) is $19.08 – a three penny increase
  • Average weekly hours and overtime of production and nonsupervisory employees on private nonfarm payrolls by industry sector, seasonally adjusted is 33.5 hours – a increase of 0.1 hours

Bureau of Labor Statistics

Job Report Stats Summary


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