Private Sector Jobs Increase in June for the 6th Month; First Time in Almost 3 Years, Since 2007
Some highlights of today's employment report:
1. The jobless rate fell to 9.5%, the lowest rate since June 2009.
2. Private-sector jobs have increased in each month this year, and by 83,000 in June, bringing the total to 593,000 private-sector jobs that have been created since December 2009. This is the first time in almost three years of six consecutive monthly gains in private-sector employment (see top chart above).
3. Manufacturing employment has also increased for six consecutive months, for a total increase of 136,000 new jobs this year, and by 9,000 in June (see middle chart above).
4. Temporary employment increased in June by 20,500, marking the ninth month in a row of job gains for temporary help services, and bringing the total gain in this sector to 378,900 since the bottom last fall (see bottom chart above).
5. Average overtime hours for manufacturing declined slightly in June to 3.8 hours, possibly because the 136,000 new jobs added this year reduce the need for overtime hours.
5 Comments:
650k people abandoned job hunts and dropped out of u3, but are still in the currently more relevant u6. there are now 1.2mm "discouraged" workers up from 441k last year.
45% of unemployed have been so for over 27 weeks.
private job growth was pretty tepid and is declining.
not so sure that a drop in u3 due to loads of workers dropping out of the job hunt is good news.
The number of people who described themselves as employed actually fell by 301,000. But many more people -- 652,000 -- counted themselves as no longer being in the labor force at all, possibly out of frustration, pushing the unemployment rate down.
with this many long term and discouraged workers, u3 can give some misleading signals.
the employment to population ratio dropped to 58.5%, it's second monthly decline. this is a figure similar to that of the mid 70's.
there are still 8.6 million workers who are part time because they cannot find full time work.
I like to see the brighter side but there is nothing to be happy about with the latest BLS reports
The latest figures suggest businesses are still slow to hire amid a weak economic recovery. Many economists were hoping to see more job growth, which would fuel the economy by boosting consumers' ability to spend.
"It could have been worse, but it wasn't good," said Nigel Gault, chief U.S. economist at IHS Global Insight, an economic forecasting firm. "It's adding to the evidence that growth has slowed."
People left the work force "because they think there's nothing out there," he added.
In a separate report, factory orders fell by 1.4 percent in May, the Commerce Department said. It was the first decline after nine months of gains and the biggest drop since March 2009.
The reports follow a slew of data and developments this week that point to slower growth in the months ahead.
In May, home sales plunged and construction spending dropped after a popular homebuyers' tax credit expired on April 30. Consumer confidence has fallen sharply. The European debt crisis has sent U.S. financial markets downward, lowering household wealth. And more than a million jobless Americans have been cut off from unemployment benefits after Congress adjourned for a weeklong Independence Day recess without extending federal aid.
More mancesion in progress?
From the BLS: Employment Situation Summary
Friday, July 2, 2010
Among the major worker groups, the unemployment rate for adult women (7.8 percent) declined, while the rates for adult men (9.9 percent), teenagers (25.7 percent), whites (8.6 percent), blacks (15.4 percent), and Hispanics (12.4 percent) showed little or no change. The jobless rate for Asians was 7.7 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)...
Here's a good article on research and development and how new products and employment can be created in the emerging electric car industry.
www.bloomberg.com
[click on story in list]
BMW weaves city car out of carbon fiber used in formula 1
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