forget that July had to happen...
These are probably the best charts available to U.S., along with the best explanation, for the monthly DOL unemployment numbers.
-------
Remember: go to the CR web site and click for the LARGE charts.
----------
This [1st] graph shows the unemployment rate and the year over year change in employment vs. recessions.
Nonfarm payrolls decreased by 131 thousand in July. The economy has lost 52 thousand jobs over the last year, and 7.7 million jobs since the recession started in December 2007.
Ex-Census hiring, the economy added 12,000 jobs in July. The unemployment rate was steady at 9.5 percent.
Ex-Census hiring, the economy added 12,000 jobs in July. The unemployment rate was steady at 9.5 percent.
------------
The second graph shows the job losses from the start of the employment recession, in percentage terms (as opposed to the number of jobs lost).
The dotted line is ex-Census hiring. The two lines will rejoin later this year when the Census hiring is unwound.
-----------
This [3rd-alternative] graph shows the job losses from the start of the employment recession, in percentage terms - this time aligned at the bottom of the recession (Both the 1991 and 2001 recessions were flat at the bottom, so the choice was a little arbitrary).
The dotted line shows the impact of Census hiring. In July, there were 196,000 temporary 2010 Census workers on the payroll. The number of Census workers will continue to decline - and the gap between the solid and dashed red lines will be gone in a few months.
Employment-Population Ratio
The Employment-Population ratio decreased to 58.4% in July from 58.5% in June. This had been increasing after plunging since the start of the recession, and the recovery in the Employment-Population ratio was considered a good sign - but the ratio has now decreased for three consecutive months.
This [4th] graph shows the employment-population ratio; this is the ratio of employed Americans to the adult population.
-----------
Part Time for Economic Reasons
From the BLS report:
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged over the month at 8.5 million but has declined by 623,000 since April. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
The number of workers only able to find part time jobs (or have had their hours cut for economic reasons) was at 8.53 million in July. This small decline was a little bit of good news.
--------------
Unemployed over 26 Weeks
The blue line is the number of workers unemployed for 27 weeks or more. The red line is the same data as a percent of the civilian workforce.
According to the BLS, there are 6.,572 million workers who have been unemployed for more than 26 weeks and still want a job. This is 4.3% of the civilian workforce, just below the record set last month. (note: records started in 1948). The number of long term unemployed might have peaked ...perhaps because people are giving up.
============
No comments:
Post a Comment