BLS

Employment Increased by 1/2 Million in November

December 5, 2020 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for November on December 4^th.

Unadjusted U-3 was Down from 6.6% to 6.4%
Adjusted U-3 was Down from 6.9% to 6.7%
Unadjusted U-6 was unchanged at 11.6%
Labor Force Participation fell from 61.7% to 61.5%
Unadjusted Employment up from 143.488 million to 144.005 million

According to the Commissioner of the U.S. Bureau of Labor Statistics:

“Nonfarm payroll employment increased by 245,000 in November, and the unemployment rate edged down to 6.7 percent. These improvements reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID- 19) pandemic and efforts to contain it. However, the pace of improvement in the labor market has moderated in recent months.”

Of course, they are talking about “Seasonally Adjusted Jobs” from the “Current Population Survey (CPS)” rather than looking at the results reported by actual companies in their “Current Employment Statistics survey (CES)”

But looking at the CES report we see…
Originally the BLS reported 143.459 million jobs for October, this month they only adjusted that slightly.
So currently they are saying 143.488 million jobs for October and 144.005 million for November.
which is actually an increase of 546,000 jobs based on their original estimates.

October Employment Up 1.6 Million

November 7, 2020 by Tim McMahon

Employment Increased by 1.6 Million in October

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for October on November 6^th.

Unadjusted U-3 was Down from 7.7% to 6.6%.
Adjusted U-3 was Down from 7.9% to 6.9%.
Unadjusted U-6 was Down from 12.4% to 11.6%.
Labor Force Participation rose from 61.4% to 61.7%.
Unadjusted Employment up from 141.854 million to 143.459 million.

According to the Commissioner of the U.S. Bureau of Labor Statistics:

“Total nonfarm payroll employment rose by 638,000 in October, and the unemployment rate declined to 6.9 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it. In October, notable job gains occurred in leisure and hospitality, professional and business services, retail trade, and construction. Employment in government declined.”

But looking at the CES report we see…
Originally the BLS reported 141.855 million jobs for September, this month they only adjusted that slightly.
So currently they are saying 141.854 million jobs for September and 143.459 million for October.
which is actually an increase of 1,604,000 jobs based on their original estimates.

September Employment Up 1.25 Million not 661,000

October 3, 2020 by Tim McMahon

Employment Increased by 1.25 Million in September

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for September on October 2nd.

Unadjusted U-3 was Down from 8.5% to 7.7%!
Adjusted U-3 was Down from 8.4% to 7.9%!
Unadjusted U-6 was Down from 14.3% to 12.4%!
Labor Force Participation fell from 61.7% to 61.4%.
Unadjusted Employment up from 140.718 million to 141.855 million.

According to the Commissioner of the U.S. Bureau of Labor Statistics:

“Nonfarm payroll employment increased by 661,000 in September, and the unemployment rate fell to 7.9 percent. These improvements reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it.

In September, employment continued to increase in several industries, with the largest gains in leisure and hospitality, in retail trade, in health care and social assistance, and in professional and business services. By contrast, employment declined in government, mainly in state and local government education.”

Of course, he is talking about “Seasonally Adjusted Jobs” from the “Current Population Survey (CPS)” rather than looking at the results reported by actual companies in their “Current Employment Statistics survey (CES)”

But looking at the CES report we see…
Originally the BLS reported 140.598 million jobs for August, they added 120,000 jobs since that estimate.
So currently they are saying 140.718 million jobs for August and 141.855 million jobs for September which is actually an increase of 1,257,000 jobs based on their original estimates.

Latino Unemployment Lower than Asian Unemployment for First Time

September 5, 2020 by Tim McMahon

Employment Increased by 1.5 Million in August

Latino unemployment is lower than Asian unemployment for the first time since the BLS began tracking Asian unemployment separately.

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for August on September 4th.

Unadjusted U-3 was Down from 10.5% to 8.5%!
Adjusted U-3 was Down from 10.2% to 8.4%!
Unadjusted U-6 was Down from 16.8% to 14.3%!
Labor Force Participation rose from 61.4% to 61.7%.
Unadjusted Employment up from 139.063 to 140.598 million.

According to the Commissioner of the U.S. Bureau of Labor Statistics:

“Nonfarm payroll employment increased by 1.4 million in August, and the unemployment rate declined by 1.8 percentage points to 8.4 percent. These improvements reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it.
In August, employment rose in several major industry sectors. A gain in government largely reflected the hiring of temporary workers for the 2020 Census. Notable job gains also occurred in retail trade, in professional and business services, in leisure and hospitality, and in education and health services.”

Looking at the CES report we see…
Originally the BLS reported 139.100 million jobs for July, they subtracted 37,000 jobs from that estimate.
So currently they are saying 139.063 million jobs for July and 140.598 million jobs for August which is an increase of 1,535,000 jobs based on their updated estimates.

Employment Up by a Half-Million in a Typically Bad Month

August 8, 2020 by Tim McMahon

Typically July is one of the worst months for employment second only to January. But this obviously isn’t a typical year.

More than a Half-Million People Return to Work in July as COVID restrictions relax.

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for July on August 7^th.

Unadjusted U-3 was Down from 11.2% to 10.5%!
Adjusted U-3 was Down from 11.1% to 10.2%!
Unadjusted U-6 was Down from 18.3% to 16.8%!
Labor Force Participation fell from 61.5% to 61.4%.
Unadjusted Employment up from 138.509 to 139.100 million.

According to the Commissioner of the U.S. Bureau of Labor Statistics:

“Non-farm payroll employment increased by 1.8 million in July, and the unemployment rate declined by 0.9 percentage point to 10.2 percent. These improvements reflect the continued resumption of economic activity that had been curtailed due to the Coronavirus (COVID-19) pandemic and efforts to contain it. In July, employment rose in several major industries, with the largest gains in leisure and hospitality, government, retail trade, professional and business services, other services, and health care.”

“The rate of recovery in the labor market slowed in July, as job growth over the month was less than half that for June. As of July, total non-farm employment is 12.9 million, or 8.4 percent, lower than in February, before the pandemic crisis unfolded in many parts of the United States. Similarly, although unemployment continued to fall in July, the unemployment rate and the number of unemployed people are up by 6.7 percentage points and 10.6 million, respectively, since February.”

Looking at the CES report we see…
Originally the BLS reported 138.513 million jobs for June, they subtracted 4,000 jobs from that estimate.
So currently they are saying 138.509 million jobs for June and 139.100 million jobs for July which is an increase of 591,000 jobs based on their updated estimates.

Unemployment Rate Falls Contrary to Economist’s Projections

June 6, 2020 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for May on June 5th.

COVID-19 Unemployment Decreases as People Return to Work

Unadjusted U-3 was Down from 14.4% to 13.0%.
Adjusted U-3 was Down from 14.7% to 13.3%.
Unadjusted U-6 was Down from 22.4% to 20.7%.
Labor Force Participation rose from 60.2% to 60.8%.
Unadjusted Employment rose by approx. 2.9 million jobs.

Civilian Unemployment

Economists were predicting another stairstep increase in unemployment in May. According to a CNBC article “Economists surveyed by Dow Jones had been expecting payrolls to drop by 8.33 million and the unemployment rate to rise to 19.5% from April’s 14.7%.”

Instead, Unemployment fell to 13.3% and payrolls rose by 2.9 million making the “experts” wrong by roughly 11 million.

According to the Commissioner of the U.S. Bureau of Labor Statistics:

“Nonfarm payroll employment increased by 2.5 million in May, and the unemployment rate declined by 1.4 percentage points to 13.3 percent. These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it.

In May, employment rose in several major industry sectors, with the largest gains in leisure and hospitality, construction, education and health services, and retail trade. By contrast, employment in government continued to decline sharply.”

Of course, he is talking about “Seasonally Adjusted Jobs” from the “Current Population Survey (CPS)”
rather than looking at the results reported by actual companies in their “Current Employment Statistics survey (CES)”

But looking at the CES report we see…
Originally the BLS reported 131.071 million jobs for April and then they subtracted 660,000 jobs from that estimate.
So currently they are saying 130.411 million jobs for April and 133.342 million jobs for May which is actually an increase of 2.271 million jobs compared to what they originally reported last month. Or 2.931 million jobs based on their current estimates of April’s employment.

Coronavirus Shutdown Causes 20 Million Job Losses

May 9, 2020 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for April on May 8^th.

COVID-19 Shutdowns Send Unemployment Rate Soaring

Unadjusted U-3 was Up from 4.5% to 14.4%!
Adjusted U-3 was Up from 4.4% to 14.7%!
Unadjusted U-6 was Up from 8.9% to 22.4%!
Labor Force Participation fell from 62.7% to 60.2%.
Unadjusted Employment down by approx. -19.5 MILLION jobs.

Civilian Unemployment

In April, the ranks of the unemployed swelled by almost 20 million bringing it up to approximately 23 million in total. Rather than looking at percentages, the following chart looks at the actual number of unemployed individuals. The current number of unemployed is considerably higher than at the peak of the 2008-2010 “great recession”.

According to the Commissioner of the U.S. Bureau of Labor Statistics:

Nonfarm payroll employment declined by 20.5 million in April, and the unemployment rate increased to 14.7 percent, reflecting the widespread impact on the job market of the coronavirus (COVID-19) pandemic and efforts to contain it. Employment fell sharply in all major industry sectors, with a
particularly large decline in the leisure and hospitality sector.

The response rate for the household survey continued to be adversely affected by pandemic-related issues, while that for the establishment survey returned to a normal range in April. In addition, there were changes to the estimation methods for the establishment survey to better account for the historic number of temporary or permanent business closures in April. The impacts of the pandemic on the household and payroll surveys are detailed in the April Employment Situation news release and accompanying materials (available on the BLS website)). For both surveys, we were able to obtain estimates that met BLS standards for accuracy and reliability.

The substantial job declines related to the coronavirus pandemic started in March, as payroll employment declined by 870,000, as revised. Job losses accelerated in April, as an additional 20.5 million jobs were lost. These April losses were pervasive across all industry sectors, and brought nonfarm employment to its lowest level since February 2011.

Of course, he is talking about “Seasonally Adjusted Jobs” from the “Current Population Survey (CPS)”
rather than looking at the results reported by actual companies in their “Current Employment Statistics survey (CES)”

Looking at the CES report we see…
Originally the BLS reported 150.804 million jobs for March and then they subtracted 221,000 jobs from that estimate.
So currently they are saying 150.583 million jobs for March and 131.071 million jobs for April which is actually a decrease of -19.733 million jobs compared to what they originally reported last month. Or -19.512 million jobs based on their current estimates of March’s employment.

February Jobs Report Smashes Expectations

March 7, 2020 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for February on March 6th.

Unemployment returns to 50-year lows. The “Seasonally Adjusted” Unemployment Rate fell from 3.6% in January to 3.5% in February. Thus returning to the previous low levels of September, November, and December after increasing slightly in January.
We are still in record low territory and that won’t change overnight. Seasonally adjusted U-3 Unemployment notched up 1/10^th of a percent in January and fell back the same amount in February. The Labor Force Participation Rate (LFPR) remains in territory that it hasn’t seen in years…

This is better than expected results and according to @AP News it shows that “the economy was in strong shape before the coronavirus began to sweep
through the U.S. “

The average monthly wage is up almost $130 over year-ago levels so two-income families are bringing in an average of at least $250 a month more. (See employment by Sector for more info).

This month we will also look at unemployment by Education level, and reasons for unemployment.

February Jobs Report Smashes Expectations

Unadjusted U-3 was down from 4.0% to 3.8%!
Adjusted U-3 was down slightly from 3.6% to 3.5%!
Unadjusted U-6 was down from 7.7% to 7.4%!
Labor Force Participation remains at the highest level since 2013.
Unadjusted Employment Up by approx. 880,000 jobs.

According to the Commissioner of the U.S. Bureau of Labor Statistics:

“Nonfarm payroll employment rose by 273,000 in February, and the unemployment rate was little changed at 3.5 percent.
Notable employment gains occurred in health care and social assistance, food services and drinking places, government, construction, professional and technical services, and financial activities.”

But, he is talking about “Seasonally Adjusted Jobs” from the “Current Population Survey (CPS)” rather than looking at the results reported by actual companies in their “Current Employment Statistics survey (CES)”

Looking at the CES report we see…

Originally the BLS reported 150.102 million jobs for January and then they added 15,000 jobs to that estimate.
So currently they are saying 150.117 million jobs for January and 150.997 million jobs for February
which is actually an increase of 895,000 jobs over what they originally reported last month and 880,000 more than current estimates for last month.

Of course, the Corona Virus scare is affecting the Stock Market as the AP news was quick to point out. So March numbers may be affected by that.

For more info see our Current Unemployment Chart and Current U.S. Employment Chart commentary.

January Employment Report- Maybe Not as Good?

February 8, 2020 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for January on February 7^th.

Last month we told you that the employment report was not as bad as the media tried to paint it. This month The New York Times is saying “Job Growth Gives the Economy an Upbeat Start to the Year” while Marketwatch calls the Labor Market “Astounding” and once again we have a slightly different opinion.

Yes, we are still in record low territory and that won’t change overnight. Seasonally adjusted Unemployment only notched up 1/10^th of a percent and the Labor Force Participation Rate (LFPR) has entered territory that it hasn’t seen in years… BUT the unadjusted numbers jumped up significantly (as they do every year) and the BLS adjusted the Population numbers DOWN significantly. This adjustment is what the pundits are not seeing and what makes me think the numbers may not be quite as good as they appear i.e. lower population means a higher percentage appears to be working (even though the actual unadjusted employment fell). This could have given the LFPR the apparent boost and made the Adjusted U-3 increase by less than it would have without the population adjustment. This is still not a bad employment report just perhaps not as rosy as the media made it sound.

Key January Employment and Unemployment Numbers

Unadjusted U-3 Unemployment- 4.0% Up from December’s 3.5%… Typically up in January, it was 4.4% in January 2019.
Adjusted U-3 Unemployment- 3.6% Up from 3.5% in December.
Unadjusted U-6 Unemployment- 7.7% Up from 6.7% in December… was 8.8% in January 2019.
Unadjusted Employment (Establishment Survey)- 150.102 million down from 152,934 in December.
Labor Force Participation Rate- 63.4% Up from 63.2%.

According to the Commissioner of the U.S. Bureau of Labor Statistics:

Nonfarm payroll employment rose by 225,000 in January, and the unemployment rate was little changed at 3.6 percent.
Notable employment gains occurred in construction, in health care, and in transportation and warehousing.
In 2019, job growth averaged 175,000 per month.

Of course, he is talking about “Seasonally Adjusted Jobs” from the “Current Population Survey (CPS)”
rather than looking at the results reported by actual companies in their “Current Employment Statistics survey (CES)” which showed a non-adjusted drop of 2.8 million jobs.

For more info see our Current Unemployment Chart and Current U.S. Employment Chart commentary.

December Jobs Report Not “Disappointing”

January 11, 2020 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for December on January 10^th.

CNBC was quick to label it “disappointing” but at 1/10^th of a percent off a 50 year low how disappointing can it really be? The unadjusted numbers were up slightly but that isn’t unusual for December and they weren’t even up by as much as they were last year. In December 2018 the unadjusted U-6 went from 7.2% to 7.5% (i.e. 0.3%). This year it went from 6.5% to 6.7% (up 0.2%). Last year the unadjusted U-3 went from 3.5% to 3.7% (up 0.2%) this year it went from 3.3% to 3.4% (up 0.1%). Last year the adjusted U-3 went from 3.7% to 3.9%. This year it went from… wait for it… 3.5% to 3.5%… what? Yes, it was unchanged. On a seasonally adjusted basis, unemployment is exactly the same as last month (i.e. one of the best months in recorded history). What about Labor Force Participation? Unchanged at 63.2%… slightly off recent highs of 63.3% which it reached in October. The only “fly in the ointment” was actual unadjusted employment which was down slightly while adjusted Employment was still up by 145,000.

December Jobs Report

Adjusted U-3 was Unchanged at 3.5%!
Unadjusted U-3 was up slightly from 3.3% to 3.4%!
Unadjusted U-6 was Up from 6.5% to 6.7%
Labor Force Participation was unchanged at 63.2%.
Unadjusted Employment down slightly while adjusted Employment was up by 145,000.

According to the Commissioner of the U.S. Bureau of Labor Statistics:

Nonfarm payroll employment rose by 145,000 in December, and the unemployment rate was unchanged at 3.5 percent. Notable employment gains occurred in retail trade and health care, while mining lost jobs. In 2019, payroll employment growth totaled 2.1 million, compared with a gain of 2.7 million in 2018.

Of course, he is talking about “Seasonally Adjusted Jobs” from the “Current Population Survey (CPS)”
rather than looking at the results reported by actual companies in their “Current Employment Statistics survey (CES)”

This was not a bad jobs report!

For more info see our Current Unemployment Chart and Current U.S. Employment Chart commentary.