employment

Manufacturing Jobs Soar Under Trump

December 9, 2017 by Tim McMahon

On Friday December 8^th the U.S. Bureau of Labor Statistics (BLS) released their monthly employment survey results for the month of November.

According to the BLS the Unemployment for November is virtually unchanged from October to November on both an Unadjusted and Seasonally Adjusted basis. Seasonally Adjusted U-3 was 4.1% for both months while Unadjusted U-3 was 3.9% for both months. Unadjusted U-6 unemployment which is a broader measure of Unemployment rose slightly from 7.6% in October to 7.7% in November. This is still significantly better than a year ago when in November 2016 Unadjusted U-6 was 9%.

Unemployment

Over the last month, the actual number of people working has increased by 532,000 and the civilian non-institutional population (a fairly narrow measurement of population) has increased by a very low 183,000.

This means that not only has the increase in jobs kept up with the increase in the population but it was actually almost 3 times greater than the population growth! And since only about half of the population is working, job growth has far exceeded the level needed to keep things on a steady keel. See: Current Unemployment Rate Chart for more info.

Employment

Employment was 147,975,000 in October (148,006,000 when the numbers were originally released in November) and the current numbers for employment are 148,507,000 in November for a net gain of 501,000 over the original October numbers or 532,000 increase over the new October numbers.

See Employment Commentary.

Although unemployment rates are virtually unchanged the Employment numbers tell a slightly different story. According to [Read more…] about Manufacturing Jobs Soar Under Trump

September Unemployment Rate Down

October 7, 2017 by Tim McMahon

On Friday October 6^th the U.S. Bureau of Labor Statistics (BLS) released their monthly employment survey results for the month of September. Every month the BLS conducts two surveys one contacts a sampling of households and the other collects data from businesses. Then they massage some of the numbers to “Seasonally Adjust” them and release them to the media.

According to the BLS, the current “Seasonally Adjusted” Unemployment Rate for September (released October 6^th) is 4.2% DOWN from 4.4% in August. The current “Unadjusted” rate is 4.1% down from 4.5% in August.

Seasonal adjustment provides something like a moving average leveling out the bumps due to normal seasonal variations. See: Unadjusted vs. Seasonally Adjusted Unemployment Rate for more information about Seasonal Adjustment.

According to the BLS Commissioner’s report for this month:

“The unemployment rate declined to 4.2 percent in September, and total nonfarm payroll employment changed little (-33,000), the U.S. Bureau of Labor Statistics reported today. A sharp employment decline in food services and drinking places and below-trend growth in some other industries likely reflected the impact of Hurricanes Irma and Harvey. “

See: Current Unemployment Rate Chart for more info.

In the very next paragraph, based on the Household Unemployment Survey, he said, “The unemployment rate decreased by 0.2 percentage point to 4.2 percent in September, and the number of unemployed persons declined by 331,000 to 6.8 million. Both measures were down over the year.”

Declining unemployment means more jobs! So which is it 331,000 more jobs? -33,000 fewer jobs? Or 340,000 more jobs? [Read more…] about September Unemployment Rate Down

August Unemployment Numbers

September 1, 2017 by Tim McMahon

The U.S.Bureau of Labor Statistics (BLS) released the August unemployment numbers today. The BLS Commissioner says: “Nonfarm payroll employment increased by 156,000 in August, and the unemployment rate was little changed at 4.4 percent. Job gains occurred in manufacturing, construction, professional and technical services, health care, and mining. Employment growth has averaged 176,000 per month thus far this year, about in line with the average monthly gain of 187,000 in 2016.”

Actual employment in July was 146,330,000 and 146,541,000 in August for a net gain of 211,000 even though according to the Commissioner it was 156,000 on a “Seasonally Adjusted” basis.

Adjusted U-3 Unemployment was 4.4% up from 4.3% in July.
Unadjusted U-3 Unemployment was 4.5% down from 4.6% in July.
Employment Increase 156,000 on a “Seasonally Adjusted” or 211,000 non-adjusted.
U-6 Unemployment was 8.6% down from 8.9% in July.

August Employment Gain and Loss Bubbles

In the following chart from the BLS we can see [Read more…] about August Unemployment Numbers

1 Million Fewer Jobs but BLS Says 209 K More

August 4, 2017 by Tim McMahon

U-3 Unemployment

The U.S. Bureau of Labor Statistics (BLS) released their employment and unemployment numbers for July on Friday August 4^th. The Seasonally adjusted U-3 unemployment rate was down from 4.4% in June to 4.3% in July. Unadjusted U-3 however was up from 4.5% to 4.6%. U3 is the Official unemployment rate per the International Labor Organization definition. It occurs when people are without jobs and they have actively looked for work within the past four weeks.

U-6 Unemployment

U-6 unemployment is the broadest category of unemployment and includes U3 plus “discouraged workers”, plus other “marginally attached workers”, plus part-time workers who want to work full-time, but cannot due to economic reasons. U-6 was unchanged from June at 8.9%.

Employment

The Commissioner of the BLS released this statement, “Nonfarm payroll employment rose by 209,000 in July, and the unemployment rate, at 4.3 percent, was little changed. Job gains occurred in food services and drinking places, professional and business services, and health care. Employment growth has averaged 184,000 per month thus far this year, in line with the average monthly gain in 2016 (+187,000). “

However if we look at the actual employment data we get a different picture. [Read more…] about 1 Million Fewer Jobs but BLS Says 209 K More

May Employment and Unemployment Numbers

June 2, 2017 by Tim McMahon

The U.S.Bureau of Labor Statistics (BLS) released the May unemployment numbers today. The BLS Commissioner says: Nonfarm payroll employment increased by 138,000 in May, but these are Seasonally Adjusted numbers. So since typically employment increases in May, what he is saying is that 138,000 more jobs than average were created. In unadjusted terms employment was 145.938 million in April and 146.748 in May for a net gain of 810,000 jobs. Adjusted U-3 Unemployment was 4.3% down from 4.4% in April. Unadjusted U-3 Unemployment was 4.1% unchanged from April.

Gallup Unadjusted U-3 was 5.2% down from 5.4% in April. Gallup’s unadjusted U-6 Unemployment was 8.1% unchanged from April. Gallup’s U-6 was 13.8% Down from 14.0% in April.

May Employment Gain and Loss Bubbles

In the following chart from the BLS we can see [Read more…] about May Employment and Unemployment Numbers

Unemployment Down in March

April 8, 2017 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released their monthly Employment/Unemployment report for the month ending in March on April 7^th. The widely publicized Seasonally Adjusted U-3 Unemployment rate was 4.5% down from 4.7% in February. While the broader U-6 unemployment rate that includes discouraged workers and other “marginally attached” individuals was 8.9% down from 9.5% in February.

The BLS’ Unadjusted U-3 was 4.6% in March down from 4.9% in February. The Gallup alternatives presented mixed results with Gallup’s Unadjusted U-3 at 5.7% up from 5.5% in February while Gallup’s version of the U-6 was unchanged at 13.7%.

The BLS Commissioner’s statement said, “The unemployment rate declined by 0.2 percentage point to 4.5 percent in March. Nonfarm payroll employment edged up by 98,000, following gains in January (+216,000) and February (+219,000). In March, job gains occurred in professional and business services and in mining, while retail employment declined.”

In the above chart we can see [Read more…] about Unemployment Down in March

New Unemployment Numbers- February

March 13, 2017 by Tim McMahon

On Friday March 10^th the U.S. Bureau of Labor Statistics released their Employment and Unemployment numbers for February 2017. The media was making a big deal about these numbers because they represent the “First full month since Trump took office”.

The numbers turned out to be moderately “Bullish” although the Commissioner’s statement said, “Total nonfarm payroll employment increased by 235,000 in February, and the unemployment rate was little changed at 4.7 percent. Employment gains occurred in construction, private educational services, manufacturing, health care, and mining.”

Now, I’m not complaining… gaining 235,000 jobs is certainly better than losing them but what’s the big deal? Well, first of all, the big deal is that [Read more…] about New Unemployment Numbers- February

January Unemployment

February 3, 2017 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released the newest unemployment data for January 2017 on Friday, February 3rd. According to the BLS, the current “Seasonally Adjusted” Unemployment Rate is 4.8% up from 4.7% in December and 4.6% in November but still below the 4.9% in October.

The current “Unadjusted” rate is 5.1% up from 4.5% in December and 4.4% in November. Typically unadjusted unemployment rates jump in January for “Seasonal” reasons which is why we see a large jump in the unadjusted rates but a much smaller jump in the seasonally adjusted unemployment rate. See Current Unemployment Rate for more info.

The number of Unadjusted jobs reported for January was [Read more…] about January Unemployment

August Unemployment Numbers- 4.9%

September 2, 2016 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released the Unemployment numbers for the month of August on Friday September 2^nd. The commonly quoted Seasonally Adjusted U-3 Unemployment rate was 4.9% for the third month in a row. The unadjusted U-3 Unemployment rate was 5.0% and Gallup’s equivalent was 5.4% for a “mere” 0.4% difference.

The broader U-6 Unemployment rate (also unadjusted) which includes “discouraged workers”, “marginally attached workers” and Part time workers who want to work full-time was 9.7% in August while Gallup’s equivalent which they call the “Underemployment rate” was 3.4% higher at 13.1%. The civilian non-institutional population increased another 234,000 this month bringing it to 253,854,000.

According to the BLS Commissioner’s report for this month:

“Nonfarm payroll employment increased by [seasonally adjusted~ editor] 151,000 in August, and the unemployment rate remained at 4.9 percent. Employment continued to trend up in several service-providing industries. Incorporating revisions for June and July, which reduced nonfarm payroll employment by 1,000 on net, monthly job gains have averaged 232,000 over the past 3 months. In the 12 months prior to August, employment growth averaged 204,000 per month. Employment in food services and drinking places continued to trend up in August (+34,000). Over the year, the industry has added 312,000 jobs… Mining employment continued on a downward trend in August (-4,000). Although job losses have moderated in the last 3 months, employment in mining has fallen by 223,000 since a peak in September 2014.”

In other words, the vast majority of the jobs [Read more…] about August Unemployment Numbers- 4.9%

Employment and Unemployment Rates Jump in June???

July 8, 2016 by Tim McMahon

On Friday July 8th, the U.S. Bureau of Labor Statistics (BLS) released their newest unemployment data for June 2016. According to the BLS, the current “Seasonally Adjusted” Unemployment Rate is 4.9% up from 4.7% for May. The current “Unadjusted” rate is 5.1% up from 4.5% in May.

In an interesting twist, although total non-farm payroll employment increased by 287,000 in June, the unemployment rate also rose to 4.9 percent from 4.7%. [Read more…] about Employment and Unemployment Rates Jump in June???