The May 2012 BLS unemployment report is abysmal. Total nonfarm payroll jobs gained were only 69,000. April job gains were revised down, from 115,000 to only 77,000. March payrolls were also revised down, from 154,000 to 143,000. The below graph shows the monthly change in nonfarm payrolls employment.
May shows only 82,000 private sector jobs gained while government payrolls shrank another -13,000. In addition, 9,200 of those jobs were temporary.
The April 2012 monthly unemployment figures show the official unemployment rate dropped a 10th of a percentage point to 8.1% due to people dropping out of the labor force. Total nonfarm payroll jobs gained were 115,000. Total private jobs came in at 130,000, with 21,100 of those jobs being temporary. Government jobs dropped, -15,000. While manufacturing gained 16,000 jobs, transportation and warehousing dropped -16,600 jobs. It takes about 100,000 jobs each month just to keep up with population growth so this is a terrible report for the American worker.
The press and pundits shout the unemployment rate dropped to 8.2%, the lowest since January 2009, over three years ago. Yet March only added 120,000 jobs and those reported as employed dropped by -31,000. So, how could the official unemployment rate drop when the jobs added barely keeps up with population growth and the increase in those employed actually dropped?
The March 2012 monthly unemployment figures show the official unemployment rate dropped a 10th of a percentage point to 8.2%, and the total nonfarm payroll jobs gained was 120,000. These statistics are not the blow out most were hoping for. Total private jobs came in at 121,000. Government jobs dropped, -1,000. While manufacturing gained 37,000 jobs, retail trade, a category that includes retail sales clerks, dropped -33,800 jobs.
ADP, released their proprietary private payrolls jobs report. This month ADP is reporting a gain of 209,000 private sector jobs in March. February 2012 was revised up by 14,000, from 216,000 to 230,000. January was also revised, from 173,000 to 182,000. In contrast, the BLS reported 233,000 private sector jobs for February 2012.
The headlines blare unemployment rate remains the same! Yet February added 227,000 jobs, and January was revised upward to 284,000 jobs. So, how could the official unemployment rate not budge when in two months over half a million jobs, 511,000, were added?
The February 2012 monthly unemployment figures show the official unemployment rate remained the same, 8.3%, and the total jobs gained were 227,000. While this report is good news, we've got a long, long way to go before returning to a healthy labor market. Total private jobs came in at 233,000. Government jobs dropped, -6,000. Most of the jobs were in the service sector, 209,000.
ADP, released their proprietary private payrolls jobs report. This month ADP is reporting a gain of 216,000 private sector jobs in February. January 2012 was revised up from 170,000 to 173,000. In contrast, the BLS reported 257,000 private sector jobs for January 2012. Graphed below are the reported private sector jobs from ADP.
The January 2012 monthly unemployment figures show the official unemployment rate dropped -0.2 percentage points to 8.3% and the total jobs gained were 243,000. Total private jobs came in at 257,000. Government jobs dropped -14,000. Information jobs dropped by -13,000 and financial services payrolls dropped by -5,000. All other major job categories had payroll gains.Temporary jobs increased 20,100.
ADP, released their proprietary private payrolls jobs report. This month ADP is reporting a gain of 170,000 private sector jobs in January. December 2011 was revised down from 325,000 to 292,000. In contrast, the BLS reported 212,000 private sector jobs for December 2011. Graphed elow are the reported private sector jobs from ADP. This report does not include government, or public jobs.
Recent comments