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Friday, May 4, 2012

April Jobs Numbers Summary 2012

April 2012 Jobs Numbers have been released:

  • April summary:  A mixed report with not as many new jobs as hoped for, but upward revisions of 50,000 to last month's private jobs numbers.  
  • Economy adds 115,000 jobs in April.  (This is a net number; in other words, this is the total number of jobs reported by employers.  115,000 more jobs were created than lost in April.) 
  • Private employers add 130,000 jobs in April.  Manufacturing added 16,000 in April and March manufacturing numbers were revised upwards by 3,000 jobs. 
  • March jobs numbers were revised upwards by 50,000 total; private sector numbers were revised upwards by 70,000.  This means that private sector jobs actually increased by about 170,000 last month instead of the reported 121,000.  
  • Unemployment rate declines slightly to 8.1% as 173,000 fewer people reported themselves as unemployed, and as about 522,000 fewer people reported themselves as in the labor force.  (Those people either stopped working or stopped looking for work.)  Half of the people who are no longer in the labor force are 55 or older and about half of those people say that they no longer want a job.  
  • The biggest decrease in the number of people who are unemployed occurred in the ranks of people who were unemployed over 27 weeks.  There is a good chance that these are the people who dropped out of the labor force.  
  • There was an uptick of about 67,000 more people not in the labor force (not working or actively looking for work) who reported themselves as "wanting a job" despite not actively looking for work.  
  • The number of people who are unemployed because they permanently lost their jobs (vs. entering or re-entering the job market or being on temporary layoff) continues to drop to the lowest level since late 2008 and now stands at 45.1%.  (In other words, most people who are unemployed are now unemployed because they are either on temporary layoff, they are entering or re-entering the job market, or because they quit their last job.)
  • Underemployment rate stays the same at 14.5%.
  • Number of people working part-time who want full-time work increased by 180,000.
  • Number of full-time workers decreased by about 800,000; number of part-time workers increased by about 500,000

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