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Friday, January 4, 2013

December 2012 Jobs News Highlights

January jobs reports to be released Friday, February 1st.  Check back for updates!

December Jobs Reports & Summaries: 
  • December Summary: Report shows INCREASES in total jobs and private-sector jobs; government jobs continued to decline.  Unemployment is even with November's revised 7.8% unemployment rate as 192,000 people enter the labor force and as the labor market continues to show a steady but slow recovery.
  • The additional 192,000 people in the labor force resulted in an increase of 28,000 in the number of people employed, as well as an increase of 164,000 in the number of people unemployed.   
  • The number of unemployed people increased primarily because 262,000 people re-entered the labor force and started to look for work.  The number of people unemployed because they were laid off or finished temporary jobs declined by 21,000. The number of people who were unemployed because they quit their last job increased by 57,000.   An increase in the number of people quitting vs. being laid off from their jobs is a sign of labor recovery.  
  • Unemployment among white people rose 0.1% to 6.9% in December; Unemployment among African-Americans rose 0.8% to 14.0% in December (after declining 0.8% in November).  Unemployment among Hispanics dropped in December by 0.3% to 9.6%.  Unemployment among Asians rose 0.2% to 6.6% in December. 
  • Economy adds 155,000 jobs; about what was predicted.  Private sector jobs increased by 168,000; government jobs decreased this month by 13,000.  
  • November jobs numbers were adjusted upwards by 15,000.  Private sector numbers were revised upwards by 17,000.  We have 453,000 more jobs than we had in September 2012, or an increase of 151,000 jobs in each of those three months.  (We need about 70,000 new jobs a month to keep up with the population growth.)  
  • Manufacturing jobs increased by 25,000; private service-producing jobs increase by 109,000.   
  • Unemployment remained at 3.9% for people 25 and over with Bachelor's degrees or higher.  The unemployment rate for young people under 25 with Bachelor's degrees or higher and not currently in school is 8.2%.
  • The unemployment rates for people without a high school degree and for high school graduates with no college dropped, from 12.1% to 11.7% and from 8.1% to 8.0% respectively.
  • Employment increased the most for men between 25 and 54 years of age.  176,000 more men in this age bracket reported themselves as employed in December over November.  Employment for women between the ages of 35 and 54 declined.
  • 203,000 MORE full-time workers this month; 15,000 FEWER part-time workers.  We have 2,048,000 MORE full-time workers than we had a year ago and 376,000 MORE part-time workers than we had a year ago.
  • We have about 190,000 MORE self-employed workers than we had last month and we have 262,000 MORE self-employed workers than we did a year ago.  (The number of self-employed workers tends to be volatile.) 
  • 2,409,000 MORE people employed in total than a year ago.
  • 843,000 FEWER people unemployed than a year ago.
  • 1,566,000 MORE people in the civilian labor force (either employed or actively looking for work) than a year ago.
  • About 1,835,000 MORE jobs than we had a year ago.  (About 1,913,000 more jobs including benchmark revisions.)
  • 5.2 million more jobs in total than at the "trough" of the recession (including benchmark revisions); 5.8 million more private sector jobs than at the "trough" of the recession (including benchmark revisions).

Watch for the following updates for December throughout the coming week:
  • What Was the Unemployment Rate When Obama took Office Compared To Now? 
  • How Many Jobs Lost/Gained in 2012 to date?

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