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Friday, February 1, 2013

January 2013 Jobs News Highlights


January Jobs Reports & Summaries:
  • How Many Jobs Added Since the Last State of the Union Address? 
  • January Summary: Report shows INCREASES in total jobs and private-sector jobs; government jobs continued to decline.  Unemployment is up slightly compared to December as it increased by less than .1% (actually .07%) from 7.85% to 7.92%.  The increase in the unemployment rate was spurred mostly by 140,000 people ENTERING the labor force and as the labor market continues to show a steady but slow recovery.
  • We now have 804,000 more jobs than were reported last month.  Explanation HERE. 
  • The additional 143,000 people in the labor force resulted in an increase of 17,000 in the number of people employed, as well as an increase of 126,000 in the number of people unemployed.  The civilian labor force has grown by 1,298,000 people over the past year.  The number of employed people has grown by 1,714,000 people over the past year, in other words, most of the people who entered the labor force found jobs.    
  • The number of unemployed people increased primarily because 133,000 people were permanently laid off.  An additional 70,000 are on temporary layoff.  The numbers of people who were unemployed because they quit their last job, because they are re-entering the job market, or because they are first-time jobseekers decreased slightly by a total of 78,000.
  • Unemployment among white people rose 0.1% to 7.0% in January; Unemployment among African-Americans dropped 0.2% to 13.8% in January (after increasing 0.8% in December).  Unemployment among Hispanics rose in January by 0.1% to 9.7%.  Unemployment among Asians dropped 0.1% to 6.5% in December. 
  • Economy adds 157,000 jobs; about what was predicted.  Private sector jobs increased by 166,000; government jobs decreased this month by 9,000.   (Revisions made a substantial difference compared to previously published jobs numbers as discussed HERE.)  
  • The increase in jobs from November to December was revised upwards by 41,000.  The increase in private sector numbers were revised upwards by 34,000.  The increase in jobs from October to November was revised upwards by a huge 86,000.  Private sector numbers were revised upwards by 85,000. We have 600,000 more jobs than we had in October 2012, or an increase of 200,000 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 4,000; private service-producing jobs increase by 130,000.   
  • Unemployment declined to 3.7% 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 increased to  8.7%, but this is a volatile number, not adjusted for seasonal variation.  
  • The unemployment rates for people without a high school degree and for high school graduates with no college increased, from 11.7% to 12.0% and from 8.0% to 8.1% respectively.
  • Employment increased the most for men (+230,000) in January.  An increase of 270,000 jobs was reported among men between 25 and 54 years of age between December and January.  Meanwhile the number of women employed dropped 213,000 in January.  Employment for women between the ages of 20 and 54 years declined by 274,000.   There was a decrease of 65,000 women aged 20-24 who were employed; and a decrease of 119,000 women aged 35-44.   
  • 50,000 MORE full-time workers this month; 35,000 FEWER part-time workers.  We have 2,085,000 MORE full-time workers than we had a year ago and 286,000 FEWER part-time workers than we had a year ago.
  • We have about 161,000 FEWER unincorporated self-employed workers than we had last month and we have 44,000 FEWER unincorporated self-employed workers than we did a year ago.  However, we have 53,000 MORE incorporated self-employed workers than we had a year ago.  (The number of self-employed workers tends to be volatile.) 
  • 1,714,000 MORE people employed in total than a year ago.
  • 416,000 FEWER people unemployed than a year ago.
  • 1,298,000 MORE people in the civilian labor force (either employed or actively looking for work) than a year ago.
  • About 2,016,000 MORE jobs than we had a year ago (including all revisions.)
  • 5.5 million more jobs in total than at the "trough" of the recession (including all revisions); 6.1 million more private sector jobs than at the "trough" of the recession (including all revisions).

2 comments:

  1. Great work, as always! This is the first place I look now, whenever any kind of jobs numbers are reported in the news. Thanks again.

    - tra

    ReplyDelete

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