96,000 new jobs were created in the month of August 2012. NO jobs were lost (net) in the month of August 2012.
The private sector generated 103,000 new jobs, but the government sector continued to shed jobs; it lost 7,000 jobs in August 2012.
119,000 FEWER people reported themselves as working in July 2012.
The following chart shows cumulative private job loss and growth from January 2008 until August 2012:
More or fewer jobs since January 2009 when Obama Took Office? More or fewer people working since January 2009 when Obama Took Office?
How Many Jobs Lost Altogether in the Great Recession?Job Rcovered?
How Many Jobs Lost Altogether in the Great Recession?Job Rcovered?
The unemployment rate edged down by two tenths of one percent to 8.1%. The decrease in the unemployment rate was primarily due to:
- A decrease of 119,000 people who reported themselves as employed in August vs. July;
- An decrease of 368,000 people in the labor force. This includes people who said they were either employed or looking for work.
- However, the decline in the number of employed people and in the number of people in the civilian labor force people occurred only among people 16-24 years of age. MORE people 25+ were employed and more were in the civilian labor force in August than in July.
- The number of unemployed people (people who are actively looking for work) declined by 250,000 in August vs. July.
- The numbers of people who were on temporary layoffs, who completed temporary jobs, who were entering or re-entering the work force declined in August.
- The numbers of people who lost their jobs permanently and who quit their jobs increased in August.
How many more jobs are there in August than there were in July 2012?
Let's look:
Let's look:
- 96,000 MORE jobs in seasonally-adjusted numbers were reported by employers now than in July 2012. (This is the best August for jobs since 2006.)
- 252,000 MORE jobs in "raw" actual numbers not adjusted for seasonal variations were reported by employers now vs. July 2012. (This is the largest increase in unadjusted jobs in the month of August since 1996.)
How many more private sector jobs are there in August 2012 than there were in July 2012?
- 103,000 MORE private-sector jobs in seasonally-adjusted numbers were reported by employers now than in July.
- 166,000 MORE private-sector jobs in "raw" actual numbers not adjusted for seasonal variation were reported by employers now than in July. (In other words, private employers are saying that they have actually employed 166,000 more people in August than in July. For the record, this is the best August for unadjusted private jobs since 2005.)
How many more (or fewer) government jobs are there in August 2012 than in July 2012?
- 7,000 FEWER government jobs in seasonally-adjusted numbers were reported by government employers at all levels (federal, state, and local) now than in July 2012.
- 86,000 FEWER government jobs in "raw" actual numbers not adjusted for seasonal variations were reported by government employers at all levels now in August than in July 2012.
How many more people are reporting themselves as working in July 2012 than in June 2012?
- 119,000 FEWER people reported themselves as working in seasonally-adjusted numbers in August than were working in July.
- 568,000 FEWER people reported themselves as working in "raw" actual numbers not adjusted for seasonal variations in August than were working in July.
- However, the drop in the number of people working and in the number of people in the civilian labor force (working or looking for work) occurred among young people 16-24, presumably in conjunction with their return to school. The number of people 25+ who are working INCREASED by 397,000 in August.
(Note: All of my employment number reports are based on monthly reports and data published by the Bureau of Labor Statistics. Monthly numbers reports are based on the monthly Employment Situation Report. The Employment Situation report includes month over month and year over year jobs numbers. My analysis is taken from the monthly BLS data copied to an Excel spreadsheet every month. I calculate detailed percentage increases/decreases, 3 month numbers, 2011 to date numbers, and I compare jobs numbers to those at the time of Obama's inauguration and at the "trough" of the recession.)
Molly -- appreciate the regurgitation of graphs and stats. We see too much finger pointing to symptoms (unemployment stats) in the media. I wish there were more Americans angered over the root causes. Here are few topics I'd love to have you write about:
ReplyDelete1)You report that we had a rise in private sector jobs, but many of those jobs don't go to Americans. Why? Unfortunately, there aren't enough skilled Americans. A big part is because our public school system is a mess. Steve Jobs, whom I think most people revere as a success story, shares in his biography that he spoke to President Obama about his frustration over having to hire foreign workers because there just weren't enough skilled programmers here. He encouraged Obama to take drastic measures to reform our education system. But unfortunately that's not a very sexy topic for Baby Boomers (the bulk of the voters that politicians are trying to win) who no longer have kids in school.
2)most non-business savvy Americans are quick to point fingers at tax cuts to corporations. But the reality is businesses are created to be profitable and when your tax savvy CFO sees a huge gain to move half of your operation to China because corporate taxes are half what they are in America you do it. Another reality is that in America nobody wants to buy "made in America" if it's double the price of "made in China." Our actions often speak louder than our words. Americans are indirectly saying we don't care that product X was made else, just so long as it costs less -- put do they not realize that made elsewhere means those are fewer jobs in the US
3) You call out the decrease in government jobs. It would be interesting to show how many states are on the verge of bankruptcy due to overspending and corrupt politicians (Illinois is not the only state to suffer this misfortune). This trend has nothing to do with the Federal government. It is, however, a eye-opener to the fact that whether you're a local, state of Federal government you can't spend what you don't have. Unfortunately, at the Federal level the Reserve just prints more money, which drives down the value of our dollar and creates a tidal wave effect. You don't have to have a degree in economics to understand that if $1 in your pocket was worth $1 a year ago and today it's only worth $.60 your money just doesn't go as far. So when the Federal Reserve announces it's going to cut interest rates again to encourage Americans to spend, the Federal Govt is really saying "we know your dollars aren't going as far any more so we're giving you an incentive to borrow more and get more in debt, but you'll spend that money and we'll get a false rise in the economy right before the election and give the president a much needed boost in the polls (well known tactic among every political group).