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Posted April 09, 2013 by

Despite 500,000 Leaving Employment Market, Job Openings Surge by 300,000

Bureau of Labor StatisticsLast week’s employment report was quite disappointing as only 88,000 net jobs were created. The unemployment dropped from 7.8 to 7.7 percent, but the reason was that some 500,000 people left the labor force. If you’re not employed and not looking for employment then you aren’t counted in the ranks of the unemployed. Some of those who left the workforce came from the increasing number of Baby Boomers reaching retirement age but pretty clearly many came from those who would prefer to be working but gave up their search after reaching the conclusion that it was fruitless.

Today, the U.S. Bureau of Labor Statistics issued a report that should provide some comfort to those who are still looking for work as well as those who stopped but may re-start their search. According to the BLS, there were 3.9 million job openings on the last business day of February, up from 3.6 million in January, the U.S. Bureau of Labor Statistics reported today. The hires rate (3.3 percent) and separations rate (3.1 percent) were little changed in February. This release includes estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by industry and by geographic region. (more…)

Posted April 03, 2013 by

Private Sector Employment Increased 158,000 in March

Mark Zandi, chief economist of Moody's Analytics

Mark Zandi, chief economist of Moody’s Analytics

Another good month of employment reports, this time from ADP and Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. Revisions to job gains in the two prior months were offsetting; February’s gain of 198,000 jobs was revised up by 39,000 to 237,000, and January’s 215,000 gain was revised down by 38,000 to 177,000.

Goods-producing employment rose by 7,000 jobs in March, its slowest pace of growth in six months. Construction added no net jobs over the month; this follows average monthly gains of 29,000 in the three months prior. Meanwhile, manufacturers added 6,000 jobs.  (more…)

Posted November 02, 2012 by

Employment Report Blows Away Estimates; Aug & Sep Revised Upward Too

Bureau of Labor StatisticsThe consensus of economic forecasts for today’s payroll report was that in October the U.S. would have added about 125,000 jobs and that the unemployment would slightly increase from 7.8 to 7.9 percent due to an increase in the number of people in the labor force. The unemployment rate announced today by the U.S. Bureau of Labor Statistics was the same as forecast, but the total number of jobs created was almost 37 percent higher as 171,000 net, new jobs were created in October. Further bolstering the strength of the report was that BLS also announced that some 84,000 more net, new jobs were created in August and September than previously estimated.

Total nonfarm payroll employment increased by 171,000 in October, and the unemployment rate was essentially unchanged at 7.9 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in professional and business services, health care, and retail trade.

Hurricane Sandy

Hurricane Sandy had no discernible effect on the employment and unemployment data for October. Household survey data collection was completed before the storm, and establishment survey data collection rates were within normal ranges nationally and for the affected areas.

Household Survey Data

Both the unemployment rate (7.9 percent) and the number of unemployed persons (12.3 million) were essentially unchanged in October, following declines in September. (more…)