Jobs report: better than expected

[30ashopper]

The labor department released prelim estimates for November, 11,000 people lost their jobs last month. That's an estimate, and will be revised. It's also seasonable adjusted, so in reality the number of people working probably increased due to seasonal hiring. The report also adjusted estimates for September and October up slightly, putting overall unemployment at 10%, rather than 10.2%.

I was looking at historical unemployment numbers today -

EmploymentPercentJobLossesNov.jpg (image)

The differences between the last two recessions and previous downturns is striking. Unemployment in this country now tends to dip lower and drags out for years rather than spike back up. I'm guessing this is due to efficiencies in business and technology and the slow erosion of manufacturing jobs here in the states. We continue to import more and make less.. have to wonder how that will effect future governmental policy.

 

[TooFarTampa]

What was so amazing to me is that the Labor Dept. actually expected 130,000 jobs lost - but the number was only 11,000. That seems like really good news. Also there was an uptick in hours worked. We will see if it holds into next year.

 

[30ashopper]

Total nonfarm payroll employment was essentially unchanged in November
(-11,000). Job losses in the construction, manufacturing, and information
industries were offset by job gains in temporary help services and health
care. Since the recession began, payroll employment has decreased by 7.2
million. (See table B-1.)

Construction employment declined by 27,000 over the month. Job losses had
averaged 117,000 per month during the 6 months ending in April and 63,000
per month from May through October. In November, construction job losses
were concentrated among nonresidential specialty trade contractors
(-29,000).

Manufacturing employment fell by 41,000 in November. The average monthly
decline for the past 5 months (-46,000) was much lower than the average
monthly job loss for the first half of this year (-171,000). About 2.1 mil-
lion manufacturing jobs have been lost since December 2007; the majority of
this decline has occurred in durable goods manufacturing (-1.6 million).

Employment in the information industry fell by 17,000 in November. About
half of the job loss occurred in its telecommunications component (-9,000).

There was little change in wholesale and retail trade employment in November.
Within retail trade, department stores added 8,000 jobs over the month.

The number of jobs in transportation and warehousing, financial activities,
and leisure and hospitality showed little change over the month.

Employment in professional and business services rose by 86,000 in November.
Temporary help services accounted for the majority of the increase, adding
52,000 jobs. Since July, temporary help services employment has risen by
117,000.

Health care employment continued to rise in November (21,000), with not-
able gains in home health care services (7,000) and hospitals (7,000). The
health care industry has added 613,000 jobs since the recession began in
December 2007.

Employment Situation Summary

Employment Situation News Release

Still a very bleak situation unfortunately. Federal, state, and local government accounted for a nice chunk (including educational), as did healthcare and temporary workers.

 

[30ashopper]

Health care employment continued to rise in November (21,000), with not-
able gains in home health care services (7,000) and hospitals (7,000). The
health care industry has added 613,000 jobs since the recession began in
December 2007.

Good business to be in, especially down here. Anyone looking for a new career should consider going back to school for healthcare related work.

 

[beachmouse]

Though if you are thinking about health care fields, you can usually get a far better paycheck for them in states other than Florida.

 

[SHELLY]

Two more losses to be added to the unemployment statistics for the month of December.

From an 8K filed by JOE today:

"As part of its continuing efforts to reduce overhead expenses in light of difficult market conditions, The St. Joe Company ("St. Joe") announced on December 4, 2009 that Christine M. Marx, General Counsel and Corporate Secretary, and Stephen W. Solomon, Senior Vice President and Treasurer, will be leaving St. Joe at the end of December 2009. Their duties will be transitioned to existing St. Joe employees."