Bob Marshall’s BLS Analysis; 3/8/13
February BLS Preface
*Note: Please send me your success stories when you use segments of the Analysis in your business interactions.
Here’s one I just received last week:
Quoting this BLS Analysis helps Recruiter Secure Client/JO
Arizona, March 3, 2013
“Thank you for the information you send.”
“I owe you some cookies or something. I had a new client that was interviewing recruiters to use for a position he was hiring for and I was the recruiter he chose to use. He said he liked that I knew so much about the job market. All I mentioned was that the unemployment rate for degreed professionals was closer to 3-4% which is considered full employment. I got it from you….so thank you!”
“You will be the trainer I call when I am ready!”
“Thank you, BG”
TBMG News
To potential students:
If you want to increase your income as a recruiter, all the details of my coaching plans, and products, are available to you on my website: www.TheMarshallPlan.org or you can reach me at 770-898-5550 or email me at: bob@themarshallplan.org.
Preface
Many of you continue to correspond with me about these monthly BLS analyses and have asked if it is OK to use them in your presentations. The answer is, of course, yes! That is why I spend the time to write down this information. I would encourage any of you who have that desire to weave any of the information I have printed below into your presentations. I write these analyses for the benefit of our recruitment industry in general and for the members of my distribution list in particular. So use this info as you deem appropriate.
I also write these monthly BLS analyses to not only counterbalance the negative/incorrect press reporting of our general economic state but, more than that, to remind all of my recruitment readers that, at the level we work, there is no unemployment and so we must recruit to find the candidates our client companies so desperately need!
So to my recruiter colleagues, get out there and do what your name implies…RECRUIT. When your client companies have unique and difficult positions to fill, they need you. When they are being picky, they need you. When they are longing for more production from fewer employees, they need you. Go fill those needs. These should be the halcyon days in the recruitment arena!
Finally, always remember that we are not in an HR business, but in a ‘circumventing the time factor in the hiring sequence’ business—and adding value to our client companies.
‘Simply Hired’ Employment Outlook Report Shows Job Opening Growth in Top 50 Metro Areas
Sunnyvale, CA – March 6th, 2013
Simply Hired®, a technology company that operates one of the world’s largest job search engines, today reported that for the 8th time in 10 months the U.S. has experienced growth in job openings. In February, job openings increased 8.5% month-over-month and 19.6% year-over-year. Nationwide job competition held steady at a ratio of 3 unemployed persons for every 1 job opening. These findings are part of Simply Hired’s March 2013 Employment Outlook, which highlights job industry and employer trends in national and regional U.S. markets.
“With February job openings increasing nationwide, we are now seeing a consistent pattern of growth for the economy,” said James Beriker, president and CEO of Simply Hired. “8 of the last 10 months showed an increase in job openings across the country. And this month, each of the top 50 metros experienced job opening growth. This is very promising as we head into the upcoming spring months.”
Hiring increases in all major metros
Job openings increased in all 50 major metros in February. One quarter of metros experienced double-digit growth, with Nashville (14.0%), Austin (13.6%) and Las Vegas (13.1%) facing the largest gains. In addition, the ratio of job seekers to job openings held steady in nearly all metro areas.
Job openings increase in nearly all industries
Job openings increased in 16 out of 18 industries in February. The largest gains were experienced in the agriculture (21.6%) and construction (18.8%) industries. This is the second month in a row that agriculture experienced a double-digit gain. However, industries that decreased include military (-4.9%) and hospitality (-4.5%). Year-over-year, three-quarters of industries have experienced growth.
Construction and extraction workers job openings increase
Nearly all occupation categories (22 out of 24) experienced growth in job openings in February. Construction and extraction workers (16.5%) and journalists and media workers (15.6%) experienced the largest amount of growth month-over-month. However, law enforcement, fire, security (-2.1%) and military personnel (-1.6%) faced declines in February.
About Simply Hired
Simply Hired®, a technology company that operates one of the world’s largest job search engines, connects job seekers and employers through its powerful search engine platform and performance-based job advertising solution. With more than 30 million unique visitors per month, the company provides job seekers access to over eight million job openings across all job categories and industries, reaching job seekers on the web, social networks, mobile devices, email and through more than 40,000 partner sites including LinkedIn, Mashable and Bloomberg Businessweek. The Sunnyvale, California-based company has twice been named a “Top Workplace” by The Bay Area News Group and is privately held with funding from Foundation Capital and IDG Ventures.
Korn/Ferry search revenue slips, but Middle Management Recruitment rises
Daily News, March 7th, 2013
Global executive search revenue fell 1.2% at Korn/Ferry International Inc. in the company’s fiscal 3rd quarter ended Jan. 31 compared with the same period last year. However, revenue rose 17.5% in its Futurestep division — which provides recruitment process outsourcing, project recruitment and talent consulting. In addition, 3rd quarter revenue in the Los Angeles-based company’s leadership and talent consulting division rose 46.8%, fueled by its acquisition of PDI Ninth House and Global Novations.
3rd quarter executive search fee revenue fell in all geographies except South America:
- North America executive search fee revenue: $71.3 million, -1.0%
- Europe, the Middle East and Africa: $33.6 million, -2.4%
- Asia Pacific: $18.3 million, -0.4%
- South America: $7.3 million, up 1.1%
Meanwhile, Futurestep revenue benefited from an increase in revenue in RPO and middle management recruitment, according to the company. Revenue in the division rose 17.5% to $30.4 million in the third quarter.
Revenue in Korn/Ferry’s leadership and talent consulting operations rose 46.8% to $41.2 million in the third quarter. Excluding the acquisitions of PDI Ninth House and Global Novations, revenue rose 5 percent, according to the company.
Total global fee revenue at Korn/Ferry rose 8.6% to $202.0 million. The increase was 2% excluding the acquisitions.
Net income fell 19.1% in the 3rd quarter to $9.5 million. Korn/Ferry included a restructuring charge of $4.4 million in the quarter related to its leadership and talent consulting division.
Reports of In-House Recruitment’s Impact on Executive Search Misleading
January 18th, 2013
(Executive Search Industry rising back to pre-recession strength despite claims of negative effects from in-house recruitment).
In response to an article published January 17th, in Bloomberg Businessweek about the growth of in-house recruiting and its impact on the executive search profession, as with a similar article published on October 9, 2012 in the Wall Street Journal, the Association of Executive Search Consultants (AESC) responded that the article fails to put the situation in complete perspective.
In a survey which the AESC conducted last year, HR executives indicated that external executive search not only continues to be used at the mid to senior executive level, but at the most senior levels, it is rare that in-house recruiting would be used. Reasons for not using in-house recruitment for senior executive level searches included maintaining objectivity, global reach and confidentiality. Metrics of speed and consultant workload at the executive level are obviously not comparable to those for lower level positions indicated in the Businessweek, as well as in the Wall Street Journal, article.
AESC President, Peter Felix, commented: “Taking a 5 year view of the global revenue trends reported by the AESC, it is clear that from an all-time high in 2008, and then a dramatic fall of 32.5% in 2009 at the onset of the global economic downturn, the industry has staged a remarkable comeback. In 2010, revenues grew by 28.5%, in 2011 by 9% and in 2012, even though we expect a year-on-year revenue decline, the industry will still be close to its all-time high. If the overall number of searches conducted starts to decline, but search industry revenue in fact increases, it indicates that higher level—more critical— executive searches are being performed.”
Felix continued: “Although in-house search is inevitably eating into the lower end of the market by taking work that previously might have gone to executive search firms, nevertheless, the overall market for executive search services is holding firm.”
GDP rose slightly in fourth quarter, according to the “second revision”
Washington, February 28, 2013
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 0.1% in the fourth quarter of 2012 (that is, from the third quarter to the fourth quarter), according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent.
The GDP estimate released on February 28th is based on more complete source data than were available for the “advance” estimate issued last month. The third, and “final”, estimate will be released on March 28, 2013.
In the advance estimate, real GDP declined 0.1%. The upward revision to the percent change in real GDP is smaller than the average revision from the advance to second estimate of 0.5 percentage point. While this release has revised the direction of change in real GDP, the general picture of the economy for the fourth quarter remains largely the same as what was presented last month.
The new ADP/Moody’s National Employment Report
Released, March 6, 2013
Private sector employment increased by 198,000 jobs from January to February, according to the February ADP National Employment Report®, which is produced by Automatic Data Processing, Inc. (ADP®), a leading provider of human capital management solutions, in collaboration with 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. The January 2013 report, which reported job gains of 192,000, was revised upward by 23,000 to 215,000 jobs.
By Company Size
Small businesses: 77,000
1-19 employees 47,000
20-49 employees 29,000
Medium businesses: 65,000
50-499 employees 65,000
Large businesses: 57,000
500-999 employees 23,000
1,000+ employees 34,000
By Sector
Goods producing 34,000
Service providing 164,000
Industry Snapshot
Construction 21,000
Manufacturing 9,000
Trade/transportation/utilities 45,000
Financial activities 7,000
Professional/business services 35,000
Goods-producing employment rose by 34,000 jobs in February, driven largely by a gain in construction jobs of 21,000. Meanwhile, manufacturers added 9,000 jobs.
Service-providing jobs increased by 164,000. Among the service industries reported in the report, trade/transportation/utilities services showed the largest gain with 45,000 jobs added over the month. Business/professional services added 35,000 jobs and financial activities added 7,000 jobs.
“In February 2013, the U.S. private sector added a total of 198,000 new jobs, with most of this job growth occurring in the services sector,” noted Carlos A. Rodriguez, president and chief executive officer of ADP. “This growth can be attributed to comparable contributions across all three company size segments.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market remains sturdy in the face of significant fiscal headwinds. Businesses are adding to payrolls more strongly at the start of 2013 with gains across all industries and business sizes. Tax increases and government spending cuts don’t appear to be affecting the job market.”
(The March 2013 ADP National Employment Report will be released at 8:15 a.m. ET on April 3, 2013).
ADP Small Business Report®:
Due to the important contribution that small businesses make to economic growth, employment data that are specific to businesses with 49 or fewer employees is reported monthly in the ADP Small Business Report®, a subset of the ADP National Employment Report.
February 2013 Small Business Report Highlights*
Total Small Business Employment: 77,000
|
|
|
| ●By Size |
|
| ►1-19 employees |
47,000 |
| ►20-49 employees |
29,000 |
| ●By Sector for 1-49 Employees |
|
| ►Goods Producing |
16,000 |
| ►Service Producing |
60,000 |
| ●By Sector for 1-19 Employees |
|
| ►Goods Producing |
12,000 |
| ►Service Producing |
36,000 |
| ●By Sector for 20-49 Employees |
|
| ►Goods Producing |
4,000 |
| ►Service Producing |
25,000 |
* Sum of components may not equal total, due to rounding.
Bottom-line: To my audience of recruiters, always remember this: Our ‘bread and butter’, especially on the contingency side of the house, has historically been, and continues to be, small and medium-sized client companies. Along with the large companies, these companies need to be in included in your niche!
Job Openings and Structural Unemployment
On February 12th, the BLS reported that there were 3,600,000 job openings on the last business day of December, little changed from November. (The Job Openings and Labor Turnover Survey results for January 2013 are scheduled to be released on Tuesday, March 12, 2013). The 3,600,000 reflects published openings comprised of jobs that are advertised either online or in print format.
As we recruiters know, that 3,600,000 number only represents 20% of the jobs currently available in the marketplace. The other 80% of job openings are unpublished and are filled through networking or word of mouth or by using a RECRUITER. So, those 3,600,000 published job openings now become a total of 18,000,000 published and hidden job orders.
In February there were 12,032,000 unemployed workers. What was the main reason why those job openings were open? Two Words: Structural Unemployment. If we can’t figure out how to educate and/or reeducate those 12,032,000 unemployed, then they will keep reappearing each month as a BLS unemployment statistic—as they have. In the meantime, our recruitment marketplace flourishes!
Online Labor Demand dips 44,400 in February
March 6, 2013
- February labor demand little changed following two months of strong gains
- While professionals see little problem, challenges persist for Service/Production occupations with 4 unemployed for every advertised vacancy
- NOTE: February data incorporates this year’s annual revision
Online advertised vacancies dipped 44,400 in February to 5,056,700 in The Conference Board Help Wanted OnLine® (HWOL) Data Series released March 6, 2013. The decline follows strong gains in December (215,000) and January (126,000). The Supply/Demand rate stands at 2.4 unemployed for every vacancy. In January, there were 7.2 million more unemployed than the number of advertised vacancies, down from 11.9 million at the end of the recession in June 2009.
“It’s a positive sign that employers are advertising to fill vacancies and workers are looking to find better jobs,” said June Shelp, Vice President at The Conference Board. “Indeed, with over five million online advertised vacancies, there is quite a bit of churn in the labor market as employers and job-seekers show their confidence in economic conditions.”
The recent trend for the U.S. is up. Among the largest 20 States, 15 States are trending up, 5 are flat, and none are trending down.
The February BLS Analysis
The unemployment rate is published by the Bureau of Labor Statistics, a division of the US Department of Labor. The rate is found by dividing the number of unemployed by the total civilian labor force. On March 8th, 2013, the BLS published the most recent unemployment rate for February, 2013 of 7.7% (actually it is 7.736%, down .187% from 7.923%, in January, 2013.
The unemployment rate was determined by dividing the unemployed of 12,032,000—down from the month before by 300,000—since February, 2012 (one year ago), this number has decreased by 774,000) by the total civilian labor force of 155,524,000 (down by 130,000 from January, 2013). Since January 2012, our total civilian labor force has increased by 699,000 people.
(The continuing ‘Strange BLS Math’ saga): The BLS continues to increase the total Civilian Working Population—this time up to 244,828,000. In one year’s time this population has increased by 2,393,000. It has increased each month…
| Up from January 2013 | by |
165,000 |
| Up from December 2012 | by |
313,000 |
| Up from November 2012 | by |
176,000 |
| Up from October 2012 | by |
191,000 |
| Up from September 2012 | by |
211,000 |
| Up from August 2012 | by |
206,000 |
| Up from July 2012 | by |
212,000 |
| Up from June 2012 | by |
199,000 |
| Up from May 2012 | by |
189,000 |
| Up from April 2012 | by |
182,000 |
| Up from March 2012 | by |
180,000 |
| Up from February 2012 | by |
169,000 |
| Up from January 2012 | by |
335,000 |
| Up from December 2011 | by |
2,020,000 |
And this month the BLS have slightly decreased the Civilian Labor Force to 155,524,000 (down from January by 130,000).
Subtract the second number from the first number and you get 89,304,000 ‘Not in Labor Force’. That is an increase of 296,000 ‘Not in Labor Force’ in one month’s time. Since February 2012, 1,693,000 US workers have vanished! Where did those 1,693,000 potential workers disappear to? I am assuming they still have to eat and pay their rent. They still need money, don’t they?
Another point to ponder: If the one month increase in the ‘Not in Labor Force’ (296,000) is added to February’s ‘Unemployed’ (12,032,000), you get 12,328,000. Divide that number by February’s ‘Civilian Labor Force’ and you get a 7.926% Unemployment Rate—almost exactly the same rate as last month’s Unemployment Rate of 7.923%. By taking those 296,000 so-called ex-workers out of the unemployed group, the BLS was able to manipulate the Unemployment Rate—and lower it by 2/10ths of 1%. As Mark Twain would say, “There are lies, damn lies, and statistics.”
Our Employment Participation Rate—the population 16 years and older working or seeking work—fell to 63.5% (tying August 2012’s historic low level of 63.5%). This is the lowest Employment Participation Rate recorded since September 1981! One year ago, our Participation Rate in February was 63.9%.
Final take on these numbers: Fewer people looking for work will always bring down the unemployment rate.
Anyway, back to the point I am trying to make. On the surface, these new unemployment rates are scary, but let’s look a little deeper and consider some other numbers.
The unemployment rate includes all types of workers—construction workers, government workers, etc. We recruiters, on the other hand, mainly place management, professional and related types of workers. That unemployment rate in February was 3.8% (this rate fell slightly from last month’s 3.9%). Or, you can look at it another way. We usually place people who have college degrees. That unemployment rate in February rose slightly to 3.8% (up from last month’s 3.7%).
Now stay with me a little longer. This gets better. It’s important to understand (and none of the pundits mention this) that the unemployment rate, for many reasons, will never be 0%, no matter how good the economy is. Without boring you any more than I have already, let me add here that Milton Friedman (the renowned Nobel Prize-winning economist), is famous for the theory of the “natural rate of unemployment” (or the term he preferred, NAIRU, which is the acronym for Non-Accelerating Inflation Rate of Unemployment). Basically, this theory states that full employment presupposes an ‘unavoidable and acceptable’ unemployment rate of somewhere between 4-6% with it. Economists often settle on 5%, although the “New Normal Unemployment Rate” has been suggested to fall at 6.7%.
Nevertheless (if you will allow me to apply a ‘macro’ concept to a ‘micro’ issue), if this rate is applied to our main category of Management, Professional and Related types of potential recruits, and/or our other main category of College-Degreed potential recruits, we find no unemployment! None! Zilch!
THE IMPORTANCE OF GDP
“The economic goal of any nation, as of any individual, is to get the greatest results with the least effort. The whole economic progress of mankind has consisted in getting more production with the same labor…Translated into national terms, this first principle means that our real objective is to maximize production. In doing this, full employment—that is, the absence of involuntary idleness—becomes a necessary by-product. But production is the end, employment merely the means. We cannot continuously have the fullest production without full employment. But we can very easily have full employment without full production.”
—Economics in One Lesson, by Henry Hazlitt, Chapter X, “The Fetish of Full Employment”
On February 28th, the Bureau of Economic Analysis announced that the “second” estimate of our real gross domestic product (GDP) – the output of goods and services produced by labor and property located in the United States – increased at an annual rate of 0.1% in the fourth quarter of 2012 (that is, from the third quarter to the fourth quarter).
The GDP estimate is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, real GDP declined 0.1%. The upward revision to the percent change in real GDP is smaller than the average revision from the advance to second estimate of 0.5 percentage point. While today’s release has revised the direction of change in real GDP, the general picture of the economy for the fourth quarter remains largely the same as what was presented last month.
The economy needs to expand at about 3% just to keep the unemployment rate from rising. Two consecutive quarters of a falling GDP indicate Recession.
IT IS IMPOSSIBLE FOR UNEMPLOYMENT EVER TO BE ZERO
‘Unemployment’ is an emotional ‘trigger’ word. It conjures up negative thoughts. But it is important to realize that, while we want everyone who wants a job to have the opportunity to work, unemployment can never be zero and, in fact, can be disruptive to an economy if it gets too close to zero. Very low unemployment can actually hurt the economy by creating an upward pressure on wages which invariably leads to higher production costs and prices. This can lead to inflation. The lowest the unemployment rate has been in the US was 2.5%. That was in May and June 1953 when the economy overheated due to the Korean War. When this bubble burst, it kicked off the Recession of 1953. A healthy economy will always include some percentage of unemployment.
There are five main sources of unemployment:
1. Cyclical (or demand-deficient) unemployment – This type of unemployment fluctuates with the business cycle. It rises during a recession and falls during the subsequent recovery. Workers who are most affected by this type of unemployment are laid off during a recession when production volumes fall and companies use lay-offs as the easiest way to reduce costs. These workers are usually rehired, some months later, when the economy improves.
2. Frictional unemployment – This comes from the normal turnover in the labor force. This is where new workers are entering the workforce and older workers are retiring and leaving vacancies to be filled by the new workers or those re-entering the workforce. This category includes workers who are between jobs.
3. Structural unemployment – This happens when the skills possessed by the unemployed worker don’t match the requirements of the opening—whether those be in characteristics and skills or in location. This can come from new technology or foreign competition (e.g., foreign outsourcing). This type of unemployment usually lasts longer than frictional unemployment because retraining, and sometimes relocation, is involved. Occasionally jobs in this category can just disappear overseas.
4. Seasonal unemployment – This happens when the workforce is affected by the climate or time of year. Construction workers and agricultural workers aren’t needed as much during the winter season because of the inclement weather. On the other hand, retail workers experience an increase in hiring shortly before, and during, the holiday season, but can be laid off shortly thereafter.
5. Surplus unemployment – This is caused by minimum wage laws and unions. When wages are set at a higher level, unemployment can often result. Why? To keep within the same payroll budget, the company must let go of some workers to pay the remaining workers a higher salary.
Other factors influencing the unemployment rate:
1. Length of unemployment – Some studies indicate that an important factor influencing a workers decision to accept a new job is directly related to the length of the unemployment benefit they are receiving. Just recently the government re-extended the eligibility for unemployment benefits from 26 weeks to as much as 73 weeks. Studies suggest that this reduces the incentive of the unemployed to seek and accept less desirable jobs.
2. Changes in GDP – Since hiring workers takes time, the improvement in the unemployment rate usually lags behind the improvement in the GDP.
WHERE RECRUITERS PLACE
Now back to the issue at hand, namely the recruiting, and placing, of professionals and those with college degrees.
If you take a look at the past few years of unemployment in the February “management, professional and related” types of worker category, you will find the following rates:
February 2012 4.2%
February 2011 4.4%
February 2010 4.8%
February 2009 3.9%
February 2008 2.2%
February 2007 1.9%
February 2006 2.1%
February 2005 2.5%
February 2004 2.7%
February 2003 3.1%
February 2002 2.8%
Here are the rates, during those same time periods, for “college-degreed” workers:
February 2012 4.2%
February 2011 4.3%
February 2010 4.9%
February 2009 4.1%
February 2008 2.1%
February 2007 1.9%
February 2006 2.2%
February 2005 2.4%
February 2004 2.9%
February 2003 3.0%
February 2002 2.8%
So, while February’s 2013 rates for these two categories, both at 3.8%, are trending positively, when looking at the big picture, it’s not anything to be very happy about either—especially when we see how well we had it during the 2002-2008 time frame. But regardless, these unemployment numbers usually include a good number of job hoppers, job shoppers and rejects. We, on the other hand, are engaged by our client companies to find those candidates who are happy, well-appreciated, making good money and currently working and we entice them to move for even better opportunities—especially where new technologies are expanding. This will never change. And that is why, no matter the unemployment rate, we still need to market to find the best job orders and we still need to recruit to find the best candidates.
Below are the numbers for the over 25 year olds:
Less that H.S. diploma – Unemployment Rate
|
1/08 |
2/08 |
3/08 |
4/08 |
5/08 |
6/08 |
7/08 |
8/08 |
9/08 |
10/08 |
11/08 |
12/08 |
|
7.7% |
7.4% |
8.2% |
7.9% |
8.4% |
8.9% |
8.6% |
9.7% |
9.8% |
10.4% |
10.6% |
10.9% |
|
1/09 |
2/09 |
3/09 |
4/09 |
5/09 |
6/09 |
7/09 |
8/09 |
9/09 |
10/09 |
11/09 |
12/09 |
|
12.0% |
12.6% |
13.3% |
14.8% |
15.5% |
15.5% |
15.4% |
15.6% |
15.0% |
15.5% |
15.0% |
15.3% |
|
1/10 |
2/10 |
3/10 |
4/10 |
5/10 |
6/10 |
7/10 |
8/10 |
9/10 |
10/10 |
11/10 |
12/10 |
|
15.2% |
15.6% |
14.5% |
14.7% |
15.0% |
14.1% |
13.8% |
14.0% |
15.4% |
15.3% |
15.7% |
15.3% |
|
1/11 |
2/11 |
3/11 |
4/11 |
5/11 |
6/11 |
7/11 |
8/11 |
9/11 |
10/11 |
11/11 |
12/11 |
|
14.2% |
13.9% |
13.7% |
14.6% |
14.7% |
14.3% |
15.0% |
14.3% |
14.0% |
13.8% |
13.2% |
13.8% |
|
1/12 |
2/12 |
3/12 |
4/12 |
5/12 |
6/12 |
7/12 |
8/12 |
9/12 |
10/12 |
11/12 |
12/12 |
|
13.1% |
12.9% |
12.6% |
12.5% |
13.0% |
12.6% |
12.7% |
12.0% |
11.3% |
12.2% |
12.2% |
11.7% |
|
1/13 |
2/13 |
3/13 |
4/13 |
5/13 |
6/13 |
7/13 |
8/13 |
9/13 |
10/13 |
11/13 |
12/13 |
|
12.0% |
11.2% |
H.S. Grad; no college – Unemployment Rate
|
1/08 |
2/08 |
3/08 |
4/08 |
5/08 |
6/08 |
7/08 |
8/08 |
9/08 |
10/08 |
11/08 |
12/08 |
|
4.6% |
4.7% |
5.1% |
5.0% |
5.2% |
5.2% |
5.3% |
5.8% |
6.3% |
6.5% |
6.9% |
7.7% |
|
1/09 |
2/09 |
3/09 |
4/09 |
5/09 |
6/09 |
7/09 |
8/09 |
9/09 |
10/09 |
11/09 |
12/09 |
|
8.1% |
8.3% |
9.0% |
9.3% |
10.0% |
9.8% |
9.4% |
9.7% |
10.8% |
11.2% |
10.4% |
10.5% |
|
1/10 |
2/10 |
3/10 |
4/10 |
5/10 |
6/10 |
7/10 |
8/10 |
9/10 |
10/10 |
11/10 |
12/10 |
|
10.1% |
10.5% |
10.8% |
10.6% |
10.9% |
10.8% |
10.1% |
10.3% |
10.0% |
10.1% |
10.0% |
9.8% |
|
1/11 |
2/11 |
3/11 |
4/11 |
5/11 |
6/11 |
7/11 |
8/11 |
9/11 |
10/11 |
11/11 |
12/11 |
|
9.4% |
9.5% |
9.5% |
9.7% |
9.5% |
10.0% |
9.3% |
9.6% |
9.7% |
9.6% |
8.8% |
8.7% |
|
1/12 |
2/12 |
3/12 |
4/12 |
5/12 |
6/12 |
7/12 |
8/12 |
9/12 |
10/12 |
11/12 |
12/12 |
|
8.4% |
8.3% |
8.0% |
7.9% |
8.1% |
8.4% |
8.7% |
8.8% |
8.7% |
8.4% |
8.1% |
8.0% |
|
1/13 |
2/13 |
3/13 |
4/13 |
5/13 |
6/13 |
7/13 |
8/13 |
9/13 |
10/13 |
11/13 |
12/13 |
|
8.1% |
7.9% |
Some College; or AA/AS – Unemployment Rate
|
1/08 |
2/08 |
3/08 |
4/08 |
5/08 |
6/08 |
7/08 |
8/08 |
9/08 |
10/08 |
11/08 |
12/08 |
|
3.7% |
3.8% |
3.9% |
4.0% |
4.3% |
4.4% |
4.6% |
5.0% |
5.1% |
5.3% |
5.5% |
5.6% |
|
1/09 |
2/09 |
3/09 |
4/09 |
5/09 |
6/09 |
7/09 |
8/09 |
9/09 |
10/09 |
11/09 |
12/09 |
|
6.2% |
7.0% |
7.2% |
7.4% |
7.7% |
8.0% |
7.9% |
8.2% |
8.5% |
9.0% |
9.0% |
9.0% |
|
1/10 |
2/10 |
3/10 |
4/10 |
5/10 |
6/10 |
7/10 |
8/10 |
9/10 |
10/10 |
11/10 |
12/10 |
|
8.5% |
8.0% |
8.2% |
8.3% |
8.3% |
8.2% |
8.3% |
8.7% |
9.1% |
8.5% |
8.7% |
8.1% |
|
1/11 |
2/11 |
3/11 |
4/11 |
5/11 |
6/11 |
7/11 |
8/11 |
9/11 |
10/11 |
11/11 |
12/11 |
|
8.0% |
7.8% |
7.4% |
7.5% |
8.0% |
8.4% |
8.3% |
8.2% |
8.4% |
8.3% |
7.6% |
7.7% |
|
1/12 |
2/12 |
3/12 |
4/12 |
5/12 |
6/12 |
7/12 |
8/12 |
9/12 |
10/12 |
11/12 |
12/12 |
|
7.2% |
7.3% |
7.5% |
7.6% |
7.9% |
7.5% |
7.1% |
6.6% |
6.5% |
6.9% |
6.6% |
6.9% |
|
1/13 |
2/13 |
3/13 |
4/13 |
5/13 |
6/13 |
7/13 |
8/13 |
9/13 |
10/13 |
11/13 |
12/13 |
|
7.0% |
6.7% |
BS/BS + – Unemployment Rate
|
1/08 |
2/08 |
3/08 |
4/08 |
5/08 |
6/08 |
7/08 |
8/08 |
9/08 |
10/08 |
11/08 |
12/08 |
|
2.1% |
2.1% |
2.1% |
2.1% |
2.3% |
2.4% |
2.5% |
2.7% |
2.6% |
3.1% |
3.2% |
3.7% |
|
1/09 |
2/09 |
3/09 |
4/09 |
5/09 |
6/09 |
7/09 |
8/09 |
9/09 |
10/09 |
11/09 |
12/09 |
|
3.8% |
4.1% |
4.3% |
4.4% |
4.8% |
4.7% |
4.7% |
4.7% |
4.9% |
4.7% |
4.9% |
5.0% |
|
1/10 |
2/10 |
3/10 |
4/10 |
5/10 |
6/10 |
7/10 |
8/10 |
9/10 |
10/10 |
11/10 |
12/10 |
|
4.9% |
5.0% |
4.9% |
4.9% |
4.7% |
4.4% |
4.5% |
4.6% |
4.4% |
4.7% |
5.1% |
4.8% |
|
1/11 |
2/11 |
3/11 |
4/11 |
5/11 |
6/11 |
7/11 |
8/11 |
9/11 |
10/11 |
11/11 |
12/11 |
|
4.2% |
4.3% |
4.4% |
4.5% |
4.5% |
4.4% |
4.3% |
4.3% |
4.2% |
4.4% |
4.4% |
4.1% |
|
1/12 |
2/12 |
3/12 |
4/12 |
5/12 |
6/12 |
7/12 |
8/12 |
9/12 |
10/12 |
11/12 |
12/12 |
|
4.2% |
4.2% |
4.2% |
4.0% |
3.9% |
4.1% |
4.1% |
4.1% |
4.1% |
3.8% |
3.8% |
3.9% |
|
1/13 |
2/13 |
3/13 |
4/13 |
5/13 |
6/13 |
7/13 |
8/13 |
9/13 |
10/13 |
11/13 |
12/13 |
|
3.7% |
3.8% |
Management, Professional & Related – Unemployment Rate
|
1/08 |
2/08 |
3/08 |
4/08 |
5/08 |
6/08 |
7/08 |
8/08 |
9/08 |
10/08 |
11/08 |
12/08 |
|
2.2% |
2.2% |
2.1% |
2.0% |
2.6% |
2.7% |
2.9% |
3.3% |
2.8% |
3.0% |
3.2% |
3.3% |
|
1/09 |
2/09 |
3/09 |
4/09 |
5/09 |
6/09 |
7/09 |
8/09 |
9/09 |
10/09 |
11/09 |
12/09 |
|
4.1% |
3.9% |
4.2% |
4.0% |
4.6% |
5.0% |
5.5% |
5.4% |
5.2% |
4.7% |
4.6% |
4.6% |
|
1/10 |
2/10 |
3/10 |
4/10 |
5/10 |
6/10 |
7/10 |
8/10 |
9/10 |
10/10 |
11/10 |
12/10 |
|
5.0% |
4.8% |
4.7% |
4.5% |
4.5% |
4.9% |
5.0% |
5.1% |
4.4% |
4.5% |
4.7% |
4.6% |
|
1/11 |
2/11 |
3/11 |
4/11 |
5/11 |
6/11 |
7/11 |
8/11 |
9/11 |
10/11 |
11/11 |
12/11 |
|
4.7% |
4.4% |
4.3% |
4.0% |
4.4% |
4.7% |
5.0% |
4.9% |
4.4% |
4.4% |
4.2% |
4.2% |
|
1/12 |
2/12 |
3/12 |
4/12 |
5/12 |
6/12 |
7/12 |
8/12 |
9/12 |
10/12 |
11/12 |
12/12 |
|
4.3% |
4.2% |
4.2% |
3.7% |
4.0% |
4.4% |
4.8% |
4.5% |
3.9% |
3.8% |
3.6% |
3.9% |
|
1/13 |
2/13 |
3/13 |
4/13 |
5/13 |
6/13 |
7/13 |
8/13 |
9/13 |
10/13 |
11/13 |
12/13 |
|
3.9% |
3.8% |
Or employed…(,000)
|
1/08 |
2/08 |
3/08 |
4/08 |
5/08 |
6/08 |
7/08 |
8/08 |
9/08 |
10/08 |
11/08 |
12/08 |
|
52,165 |
52,498 |
52,681 |
52,819 |
52,544 |
52,735 |
52,655 |
52,626 |
53,104 |
53,485 |
53,274 |
52,548 |
|
1/09 |
2/09 |
3/09 |
4/09 |
5/09 |
6/09 |
7/09 |
8/09 |
9/09 |
10/09 |
11/09 |
12/09 |
|
52,358 |
52,196 |
52,345 |
52,597 |
52,256 |
51,776 |
51,810 |
51,724 |
52,186 |
52,981 |
52,263 |
52,131 |
|
1/10 |
2/10 |
3/10 |
4/10 |
5/10 |
6/10 |
7/10 |
8/10 |
9/10 |
10/10 |
11/10 |
12/10 |
|
52,159 |
52,324 |
52,163 |
52,355 |
51,839 |
51,414 |
50,974 |
50,879 |
51,757 |
51,818 |
52,263 |
51,704 |
|
1/11 |
2/11 |
3/11 |
4/11 |
5/11 |
6/11 |
7/11 |
8/11 |
9/11 |
10/11 |
11/11 |
12/11 |
|
51,866 |
52,557 |
53,243 |
53,216 |
52,778 |
52,120 |
51,662 |
51,997 |
52,665 |
52,864 |
52,787 |
52,808 |
|
1/12 |
2/12 |
3/12 |
4/12 |
5/12 |
6/12 |
7/12 |
8/12 |
9/12 |
10/12 |
11/12 |
12/12 |
|
53,152 |
53,208 |
53,771 |
54,055 |
54,156 |
53,846 |
53,165 |
53,696 |
54,655 |
55,223 |
54,951 |
54,635 |
|
1/13 |
2/13 |
3/13 |
4/13 |
5/13 |
6/13 |
7/13 |
8/13 |
9/13 |
10/13 |
11/13 |
12/13 |
|
54,214 |
54,563 |
And unemployed…(,000)
|
1/08 |
2/08 |
3/08 |
4/08 |
5/08 |
6/08 |
7/08 |
8/08 |
9/08 |
10/08 |
11/08 |
12/08 |
|
1,164 |
1,159 |
1,121 |
1,088 |
1,407 |
1,478 |
1,585 |
1,779 |
1,539 |
1,647 |
1,786 |
1,802 |
|
1/09 |
2/09 |
3/09 |
4/09 |
5/09 |
6/09 |
7/09 |
8/09 |
9/09 |
10/09 |
11/09 |
12/09 |
|
2,238 |
2,137 |
2,292 |
2,164 |
2,373 |
2,720 |
3,034 |
2,925 |
2,859 |
2,593 |
2,530 |
2,509 |
|
1/10 |
2/10 |
3/10 |
4/10 |
5/10 |
6/10 |
7/10 |
8/10 |
9/10 |
10/10 |
11/10 |
12/10 |
|
2,762 |
2,637 |
2,600 |
2,464 |
2,450 |
2,644 |
2,687 |
2,762 |
2,381 |
2,417 |
2,525 |
2,468 |
|
1/11 |
2/11 |
3/11 |
4/11 |
5/11 |
6/11 |
7/11 |
8/11 |
9/11 |
10/11 |
11/11 |
12/11 |
|
2,557 |
2,435 |
2,381 |
2,196 |
2,419 |
2,598 |
2,742 |
2,671 |
2,450 |
2,410 |
2,336 |
2,303 |
|
1/12 |
2/12 |
3/12 |
4/12 |
5/12 |
6/12 |
7/12 |
8/12 |
9/12 |
10/12 |
11/12 |
12/12 |
|
2,410 |
2,336 |
2,330 |
2,062 |
2,275 |
2,472 |
2,666 |
2,556 |
2,245 |
2,170 |
2,077 |
2,221 |
|
1/13 |
2/13 |
3/13 |
4/13 |
5/13 |
6/13 |
7/13 |
8/13 |
9/13 |
10/13 |
11/13 |
12/13 |
|
2,211 |
2,164 |
For a total Management, Professional & Related workforce of…(,000)
|
1/08 |
2/08 |
3/08 |
4/08 |
5/08 |
6/08 |
7/08 |
8/08 |
9/08 |
10/08 |
11/08 |
12/08 |
|
53,329 |
53,657 |
53,802 |
53,907 |
53,951 |
54,213 |
54,240 |
54,405 |
54,643 |
55,132 |
55,060 |
54,350 |
|
1/09 |
2/09 |
3/09 |
4/09 |
5/09 |
6/09 |
7/09 |
8/09 |
9/09 |
10/09 |
11/09 |
12/09 |
|
54,596 |
54,333 |
54,637 |
54,761 |
54,629 |
54,496 |
54,844 |
54,649 |
55,045 |
55,574 |
54,793 |
54,640 |
|
1/10 |
2/10 |
3/10 |
4/10 |
5/10 |
6/10 |
7/10 |
8/10 |
9/10 |
10/10 |
11/10 |
12/10 |
|
54,921 |
54,961 |
54,763 |
54,819 |
54,289 |
54,058 |
53,661 |
53,641 |
54,138 |
54,235 |
54,788 |
54,172 |
|
1/11 |
2/11 |
3/11 |
4/11 |
5/11 |
6/11 |
7/11 |
8/11 |
9/11 |
10/11 |
11/11 |
12/11 |
|
54,423 |
54,992 |
55,624 |
55,412 |
55,197 |
54,718 |
54,404 |
54,668 |
55,115 |
55,274 |
55,123 |
55,111 |
|
1/12 |
2/12 |
3/12 |
4/12 |
5/12 |
6/12 |
7/12 |
8/12 |
9/12 |
10/12 |
11/12 |
12/12 |
|
55,562 |
55,544 |
56,101 |
56,117 |
56,431 |
56,318 |
55,831 |
56,252 |
56,900 |
57,393 |
57,028 |
56,856 |
|
1/13 |
2/13 |
3/13 |
4/13 |
5/13 |
6/13 |
7/13 |
8/13 |
9/13 |
10/13 |
11/13 |
12/13 |
|
56,425 |
56,727 |
Management, Business and Financial Operations – Unemployment Rate
|
1/08 |
2/08 |
3/08 |
4/08 |
5/08 |
6/08 |
7/08 |
8/08 |
9/08 |
10/08 |
11/08 |
12/08 |
|
2.3% |
2.3% |
2.2% |
2.1% |
2.7% |
2.5% |
2.6% |
2.8% |
2.8% |
3.0% |
3.6% |
3.9% |
|
1/09 |
2/09 |
3/09 |
4/09 |
5/09 |
6/09 |
7/09 |
8/09 |
9/09 |
10/09 |
11/09 |
12/09 |
|
4.6% |
4.5% |
4.5% |
4.4% |
4.6% |
4.8% |
4.9% |
5.0% |
5.2% |
5.4% |
5.4% |
5.2% |
|
1/10 |
2/10 |
3/10 |
4/10 |
5/10 |
6/10 |
7/10 |
8/10 |
9/10 |
10/10 |
11/10 |
12/10 |
|
5.2% |
5.1% |
5.4% |
5.1% |
4.9% |
4.8% |
4.7% |
4.9% |
4.3% |
5.0% |
5.5% |
5.7% |
|
1/11 |
2/11 |
3/11 |
4/11 |
5/11 |
6/11 |
7/11 |
8/11 |
9/11 |
10/11 |
11/11 |
12/11 |
|
5.3% |
4.9% |
4.8% |
4.6% |
4.9% |
4.6% |
4.6% |
4.6% |
4.6% |
4.7% |
4.6% |
4.4% |
|
1/12 |
2/12 |
3/12 |
4/12 |
5/12 |
6/12 |
7/12 |
8/12 |
9/12 |
10/12 |
11/12 |
12/12 |
|
4.5% |
4.4% |
4.4% |
4.0% |
4.1% |
3.8% |
3.8% |
3.7% |
3.5% |
3.6% |
3.8% |
4.1% |
|
1/13 |
2/13 |
3/13 |
4/13 |
5/13 |
6/13 |
7/13 |
8/13 |
9/13 |
10/13 |
11/13 |
12/13 |
|
4.0% |
3.9% |
Professional & Related – Unemployment Rate
|
1/08 |
2/08 |
3/08 |
4/08 |
5/08 |
6/08 |
7/08 |
8/08 |
9/08 |
10/08 |
11/08 |
12/08 |
|
2.1% |
2.1% |
2.0% |
2.0% |
2.5% |
2.9% |
3.2% |
3.6% |
2.8% |
3.0% |
3.0% |
2.9% |
|
1/10 |
2/10 |
3/10 |
4/10 |
5/10 |
6/10 |
7/10 |
8/10 |
9/10 |
10/10 |
11/10 |
12/10 |
|
4.9% |
4.6% |
4.3% |
4.1% |
4.3% |
5.0% |
5.2% |
5.3% |
4.4% |
4.1% |
4.1% |
3.8% |
|
1/11 |
2/11 |
3/11 |
4/11 |
5/11 |
6/11 |
7/11 |
8/11 |
9/11 |
10/11 |
11/11 |
12/11 |
|
4.3% |
4.1% |
3.9% |
3.5% |
4.0% |
4.9% |
5.3% |
5.1% |
4.4% |
4.1% |
4.0% |
4.0% |
|
1/12 |
2/12 |
3/12 |
4/12 |
5/12 |
6/12 |
7/12 |
8/12 |
9/12 |
10/12 |
11/12 |
12/12 |
|
4.2% |
4.1% |
4.0% |
3.5% |
4.0% |
4.8% |
5.5% |
5.2% |
4.3% |
3.9% |
3.5% |
3.8% |
|
1/13 |
2/13 |
3/13 |
4/13 |
5/13 |
6/13 |
7/13 |
8/13 |
9/13 |
10/13 |
11/13 |
12/13 |
|
3.8% |
3.8% |
Sales & Related – Unemployment Rate
|
1/08 |
2/08 |
3/08 |
4/08 |
5/08 |
6/08 |
7/08 |
8/08 |
9/08 |
10/08 |
11/08 |
12/08 |
|
5.2% |
5.2% |
4.8% |
4.3% |
5.1% |
5.6% |
6.2% |
6.3% |
5.7% |
6.1% |
6.5% |
7.0% |
|
1/09 |
2/09 |
3/09 |
4/09 |
5/09 |
6/09 |
7/09 |
8/09 |
9/09 |
10/09 |
11/09 |
12/09 |
|
7.7% |
8.4% |
8.9% |
8.6% |
8.9% |
9.1% |
8.3% |
8.7% |
8.9% |
9.5% |
9.1% |
8.9% |
|
1/10 |
2/10 |
3/10 |
4/10 |
5/10 |
6/10 |
7/10 |
8/10 |
9/10 |
10/10 |
11/10 |
12/10 |
|
10.1% |
10.2% |
9.7% |
9.2% |
9.6% |
9.4% |
10.1% |
9.0% |
9.4% |
9.1% |
8.8% |
8.3% |
|
1/11 |
2/11 |
3/11 |
4/11 |
5/11 |
6/11 |
7/11 |
8/11 |
9/11 |
10/11 |
11/11 |
12/11 |
|
9.3% |
9.0% |
8.5% |
8.5% |
9.4% |
9.7% |
9.4% |
8.6% |
9.4% |
8.2% |
7.8% |
7.7% |
|
1/12 |
2/12 |
3/12 |
4/12 |
5/12 |
6/12 |
7/12 |
8/12 |
9/12 |
10/12 |
11/12 |
12/12 |
|
8.2% |
7.9% |
8.1% |
7.6% |
7.9% |
8.4% |
8.3% |
8.6% |
7.9% |
7.0% |
7.3% |
7.0% |
|
1/13 |
2/13 |
3/13 |
4/13 |
5/13 |
6/13 |
7/13 |
8/13 |
9/13 |
10/13 |
11/13 |
12/13 |
|
8.5% |
8.2% |