** Special Note for my distribution list readers: In an effort to be respectful of your reading time, I am going to hold off sending out the fourth part of my six-part series based on Frank Bettger’s seminal sales book, How I Raised Myself from Failure to Success in Selling until next Friday, March 14th. In that way I can send you today’s BLS Analysis for Recruiters without overloading you. Thanks for your understanding.
Bob Marshall’s February 2014 BLS Analysis; 3/7/14
February BLS Preface
TBMG News
Bob Marshall – Training/Coaching Updates
Mike Gionta’s 5th Annual Recruiting Firm Owner Telesummit, March 19, 2014
I will be presenting at Mike Gionta’s 5th Annual Recruiting Firm Owner Telesummit on March 19, 2014, at 2:15pm (Eastern Time).
My presentation is entitled: “From Failure to Success in Recruitment Sales.”
Here is a sampling of the promo from Mr. Gionta as well as the link you can use to register for this FREE event:
According to American Staffing Association, the search and permanent replacement services industry generated $11.5 billion in revenue in 2011.
This is great news, but why are some recruiting firm owners still struggling?
It’s because many employers and hiring managers don’t see a need to outsource their talent search or recruiting. They believe that they can do it themselves using LinkedIn, online job boards and other social media websites.
As recruiters and recruiting firm owners, we know that this is not the best solution. But how do we stay relevant during this recovery?
I’m excited to tell you about the 5th annual Recruiting Firm Owner Summit, taking place March 18-21, 2014. I’m honored that I’ve been asked to speak and you can attend for FREE!
Get ready for “D-Day in Recruiting” where you’ll discover new ideas, deploy unique strategies and deliver outstanding client service – all from the comforts of home or office.
In a hurry? Click on the link below:
https://ysh91858.infusionsoft.com/go/summit14/bmars/
Here are just some of the things you’ll learn attending this virtual summit:
- Please Quit So I Don’t Have to Fire You (this is presented by Danny Cahill)
- 6 Deadly Mistakes Recruiting Firm Owners Make In Finding, Hiring, Training & Motivating New Recruiters and How to Avoid Them
- The Big Threats to Your Recruitment/Search Business & What to Do About It
- Time Management Mastery for Owners & Solo Recruiters
- Selecting the Right Search Firm Model
- From Failure to Success in Recruitment Sales (Bob Marshall)
- The Fatal Mistakes You Are Making With LinkedIn’s Latest Technology
- For Solo Operators (ONLY!!) Who Want to Double Their Revenue this Year
The host of the Recruiting Firm Owner Summit, Mike Gionta, is bringing together some of the recruitment industry’s top experts (including me). From March 18-21, 2014, we’ll share our tactics to help you boost your billings and grow your desk rapidly in 2014.
There’s no travel, no time away from the office and Mike is giving access to all the sessions FREE. He had to twist the arm of his virtual event team to make this happen.
Space is limited, so register at: https://ysh91858.infusionsoft.com/go/summit14/bmars/
Here is the overview of my new presentation
In recruitment, all of us encounter three learning curves: learning tools unique to recruitment; understanding and mastering the technicalities of your niche; and learning sales tools. This presentation, based on a six-part, 20-page article that I just completed, will deal with the third learning curve, i.e., the acquisition of sales tools.
Based on the teachings of the giants of sales coaching I will cover the classic techniques that can pull you up from underachievement.
We will start with selling as packaging and then move on to the sales basics that can take you to more successful sales outcomes. You will learn sales formulas that will insure your future sales success. Next, you will learn how to create confidence and enthusiasm and, when these qualities are weak, how to make them strong again. You will learn how to get people to want to do business with you. In steps in the sale, we will talk about sales presentation verbiages that work. And finally we will learn that failure is only fatal if you are content with it and how Ben Franklin’s thirteen secrets of success can be adapted for sales.
IPA National Convention 2014, Las Vegas, NV, April 3-4, 2014
I will be the keynote speaker at the Inter-City Personnel Associates (IPA) National Convention at Bally’s, Las Vegas, NV on April 3-4, 2014.
My two presentations will be: “How to Teach a Recruiter to Bill $1,010,349.50 in One Year” & “Marketing Call Mastery”.
Mark Whitby’s, RecruiterTrainingOnline Webinar, April 24, 2014
I will be presenting at Mark Whitby’s RecruiterTrainingOnline Webinar on April 24, 2014, at 11am (Eastern Time).
My presentation will be determined at a later date.
US Recruiters Network (USRN) National Convention 2014, Minneapolis, MN, October 2-3, 2014
I will be the keynote speaker at the US Recruiters Network (USRN) National Convention in Minneapolis, MN on October 2-3, 2014.
My two presentations will be determined at a later date.
COACHING**
**Now, if you are serious about increasing your billings, give my prized ‘$1,000,000 billing in one year’ student, David Thaler (502-531-9890), a call. He will let you know what I did for him and what I can do for you to help you reach your maximum potential. If you are ready to invest in yourself and to receive the info you need, to bill at high levels, I can give you that information. Then it will be up to you to execute. The ball is in your court.
New for 2014, all of my coaching will be based on my new “TBMG 20 WEEK TRAINING FORMAT”. The syllabus for the format is available upon request.
*The descriptions of my coaching plans, and all of my 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 assemble 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.
Small business hiring to rise in 2014, survey says
Daily News, February 12, 2014
An increased number of small business owners plan to add more employees and boost compensation levels, signaling a slightly more positive economic outlook for 2014, according to a new business confidence survey released by Insperity Inc., the largest professional employer organization in the U.S.
“The small business community is taking a more positive approach to 2014 business plans according to our business confidence survey responses and internal data,” said Insperity Chairman and CEO Paul Sarvadi. “Business owners and managers seem willing to hire more employees, increase wages and gear up for improved sales in spite of challenges like an uncertain economy and the Affordable Care Act.”
50% of respondents plan to add employees, up significantly from 26% in October and 40% in the July survey; 47% are maintaining current staffing levels compared to 68% last fall; and just over 3% plan layoffs, down from 5% in October.
The survey found 46% plan to increase employee compensation, up significantly from 17% in October; 43% plan to maintain compensation at current levels, down from 71% last fall; 1% expect compensation decreases; and 10% are unsure.
Additional survey results include:
- 66% expect sales increase in 2014, up from 45% last October
- Average compensation up 2.9%, commissions increase by 1.7%
- 38% think economic rebound now in process, up from 26% last survey
Insperity conducted the survey from Jan. 7 to Jan. 9. It included CEOs, CFOs and other executives in a variety of industries from its base of approximately 5,500 U.S. workforce optimization clients.
US – 61% of execs find recruiting challenging
Daily News, February 13, 2014
Businesses are optimistic about growth but face recruiting difficulties, according to a recent survey by Robert Half International Inc. Nearly all, 91%, of chief financial officers surveyed are optimistic about their companies’ near-term growth prospects. However, 61% said it is somewhat or very challenging to find skilled candidates for professional-level positions today.
“A company’s success often is directly tied to its ability to attract and retain talented employees,” said Paul McDonald, Robert Half senior executive director. “The businesses best positioned for success are those with well-established hiring processes, including seeking referrals from internal staff, leveraging external networks for leads, and partnering with a specialized recruiting firm.”
The survey asked CFOs, “How confident are you in your company’s prospects for growth in the first quarter?” Responses include:
- Very confident: 46%
- Somewhat confident: 45%
- Not at all confident: 8%
- Don’t know/no answer: 2%
CFOs were also asked, “In general, how challenging is it for your company to find skilled candidates for professional-level positions today?” Responses include:
- Very challenging: 16%
- Somewhat challenging: 47%
- Not challenging: 29%
- Don’t know/no answer: 7%
The survey is based on interviews with more than 2,100 CFOs.
Engineers look to switch jobs in 2014, survey finds
Daily News, February 13, 2014
Engineers will likely jump ship for new job opportunities this year as they take advantage of increased demand for their talent, according to the Engineering Talent Supply and Demand survey released today by Esperis, a division of ManpowerGroup.
According to the report, 61% of engineers said they may look for new engineering jobs in 2014. This includes 40% that are actively seeking new positions and 21% that are networking/may look for a new job. Additionally, 13% have updated their resume, but are not likely to job hunt. Only 26% said they will stay in their current position.
Concurrently, 95%of employers who hire engineers reported having difficulty filling engineering roles. 88% of these plan to hire engineers this year, while 29% do not believe they will be able to find the engineering talent they need for their businesses. Electrical/electronics engineers ranked highest on the list of the most in-demand.
The survey reports hiring challenges for filling open engineering positions include:
- Lack of applicants: 44%
- Lack of hard skills needed for the position: 37%
- Lack of experience: 33%
- Salary demands are too high: 29%
- Lack of workplace competencies/soft skills: 23%
“The Experis survey results should signal a wake-up call to employers who want to keep their engineers on staff and engaged in the workplace,” said Richard Hutchings, Experis vice president of engineering. “To protect themselves from employment voids, employers must embrace flexible workforce models so they can tap into talent communities of engineers when and where they need them.”
The online survey was conducted in January and included 700 engineers and 100 employers who are likely to recruit engineering talent.
Recruiting firms to raise headcount, report finds
Daily News, February 18, 2014
Recruiting firms report healthy hiring plans for 2014, according to Bullhorn’s annual North American Staffing and Recruiting Trends Report, “A Numbers Game,” released today. 75% plan to grow headcount, slightly less aggressive than last year when 82% planned to add staff. 2% of respondents said their firms plan to reduce headcount this year
Overall revenue, as well as total number of placements, increased over the past year, according to the report. However, the report found signs of a slowdown for 2014 as 77% of staffing firms met or exceeded their goals for 2013, down from 73% in 2012. And 88% of respondents think their firm’s revenue performance will increase in 2014, down from 92% in 2013 and 96% in 2012.
Other findings include:
- Growth in investment is slowing: only 23% of respondents’ firms plan to launch new offices in 2014, compared to 48% last year.
- Salespeople and account managers made considerably more money than recruiters in 2013.
- For the third year in a row, total number of placements was the most important metric for recruiting agencies.
- 72% of respondents generate 50% or more of their revenue from repeat client business.
- 22% of respondents reported that 50% or more of their revenue comes from their largest client.
- The average time-to-fill in 2013 was 6 days for temp, 8 days for contract and 32 days for perm.
- 71% of respondents admit to having a shortage of skilled candidates in their respective sectors for 2014 versus 76% for 2013.
- The most successful source of qualified candidates for 2013 was existing candidates from respondents’ applicant tracking systems, followed by referrals and social media.
- For the 2nd year in a row, survey respondents identified a lack of skilled candidates as their greatest challenge and social media as their greatest opportunity.
Bullhorn Inc. is a Boston-based staffing software provider. The report is based on a survey of more than 1,300 recruiting agency professionals.
Recession still troubles employers, survey finds
Daily News, February 19, 2014
The recession still lingers for many U.S. employers, according to a study from CareerBuilder. 58% of employers said that when it comes to their business, it feels like the recession is not over. Among small businesses with 50 or fewer employees, the percentage rose to 66%.
Stagnant or declining sales and human capital issues are among the concerns employers voiced in the study.
“Many companies are still struggling to regain footing that was lost during the recession,” said Rosemary Haefner, vice president of human resources at CareerBuilder. “Only 28% employers reported that their business has returned to normal or is better than it was before 2007. Retention and productivity issues are top of mind as companies deal with constricting budgets, reorgs and long vacancies, and look to engage with current and potential employees in a more meaningful way.”
More than half of employers say they currently have positions for which they can’t find qualified candidates. In addition to recruiting high-skill applicants, some of the top staffing challenges companies say they are facing in 2014 include:
- Retaining top talent, 32%
- Lifting employee morale, 31%
- Providing competitive compensation, 27%
- Worker burnout, 26%
- Maintaining productivity levels, 25%
- Managing organizational changes, 20%
- Employee engagement, 17%
- Providing upward mobility, 17%
- Providing enough training opportunities to employees, 15%
- Cutting down on cost-per-hire, 12%
- Lack of succession planning, 11%
- Limited recruitment budget, 11%
- Adapting to new ways to source/recruit candidates, 8%
The survey was conducted online by Harris Interactive on behalf of CareerBuilder among 2,201 hiring managers and human resource professionals. The survey was conducted between Nov. 6 and Dec. 2, 2013.
The new ADP/Moody’s National Employment Report;
68% of all new job growth in February 2014, comes from Small and Mid-size Companies
March 5, 2014
(*Note: ADP’s estimate of January payroll gains was revised down to 127,000 from 175,000.)
Private sector employment increased by 139,000 jobs from January to February, according to the February ADP National Employment Report®, which is produced by ADP®, a leading global provider of Human Capital Management (HCM) 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.
By Company Size
Small businesses: 60,000
1-19 employees 32,000
20-49 employees 28,000
Medium businesses: 35,000
50-499 employees 35,000
Large businesses: 44,000
500-999 employees 1,000
1,000+ employees 43,000
By Sector
Goods producing 19,000
Service providing 120,000
Industry Snapshot
Construction 14,000
Manufacturing 1,000
Trade/transportation/utilities 31,000
Financial activities <-2,000>
Professional/business services 33,000
Goods-producing employment rose by 19,000 jobs in February, up from a downwardly-revised figure of 12,000 in January. Nearly all of the growth came from the construction industry which added 14,000 jobs over the month; this followed downwardly-revised increases of 17,000 in the prior two months. Manufacturing eked out a small gain in February adding just 1,000 jobs. January’s decline in manufacturing was upwardly revised to a loss of just 7,000 jobs.
Service-providing industries added 120,000 jobs in February, up from a downwardly-revised January figure of 116,000. The report indicates that professional/business services contributed the most to growth in service-providing industries, adding 33,000 jobs. This was well below the average gains for the industry in 2013. Expansion in trade/transportation/utilities accelerated slightly after a poor showing in January, gaining 31,000 jobs in February. Financial activities employment fell for a second straight month after January’s reading was downwardly-revised to an 8,000 job loss. These two months have been the weakest for financial services employment since January and February of 2011.
“The U.S. private sector added 139,000 jobs in February, well below the average over the last 12 months,” said Carlos Rodriguez, president and chief executive officer of ADP.
Mark Zandi, chief economist of Moody’s Analytics, said, “February was another soft month for the job market. Employment was weak across a number of industries. Bad winter weather, especially in mid-month, weighed on payrolls. Job growth is expected to improve with warmer temperatures.”
(The March 2014 ADP National Employment Report will be released at 8:15 a.m. ET on April 2, 2014).
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 2014 Small Business Report Highlights
Total Small Business Employment: 60,000
| ●By Size |
|
| ►1-19 employees |
32,000 |
| ►20-49 employees |
28,000 |
| ●By Sector for 1-49 Employees |
|
| ►Goods Producing |
7,000 |
| ►Service Producing |
52,000 |
| ●By Sector for 1-19 Employees |
|
| ►Goods Producing |
4,000 |
| ►Service Producing |
28,000 |
| ●By Sector for 20-49 Employees |
|
| ►Goods Producing |
3,000 |
| ►Service Producing |
25,000 |
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 11th, the BLS reported that there were 4,000,000 job openings on the last business day of December, little changed from November. The 4,000,000 reflects published openings comprised of jobs that are advertised either online or in print format.
The hires rate (3.2%) and separations rate (3.2%) were little changed in December. 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. (The Job Openings and Labor Turnover Survey results for January 2014 are scheduled to be released on Tuesday, March 11th, 2014).
As we recruiters know, that 4,000,000 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 4,000,000 published job openings now become a total of 20,000,000 published and hidden job orders.
In February there were 10,459,000 unemployed workers. What was the main reason why those workers were unemployed? Two Words: Structural Unemployment. If we can’t figure out how to educate and/or reeducate those 10,459,000 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 Up 268,100 in February
March 5, 2014
- February posts strong increase following small loss in January
- NOTE: Historical data from 2011 forward were revised to adjust for the removal of a job board.
Online advertised vacancies rose to 5,186,200 in February, according to The Conference Board Help Wanted OnLine® (HWOL) Data Series released today. The February Supply/Demand rate stands at 2.1 unemployed for each vacancy with a total of 5,300,000 more unemployed workers than the number of advertised vacancies.
The February Supply/Demand rate stands at 2.1 unemployed for each vacancy with a total of 5,300,000 more unemployed workers than the number of advertised vacancies.
“After a very lackluster 2013, the large February increase is the first signal in many months of possible renewed strength in demand for labor,” said June Shelp, Vice President of The Conference Board. “The large increase may partially be a result of pent-up demand following the bad winter weather across the U.S.”
The February data brightens the demand for service occupations like transportation, healthcare support and office work; however, for these occupations there are still two to three unemployed competing for each advertised vacancy. By contrast, for the high-demand computer and healthcare professional jobs there is notable evidence of worker shortages with three or more advertised vacancies for each unemployed worker.
(The March 2013 Conference Board Help Wanted OnLine® (HWOL) Data Series will be released at 10:00 am ET on April 2nd, 2014).
U-6 Update
In February, 2014 the regular unemployment number was 6.7%, but that broader U-6 measure was 12.6%, almost twice as high as the regular unemployment figure.
The above 12.6% is referred to as the U6 unemployment rate (found in the monthly BLS Employment Situation Summary, Table A-15; Table A-12 in 2008 and before). It counts not only people without work seeking full-time employment (the more familiar U-3 rate), but also counts “marginally attached workers and those working part-time for economic reasons.” Note that some of these part-time workers counted as employed by U-3 could be working as little as an hour a week. And the “marginally attached workers” include those who have gotten discouraged and stopped looking, but still want to work. The age considered for this calculation is 16 year and over.
Here is a look at the February U-6 numbers for the past 11 years:
February 2013 14.3%
February 2012 15.0%
February 2011 15.9%
February 2010 16.8%
February 2009 15.0%
February 2008 9.0%
February 2007 8.1%
February 2006 8.4%
February 2005 9.3%
February 2004 9.7%
February 2003 10.1%
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 7th, 2014, the BLS published the most recent unemployment rate for February, 2014 of 6.7% (actually it is 6.716% up .132% from 6.584%, in January, 2014).
The unemployment rate was determined by dividing the unemployed of 10,459,000 (—up from the month before by 223,000—since February, 2013 this number has decreased by 1,588,000) by the total civilian labor force of 155,724,000 (up by 264,000 from January, 2014). Since January 2013, our total civilian labor force has increased by 213,000 workers.
(The continuing ‘Strange BLS Math’ saga): The BLS continues to increase the total Civilian Noninstitutional Population—this time up to 247,085,000. In one year’s time this population has increased by 2,257,000. This is an increase of 170,000 from last month’s increase. The Civilian Noninstitutional Population has increased each month…
| Up from January 2014 | by |
170,000 |
| Up from December 2013 | by |
170,000 |
| Up from November 2013 | by |
178,000 |
| Up from October 2013 | by |
186,000 |
| Up from September 2013 | by |
213,000 |
| Up from August 2013 | by |
209,000 |
| Up from July 2013 | by |
203,000 |
| Up from June 2013 | by |
204,000 |
| Up from May 2013 | by |
189,000 |
| Up from April 2013 | by |
188,000 |
| Up from March 2013 | by |
180,000 |
| Up from February 2013 | by |
167,000 |
| 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 has decreased the Civilian Labor Force to 155,724,000 (up from January by 264,000).
Subtract the second number (‘civilian labor force’) from the first number (‘civilian noninstitutional population’) and you get 91,361,000 ‘Not in Labor Force’—slightly lower than last month’s 91,455,000. Since February, 2014, 2,044,000 US workers have vanished! Where did those 2,044,000 potential workers disappear to in one year’s time? I am assuming they still have to eat and pay their rent. They still need money, don’t they? The government tells us that these NILFs got discouraged and just gave up looking for a job. My monthly recurring question is: “If that is the case, how do they live when they don’t earn any money because they don’t have a job? Are they all relying on the government to support them??”
Our Employment Participation Rate—the population 16 years and older working or seeking work—remained at 63.0%. This is the third lowest Employment Participation Rate recorded since April 1978…just over one year into President Carter’s term of office, 36 years ago! One year ago, our Participation Rate in December was 63.5%.
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 3.2% (this rate rose .1% from last month’s 3.1%). Or, you can look at it another way. We usually place people who have college degrees. That unemployment rate in February was 3.4% (this rate rose .2% from last month’s 3.2%).
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 are below the 4-6% threshold for full employment…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 the 4th quarter, “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. GDP increased at an annual rate of 2.4% in the fourth quarter of 2013 (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 4.1%.
The GDP estimate is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 3.2%. With this second estimate for the fourth quarter, an increase in personal consumption expenditures (PCE) was smaller than previously estimated.
The increase in real GDP in the fourth quarter primarily reflected positive contributions from PCE, exports, nonresidential fixed investment, and private inventory investment that were partly offset by negative contributions from federal government spending, residential fixed investment, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP growth in the fourth quarter reflected a deceleration in private inventory investment, a larger decrease in federal government spending, and downturns in residential fixed investment and in state and local government spending that were partly offset by accelerations in exports, in PCE, and in nonresidential fixed investment and a deceleration in imports.
2013 GDP
Real GDP increased 1.9% in 2013 (that is, from the 2012 annual level to the 2013 annual level), compared with an increase of 2.8% in 2012.
The increase in real GDP in 2013 primarily reflected positive contributions from personal consumption expenditures (PCE), exports, residential fixed investment, nonresidential fixed investment, and private inventory investment that were partly offset by a negative contribution from federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP in 2013 primarily reflected a deceleration in nonresidential fixed investment, a larger decrease in federal government spending, and decelerations in PCE and in exports that were partly offset by a deceleration in imports and a smaller decrease in state and local government spending.
The next GDP release, for the Fourth Quarter and Annual 2013 (Third and Final Estimate), will be on March 27, 2014.
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…a ‘third rail’, if you will. 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 2013 3.8%
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 2013 3.8%
February 2012 4.2%
February 2011 4.3%
February 2010 4.9%
February 2009 4.2%
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 2014 rates for these two categories, 3.2% and 3.4%, respectively, 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% |
11.1% |
11.6% |
11.1% |
10.7% |
11.0% |
11.3% |
10.3% |
10.9% |
10.8% |
9.8% |
|
1/14 |
2/14 |
3/14 |
4/14 |
5/14 |
6/14 |
7/14 |
8/14 |
9/14 |
10/14 |
11/14 |
12/14 |
|
9.6% |
9.8% |
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% |
7.6% |
7.4% |
7.4% |
7.6% |
7.6% |
7.6% |
7.6% |
7.3% |
7.3% |
7.1% |
|
1/14 |
2/14 |
3/14 |
4/14 |
5/14 |
6/14 |
7/14 |
8/14 |
9/14 |
10/14 |
11/14 |
12/14 |
|
6.5% |
6.4% |
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% |
6.4% |
6.4% |
6.5% |
6.4% |
6.0% |
6.1% |
6.0% |
6.3% |
6.4% |
6.1% |
|
1/14 |
2/14 |
3/14 |
4/14 |
5/14 |
6/14 |
7/14 |
8/14 |
9/14 |
10/14 |
11/14 |
12/14 |
|
6.0% |
6.2% |
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 |
|
3.8% |
3.8% |
3.8% |
3.9% |
3.8% |
3.9% |
3.8% |
3.5% |
3.7% |
3.8% |
3.4% |
3.3% |
|
1/14 |
2/14 |
3/14 |
4/14 |
5/14 |
6/14 |
7/14 |
8/14 |
9/14 |
10/14 |
11/14 |
12/14 |
|
3.2% |
3.4% |
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% |
3.6% |
3.5% |
3.5% |
4.2% |
4.1% |
3.8% |
3.5% |
3.4% |
3.1% |
2.9% |
|
1/14 |
2/14 |
3/14 |
4/14 |
5/14 |
6/14 |
7/14 |
8/14 |
9/14 |
10/14 |
11/14 |
12/14 |
|
3.1% |
3.2% |
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 |
54,721 |
54,767 |
54,740 |
54,323 |
54,064 |
54,515 |
55,013 |
55,155 |
55,583 |
54,880 |
|
1/14 |
2/14 |
3/14 |
4/14 |
5/14 |
6/14 |
7/14 |
8/14 |
9/14 |
10/14 |
11/14 |
12/14 |
|
55,096 |
55,501 |
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 |
2,020 |
1,980 |
1,990 |
2,358 |
2,286 |
2,130 |
1,978 |
1,930 |
1,749 |
1,637 |
|
1/14 |
2/14 |
3/14 |
4/14 |
5/14 |
6/14 |
7/14 |
8/14 |
9/14 |
10/14 |
11/14 |
12/14 |
|
1,784 |
1,845 |
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 |
56,741 |
56,747 |
56,730 |
56,681 |
56,350 |
56,645 |
56,991 |
57,085 |
57,332 |
56,517 |
|
1/14 |
2/14 |
3/14 |
4/14 |
5/14 |
6/14 |
7/14 |
8/14 |
9/14 |
10/14 |
11/14 |
12/14 |
|
56,880 |
57,346 |
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% |
3.5% |
3.5% |
3.8% |
3.5% |
3.1% |
3.4% |
3.3% |
3.7% |
3.2% |
3.1% |
|
1/14 |
2/14 |
3/14 |
4/14 |
5/14 |
6/14 |
7/14 |
8/14 |
9/14 |
10/14 |
11/14 |
12/14 |
|
3.4% |
3.6% |
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% |
3.6% |
3.4% |
3.3% |
4.6% |
4.7% |
4.0% |
3.6% |
3.1% |
2.9% |
2.7% |
|
1/14 |
2/14 |
3/14 |
4/14 |
5/14 |
6/14 |
7/14 |
8/14 |
9/14 |
10/14 |
11/14 |
12/14 |
|
2.9% |
3.0% |
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% |
7.7% |
6.9% |
7.1% |
6.7% |
6.9% |
7.2% |
7.5% |
7.3% |
7.0% |
6.3% |
|
1/14 |
2/14 |
3/14 |
4/14 |
5/14 |
6/14 |
7/14 |
8/14 |
9/14 |
10/14 |
11/14 |
12/14 |
|
7.1% |
7.7% |