Bob Marshall’s BLS Analysis; 8/3/12
July BLS Preface
TBMG News
For those of you who have asked, yes, it is true. I am expanding my training schedule to accommodate new students, both individually and in groups. So, if you want or need to increase your income as a recruiter, all the details are available to you on my website: www.TheMarshallPlan.org or you can reach me at 770-898-5550.
Preface
Over the past months, some of you have corresponded with me about these monthly BLS analyses and 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
Preamble
I have recently received some calls asking if a paradigm shift has taken place and all of the new job creation is in the temp or contingent space. I am asked if unless you work in that space you won’t be able to write any valid Job Orders. And I am asked if, since there is so much uncertainty in the economy, hiring managers are relying only on temps to keep their companies afloat.
Here are the facts:
In today’s most recent BLS report for July 2012, employment in temp help services came in at 2,540,000, with the addition of 14,100 jobs, representing an increase of 242,500 jobs, or a gain of 9.6% on a year-over-year basis. Revised numbers for June show that the temp help industry added 21,100 jobs last month instead of the 25,200 gain initially reported by the bureau.
The total US employed civilian labor force came in at 142,220,000. The percent of temporary employment to total employment — the temporary help penetration rate is found by dividing the temp help jobs (2,540,000) by the total employment (142,220,000). That number remains constant at 1.79.
Currently, the temp help services industry has recovered 98% of the jobs they lost during the most recent downturn. So, if this is a paradigm shift, it is a micro-mini paradigm shift…or not a shift at all!
For more info, following are two articles dealing with the temp marketplace. The first one I published in my February BLS Report and the second was just published on August 2, 2012:
Temp Jobs Are Not the New Norm
Heidi Shierholz, an economist at the Economic Policy Institute, says the following:
“I keep getting asked about the growth in temporary help jobs in this recovery, and the people doing the asking seem to expect that I will be very concerned about it. I’m not.”
“The temporary help services industry has indeed seen relatively fast growth in this recovery, adding over 650,000 jobs since the end of the recession in the summer of 2009. However, temporary help services shed over 900,000 jobs between the summer of 2006 and the summer of 2009. When employers see demand for their goods and services fall and they need to cut back, the first workers they let go are workers from temporary help agencies. In the lead up to the Great Recession, employment in temporary help agencies started to decline in the fall of 2006, whereas overall employment didn’t start to fall until more than a year after that. The flip side of this coin is that following a recession, when employers begin to see a pickup in demand for their goods and services and need to hire, often they will first hire temporary workers to test the waters of a recovery. Employment in temporary help services began to grow in September 2009, whereas the broader labor market didn’t start adding jobs in this recovery until March 2010.”
“In 2006, 1.9% of all jobs were in temporary help services. That dropped to 1.3% by the summer of 2009, as temporary help services saw much greater job loss during the downturn than the broader labor market. The temporary help services industry has seen faster job growth in the recovery than the broader labor market but, as I mentioned before, it had more to make up. Currently, 1.8% of all jobs are in temporary help services, still slightly below its prerecession level.”
“I am extremely concerned about many things in today’s labor market. The lack of broad-based robust jobs growth means more individuals and families will face lengthy employment and earnings instability. Furthermore, persistent high unemployment puts serious downward pressure on the wage growth of people with jobs, because employers don’t have to pay substantial wage increases to keep the workers they need when workers don’t have outside options. So I am indeed concerned that high unemployment is eroding worker bargaining power and job quality. At this point, however, I am not at all concerned that temporary help jobs are taking over; they currently comprise a smaller share of employment than they did before the recession started.”
Temp Jobs Become A Permanent Way of Life for Some
Below, I have parceled out some significant segments from an NBC News article written by Allison Linn on August 2nd.
“Permatemps” are becoming an enduring feature of our current slow-growth economy.
About 2,530,000 people were working temporary jobs as of June, an increase of more than 40% from the summer of 2009, when about 1,750,000 people held such jobs. The number is expected to rise again Friday when the government reports employment data for July.
But three years into the economic recovery, the rise in temporary jobs is not necessarily signaling an increase in permanent employment as it did in the past. Instead, cautious employers are content to have a substantial part of the work force on a contingency basis, which makes it easier to downsize if business slows again.
“They’re not willing to commit to full-time, permanent employees,” said Nigel Gault, chief U.S. economist for IHS Global Insight.
And with the unemployment rate at 8.2 percent in June, employers have little reason to be worried about relying on temp workers. Many undoubtedly conclude that they can just hire a batch of new ones if work picks up again, and with temporary workers they don’t have to worry about the costs of benefits or severance.
“They’re accepting the turnover so they don’t have to pay the benefits,” said Joel Naroff, president of Naroff Economic Advisors.
Naroff believes the economy still isn’t adding enough temporary jobs.
Although the economy has added about 780,000 temporary jobs over the past three years, it has only just gotten close to the level of temp jobs that existed in December 2007, when the nation went into recession.
“The growth in the use of temporary workers is just as disappointing as the growth in jobs,” Naroff said.
But Gault said the rate of temporary jobs being added is about the same as in past recoveries.
“The problem is we’re just not adding the permanent jobs,” he said.
Even if hiring starts to perk up, Gault said temp workers could still find it hard to land those longer-term positions. That’s because they’ll face competition from the millions of people who have been sitting out the tough job market, waiting for things to improve.
“It’s a perfectly legitimate fear that they may have great difficulty finding a permanent job even when more permanent jobs become available,” Gault said.
Naroff, the economist, noted that there is one danger to that cycle: At some point, the job market could improve.
“Once job growth picks up and the unemployment rate comes down, it’s ‘Take this job and shove it’ time, and the turnover is going to be massive because everybody has been dumped on for the last five years,” Naroff said. “For those businesses (in which) turnover matters, it’s going to kill them.”
Companies ‘treading water’ as sales flag, survey finds
by Martha C. White
Corporate America is pumping the brakes on any forward momentum in the economy, according to a quarterly survey of company economists released on July 16, 2012.
Only 39 percent of the economists surveyed said sales have been rising faster than inflation at their companies, down from 60 percent three months ago.
“We’re treading water,” said Nayantara Hensel, chair of the National Association for Business Economics committee that conducted the survey. “But the treading of the water is almost, in a way, a self-fulfilling prophecy because that’s driving some of the worsening economic conditions we see.”
Corporations do have the cash but lack the confidence to invest in hiring new employees or capital spending in the face of flagging sales, said Bodhi Ganguli, an economist at Moody’s Analytics.
Economists noted the one bright spot: A lack of inflationary pressure kept the prices of raw materials and wages stable and helped maintain profit margins. Still, only 29 percent said they were seeing rising profit margins in the past three months, down from 40 percent three months ago. Unfortunately for workers, only 25 percent of respondents said wages and salaries have been rising over the past three months, down from 44 percent three months ago.
“There’s this gloom of uncertainty all over the globe right now,” Ganguli said.
American companies, especially those that do a sizable amount of international business or depend on exports, believe a worsening in the eurozone’s economic troubles could drag down sales. Businesses also are worried about a possible double-whammy of government and consumer spending contraction if Congress allows automatic spending cuts and tax rate hikes — the so-called “fiscal cliff” — to kick in at the beginning of next year. “The spending cuts and tax hikes would create a tremendous drag on the recovery,” Ganguli said.
As a result of the uncertainty, more companies are battening down the hatches. Some 15 percent of survey respondents reported a drop in capital spending, compared with only 6 who said capital spending was falling in April. Looking ahead, the picture gets just a little better. Roughly half of businesses expect it to be flat over the next year, while 10 percent of respondents expect it to fall. “That’s not bad, but it’s not great,” Hensel said.
In general, corporations expect the economy to grow, but at a snail’s pace. In the current survey, 11 percent of respondents forecast GDP growth of 1 percent or less — up from only 4 percent who had such a low expectation in April. Similarly, 40 percent of businesses now think GDP growth will be 2 percent or less, in contrast to 23 percent who thought so in April.
Longer-term, though, Ganguli expressed a somewhat more positive outlook, citing some “fundamental strengths” in the economy that will keep it moving forward after a weaker third quarter. “We do expect a bounceback later in the year,” he said. “The fourth quarter should see some improvement.”
The survey, which has been conducted quarterly for 30 years, reflects the view of a panel of 67 top economists, with 40 percent of those representing companies with more than 1,000 employees.
Small & Mid-sized Companies account for 85.9% of the job growth in July!
Every month, when I read the new ADP National Employment Report*, I am reminded of the job creation impact that small and mid-sized companies have on our economy. This month’s report, covering July 2012 employment, was no exception.
*Re: BLS and ADP; trying to reconcile government reports with private industry reports is a bit of a challenge—especially when Macroeconomic Advisers, LLC, processes it’s info in a different time frame (12th of the month) and pulls from roughly 344,000 business clients representing more than 21,000,000 US employees. So, it’s a little bit like comparing apples with oranges. At the best, the ADP report has a mixed track record at presaging the government’s monthly report. That being said…
On August 1st, ADP reported that employment in the U.S. nonfarm private business sector increased by 163,000 from June to July on a seasonally adjusted basis. This was down by 9,000 from the previous month. The estimated gain from May to June was revised down, from the initial estimate of 176,000 to a revised estimate of 172,000.
Employment in the private, service-providing sector rose 148,000 in July, after rising a revised 151,000 in June. The private, goods-producing sector added 15,000 jobs in July, down from 16,000 additions in June. Manufacturing employment rose 6,000 this month, following a revised increase of 9,000 in June.
Construction employment rose for the second consecutive month, adding 5,000 jobs.
The financial services sector added 9,000 jobs from June to July, marking the twelfth consecutive monthly gain.
“According to this month’s ADP National Employment Report, the U.S. economy added 163,000 jobs in July,” said Carlos Rodriguez, president and CEO of ADP. “This increase marks two-and-half years of positive job growth. According to our data, businesses across the country have restored nearly 4 million jobs during this period with an average of 131,000 new positions a month. Although encouraging, we’d like to see continued growth but at more robust and consistent levels.”
But here is the real good news for those of you who include small and mid-sized companies in your specialty niches (as I strongly recommend):
In July…
Small business (those with up to 49 employees) payrolls rose +73,000, down from the 93,000 jobs created among small businesses last month.
Medium business (50-499 employees) payrolls rose +67,000 down from 72,000 jobs created in June. Of the 67,000 jobs created by medium-sized businesses, 4,000 jobs were created by the goods-producing sector and 63,000 jobs were created by the service-producing sector.
Large business (500+ employees) payrolls increased by +23,000. This is an increase from +12,000 in June. This follows increases of +9,000 in May, +4,000 in April, +22,000 in March, +20,000 in February, +20,000 in January, +37,000 in December and +12,000 in November and follows declines in October of and in September of .
So, the combined small and medium-sized company employment growth of +140,000 (down from 165,000 in June) accounted for a strong 85.9% (this is down from 93.75% in June, 93.2% in May, 96.6% in April, 89.5% in March, 90.7% in February, 98.2% in January, and 88.6% in December) of the total 163,000 (down from 176,000 in June, but up from 133,000 in May and 119,000 in April, but down from 209,000 in March and from 216,000 in February) job growth in July, 2012.
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 your marketing mix!
Job Openings and Structural Unemployment
On July 10th, the BLS reported that there were 3,600,000 job openings on the last business day of May—an increase from the 3,400,000 job openings announced for the last business day of April. (The next BLS Job Openings and Labor Turnover Survey results for June 2012 are scheduled to be released on August 7th). The 3,600,000 reflects published openings comprised of jobs that are advertised either online or in print format.
(The Conference Board, on August 1st, released a report that online advertised vacancies, in the U.S. fell by 153,600 in July to approximately 4,790,000. July marked a drop in labor demand after a strong gain of job ads in June.
“Over the last three years labor demand continued to move forward, albeit slowly, making this a very slow-growth recovery and an indication of the lingering economic uncertainty of employers,” said June Shelp, vice president at The Conference Board.
The Conference Board’s help wanted online report collects job ad information from more than 1,000 job boards).
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 July there were 12,794,000 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 12,794,000 unemployed, then they will keep reappearing each month as a BLS unemployment statistic—as they have. In the meantime, our recruitment marketplace flourishes!
The July 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 August 3rd, 2012, the BLS published the most recent unemployment rate for July, 2012 of 8.3% (actually it is 8.254, up .037% from 8.217 in June, 2012). The unemployment rate was determined by dividing the unemployed of 12,794,000 (up from the month before by 45,000—since July, 2011 (one year ago), this number has decreased by 1,114,000) by the total civilian labor force of 155,013,000 (down by 150,000 from June, 2012). Since July 2011, our total civilian labor force has increased by 1,655,000 people.
(The continuing ‘Strange BLS Math’ saga): The BLS continues to increase the total Civilian Working Population—this time up to 243,354,000; up from June by 199,000; up from May by 189,000; up from April by 182,000; up from March by 180,000; up from February by 169,000; up from January by 335,000; and up from December by 2,020,000. But this month they have slightly decreased the Civilian Labor Force to 155,013,000 (down from June by 150,000). Subtract the second number from the first number and you get 88,341,000 ‘Not in Labor Force’ (they have 88,340,000, but they’re not very good with numbers!). That is an increase of 1,644,000 since December 2011—7 months ago. In one year’s time, since July 2011, 2,028,000 US workers have vanished! Where did those 2,028,000 potential workers disappear to? That’s approximately 6.5% of the entire US population of 314,084,406. I am assuming they still have to eat and pay their rent. They still need money, don’t they? Because of these new numbers, our Employment Participation Rate—the population 16 years and older working or seeking work—has fallen to 63.7% (1/10th less that June’s rate) and just one-tenth higher than April 2012’s historic lowest level since December 1981!) Final take on these numbers: Fewer people looking for work will always bring down the unemployment rate).
On July 27th, the Bureau of Economic Analysis announced (and this is amazing to me) that the “final” estimate of our GDP number for the first quarter of 2012 has changed again from 1.9% to 2.0%. The “final” estimate for the fourth quarter of 2011 was also changed from 3.0% to 4.1%. The “first” estimate of the real GDP for the second quarter 2012 increased at an annual rate of 1.5%. The “second” estimate for the second quarter, based on more complete data, will be released on August 29, 2012.
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 July rose to 4.8% (this rate is up from last month’s 4.4%). Or, you can look at it another way. We usually place people who have college degrees. That unemployment rate in July remained at 4.1% (this rate is the same as last month’s 4.1%).
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”
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. In early 2009, eligibility for unemployment benefits was extended from 26 weeks to as much as 99 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 July “management, professional and related” types of worker category, you will find the following rates:
July 2011 5.0%
July 2010 5.0%
July 2009 5.5%
July 2008 2.9%
July 2007 2.5%
July 2006 2.5%
July 2005 2.7%
July 2004 3.1%
July 2003 3.7%
July 2002 3.5%
Here are the rates, during those same time periods, for “college-degreed” workers:
July 2011 4.3%
July 2010 4.5%
July 2009 4.7%
July 2008 2.5%
July 2007 2.1%
July 2006 2.1%
July 2005 2.4%
July 2004 2.7%
July 2003 3.1%
July 2002 3.0%
So, while July’s 2012 rates for these two categories, at 4.8% and 4.1% respectively, are not huge 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
|
12/08 |
|
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 |
|
13.1% |
12.9% |
12.6% |
12.5% |
13.0% |
12.6% |
12.7% |
H.S. Grad; no college – Unemployment Rate
|
12/08 |
|
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 |
|
8.4% |
8.3% |
8.0% |
7.9% |
8.1% |
8.4% |
8.7% |
Some College; or AA/AS – Unemployment Rate
|
12/08 |
|
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 |
|
7.2% |
7.3% |
7.5% |
7.6% |
7.9% |
7.5% |
7.1% |
BS/BS + – Unemployment Rate
|
12/08 |
|
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 |
|
4.2% |
4.2% |
4.2% |
4.0% |
3.9% |
4.1% |
4.1% |
Management, Professional & Related – Unemployment Rate
|
12/08 |
|
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 |
|
4.3% |
4.2% |
4.2% |
3.7% |
4.0% |
4.4% |
4.8% |
Or employed…(,000)
|
12/08 |
|
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 |
|
53,152 |
53,208 |
53,771 |
54,055 |
54,156 |
53,846 |
53,165 |
And unemployed…(,000)
|
12/08 |
|
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 |
|
2,410 |
2,336 |
2,330 |
2,062 |
2,275 |
2,472 |
2,666 |
For a total Management, Professional & Related workforce of…(,000)
|
12/08 |
|
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 |
|
55,562 |
55,544 |
56,101 |
56,117 |
56,431 |
56,318 |
55,831 |
Management, Business and Financial Operations – Unemployment Rate
|
12/08 |
|
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 |
|
4.5% |
4.4% |
4.4% |
4.0% |
4.1% |
3.8% |
3.8% |
Professional & Related – Unemployment Rate
|
12/08 |
|
2.9% |
|
1/09 |
2/09 |
3/09 |
4/09 |
5/09 |
6/09 |
7/09 |
8/09 |
9/09 |
10/09 |
11/09 |
12/09 |
|
3.7% |
3.5% |
3.9% |
3.6% |
4.2% |
5.1% |
6.0% |
5.6% |
5.2% |
4.2% |
4.1% |
4.2% |
|
1/10 |
2/10 |
3/10 |
4/10 |
5/10 |
6/10 |
7/10 |
8/10 |
9/10 |
10/10 |
11/10 |
12/10 |
|
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 |
|
4.2% |
4.1% |
4.0% |
3.5% |
4.0% |
4.8% |
5.5% |
Sales & Related – Unemployment Rate
|
12/08 |
|
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 |
|
8.2% |
7.9% |
8.1% |
7.6% |
7.9% |
8.4% |
8.3% |