Date post: | 21-Dec-2014 |
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Economy & Finance |
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•
Job Market UpdateU.S. Economic Data
Reflective of the Bureau of Labor Statistics “The Employment Situation – September 2014”
As of October 2014
•
Overview of “The Employment Situation”
• The September report showed an overall monthly gain of 248,000 jobs – considerably higher than last month’s gain of 142,000.
• Revisions to prior months, July & August:- July and August experienced more growth
than previously reported.- The July payroll number was revised from
+212,000 to +243,000.- The August numbers were revised from
+142,000 to +180,000.- That makes a combined 69,000 more jobs
than expected.
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•
248,000 new jobs added in September
Aug-13
SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL Aug-14
Sept
202
164
237
274
84
144
222203
304
229
267
212
142
248
In T
ho
us
an
ds
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* Numbers are seasonally adjusted. Source: BLS
•
Unemployment rate decreased in September
• Total nonfarm payroll employment increased by 248,000.
- Unemployment rate dropped, from 6.1% to 5.9%.
- Unemployment rate and the numbers of unemployed persons have declined by 1.3%, (1.9 million) in the last year.
• Discouraged workers – Down by 154,000 from September 2013.
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JOBS GAINED IN SEPT.
UNEMPLOYMENT RATE
LOWEST UNEMPLOYMET RATE SINCE
248,000
5.9%
Sept. 2008
•
September’s job creation statistics
• United States private sector generated over 236,000 jobs in September.- Employment rate back to pre-recession
conditions.
- US has more jobs than in over four years.
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Source: BLS
•
Industry Breakdown
Professional & Business Services• Increase of 81,000 jobs (+34,000 from
the previous month).- Management and technical consulting
services added 11,500 jobs (1.25 million total workforce).
- Architectural and engineering services created 6,000 jobs (1.42 million total workforce).
• Total Americans employed in this sector during September: 19.41 million.
Healthcare• Added 22,600 jobs during September.
- Ambulatory services generated 14,200 jobs (6.73 million total workforce).
- Home health services grew 6,800 jobs (1.29 million total workforce).
- Hospitals grew 6,200 jobs (4.81 million total workforce).
Temporary Help Services- 20th consecutive month of job
creation.
- Increase of +19,700 jobs.
- 2.93 million total workforce.
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Source: BLS
•
Industry Breakdown
Manufacturing
• Increase of 4,000 jobs in September after August’s growth of 28,000 new jobs.
• Total Americans employed in this sector during September: 12.15 million.
Construction
• Added 16,000 new jobs.- Specialty trade contractors gained 8,800
jobs (3.78 million total workforce).- Construction of buildings also saw an
increase of 6,200 jobs (1.37 million total workforce). .
• Total Americans employed in this sector during September: 6.07 million.
Retail
• Added 35,300 for a total employed of 15.4 million .
- Food and beverage stores grew by 19,500 jobs (3 million total workforce).
- General merchandise stores added 5,400 jobs (3.14 million total workforce).
- Sporting goods, hobby, book and music stores added 5,300 jobs (592,300 total workforce).
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•
Employment in total non-farm
Mining and logging
Construction
Manufacturing
Wholesale trade
Retail trade
Transportation and warehousing
Information
Financial activities
Professional and Business services
Education and health services
Leisure and hospitality
Temporary help servies
Other services
Government
0 10 20 30 40 50 60 70 80 90
9
16
4
1.8
35.3
1.9
12
12
81
32
33
19.7
0
12
Over-the-month change, September 2014
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* Numbers are seasonally adjusted in thousands. Source: BLS, Current Employment Statistics Survey, September 2014
•
Metropolitan employment improving across the country – August 2014
• Regional and state unemployment rates saw little change in the United States metropolitan areas.
- Overall unemployment changes have been positive, with forty-five states and the District of Columbia showing unemployment rate decreases over the past 12 months.
• In August, the national unemployment rate showed little change, dropping just 0.1% to 6.2%, which is 1.1% lower than August 2013.
- Bismarck, North Dakota continues to lead the nation with the lowest unemployment rate — at 2.2 percent, a decline of 0.2 percentage points from July.
- Of the 322 metropolitan areas, eleven areas had jobless rates of at least 10.0 percent and 84 areas had rates below 5.0 percent. The rest hovered around the national average.
- In other positive news, employment increased in 306 of 372 metropolitan areas, decreased in 57 areas and was unchanged in 9 areas.
- Looking at the past year, the largest over-the-year employment increases occurred in New York, Northern New Jersey, Long Island, N.Y., N.J.- Pa. (+156,500), Houston-Sugar Land-Baytown, Texas (+107,400) and Dallas-Fort Worth-Arlington, Texas (+101,500).
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
•
Mid-Atlantic Region – August 2014
• Unemployment rate of 6.3 percent (the same as July).
• Philadelphia City, PA had the largest rate decline from a year earlier (-2.2 percentage points).
- Tied for the highest unemployment rate in the region with 8.4 percent, along with Danville, VA.
• Morgantown, WV reported the lowest unemployment rate at 4.9 percent.
• States:- New Jersey- New York- Pennsylvania
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
•
Midwest Region – August 2014
• Impressive unemployment rate of 5.8 percent (-0.1 percent).
• North Dakota had the lowest unemployment rate of 2.8 percent.
- Bismarck, North Dakota had the lowest unemployment rate with an impressive 2.2 (-0.2 percentage points from the previous month).
• Michigan had the highest unemployment rate at 7.4 (-0.3 from the previous month).
• States:- Illinois- Indiana- Iowa- Kansas- Michigan- Minnesota- Missouri- Nebraska- North Dakota- Ohio- South Dakota- Wisconsin
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
•
Mountain-Plains Region – August 2014
• Nevada had the largest unemployment rate decrease in the region with a 2.2 percent decrease from the previous year.
- However, the state came in last in the region with 7.6 percent unemployment (-0.1 percentage points from the previous month).
• Yuma, AZ continues to have the highest unemployment rates in the country, with 28.0 percent (-1.3 percentage points from the previous month).
• States:
- Alaska- Arizona- California- Colorado- Hawaii- Idaho- Montana- Nevada- New Mexico- Oregon- Utah- Washington- Wyoming
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
•
New England Region – August 2014
• 5.9% unemployment, a 0.1 percent increase.
• Vermont’s Burlington-South Burlington metro area recorded the lowest unemployment rate of the region, as it dropped 0.1 percent to 3.5 percent in August.
• The highest unemployment rate in the region came in at Lawrence-Methuen-Salem MA, NH with 10.3 percent.
• States:- Connecticut- Maine- Massachusetts- New Hampshire- Rhode Island- Vermont
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
•
Southeast Region – August 2014
• Increased 0.2 percent from 6.1 to 6.3 percent.
• Kentucky (-1.3 percentage points) and North Carolina (-1.2 percentage points) had the largest unemployment rate declines.
• Florida had one of the largest over-the-month employment increases (+22,700 new jobs).
- Crestview-Fort Walton Beach-Destin, FL tied had the lowest unemployment rate in the region with a showing of 4.9 percent.
• States:- Delaware- District of Columbia- Florida- Georgia- Maryland- North Carolina- South Carolina- Virginia- West Virginia- East South Central- Alabama- Kentucky- Mississippi- Tennessee
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
•
Southwest Region – August 2014
• Unemployment rate increased slightly to 5.3 percent.
• This region saw great growth in Texas – adding 20,100 new jobs.
• Oklahoma had the lowest unemployment rate of 4.7 percent.
• McAllen-Edinburg-Mission had the highest rate of unemployment at 9.8 percent.
• States:- Arkansas- Louisiana- Oklahoma- Texas
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
•
West Region – August 2014
• Highest unemployment rate in the country at 6.6 percent.
• Utah has the lowest unemployment rate of 3.6 percent.
- Logan, UT had 3.1 percent.
• California has the largest monthly job increase by adding 44,200 in August, and 313,900 since August of 2013.
- El Centro, CA continues to have the highest unemployment rate at 25.1 percent.
• States:- Alaska- Arizona- California- Colorado- Hawaii- Idaho- Montana- Nevada- New Mexico- Oregon- Utah- Washington- Wyoming
16
OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
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