Click image for larger view
According to the
Bureau of Labor Statistics (BLS) non-farm payroll employment rose by 114,000 in September, and the unemployment rate dropped to 7.8 percent. Nearly half of September’s private-sector job gains occurred in just the Education & Health Services category (+49,000). Government employment expanded by 10,000. The change in total non-farm payroll employment for July was revised from +141,000 to +181,000, and the change for August was revised from +96,000 to +142,000.
Click image for larger view
Click image for larger view
Employment is converging with the previous peak at a slower pace than all prior recessions going back to 1973; circles in the chart above indicate when previous recoveries reached their corresponding pre-recessionary employment highs. The economy still has 4.52 million fewer jobs than at the January 2008 peak.
Click image for larger view
The number of people not in the labor force fell by 211,000 in September, edging down from August’s all-time high of 88.9 million. The ratio of employed persons to the entire population moved back to the top of the range seen since the end of 2009.
Click image for larger view
The
civilian labor force participation rate (the share of the population 16 years and older working or seeking work) ticked up to 63.6 percent. At the same time, the annual percentage increase in
average hourly earnings of production and non-supervisory employees advanced to 1.43 percent. With the price index for urban consumers rising at a 1.7 percent annual pace, that means wages are falling in real terms (i.e., wage increases are not keeping up with price inflation).
Click image for larger view
Full-time employment jumped by 838,000 jobs, followed by part-time employment (+582,000). The increase in full-time employees brought their numbers back almost to the peak seen in March.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.