Nonfarm payroll employment rose by 244,000 in April, and the unemployment rate edged up to 9.0% (from 8.8%) as the labor force grew slightly, the U.S. Bureau of Labor Statistics reported today. Also the number of jobs added is taken from the household survey while the unemployment rate is taken from the business payroll survey (they often have slightly different readings month to month). I, and many others, suspected the 8.8% figure might have been a bit low (and frankly the 9% figure may as well). In April of 2010 the unemployment rate was at 9.9%.
The change in total nonfarm payroll employment for February was revised from +194,000 to +235,000, and the change for March was revised from +216,000 to +221,000. Bringing the total jobs added with this report to 290,000 (244,000 + 41,000 + 5,000) – which is a very good result. Now if we can keep this up for a year that would be great. Overall this provides very encouraging news on the job front.
The number of unemployed persons stands at 13.7 million, up a little in April. Unemployment rates for several groups stood at: adult men 8.8%, adult women 7.9%, teenagers 24.9%, whites 8.0%, blacks 16.1%, Hispanics 11.8% and for Asians was 6.4%.
In another positive sign, the number of long-term unemployed (those jobless for 27 weeks and over) declined by 283,000 to 5.8 million; their share of unemployment declined to 43.4%. This is still a serious problem, but at least it is improving a bit.
The civilian labor force participation rate was 64.2% for the fourth consecutive month. The employment-population ratio, at 58.4%, changed little in April.
The private sector added 268,000 jobs. Employment rose in a number of service-providing industries, manufacturing, and mining. Since a recent low in February 2010, total payroll employment has grown by 1.8 million. Private sector employment has increased by 2.1 million over the same period.
Manufacturing employment rose by 29,000 in April. Since reaching an employment low in December 2009, manufacturing has added 250,000 jobs, including 141,000 in 2011. This is more great news. There has been real strength in manufacturing. Manufacturing is a real source of strength and if it can continue to be strong that will be very good news.
Related: USA Adds 216,00 Jobs in March and the Unemployment Rate Stands at 8.8% – USA Added 290,000 Jobs In April 2010 – Unemployment Rate Increased to 8.9% in April 2009 – USA Unemployment Rate Rises to 8.1%, Highest Level Since 1983
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Nonfarm payroll employment increased by 216,000 in March, and the unemployment rate stands at 8.8%, the U.S. Bureau of Labor Statistics reported today. Revisions for January and February were very small (adding 5,000 jobs to the January totals and 2,000 to February). Since a recent low in February 2010, total payroll employment has grown by 1.5 million.
This is more good news though the economy needs to add jobs more quickly to make a significant dent in the jobs lost since the misdeeds of large financial institutions precipitated the credit crisis and threw so many people out of work.
Job gains occurred in professional and business services, health care, leisure and hospitality, and mining. Employment in manufacturing continued to trend up.
Household Survey Data
The number of unemployed persons (13.5 million) and the unemployment rate (8.8%) changed little in March. Since November 2010, the jobless rate has declined 100 basis points. Among the major worker groups, the unemployment rates are, for adult men, 8.6%; adult women, 7.7%; and for teenagers 24.5%.
The number of long-term unemployed (those jobless for 27 weeks or more) was 6.1 million in March; their share of the unemployed increased from 43.9 to 45.5% over the month. In November of 2010 they accounted for 41.9% of the unemployed. In March of 2010 there were 6.5 million, which was 44.1% of all unemployed.
In March, the civilian labor force participation rate held at 64.2%, which was down from 64.9% in March of 2010, and 65.8% in April of 2009.
Related: Another 663,000 Jobs Lost in March, 2009 – Global manufacturing employment data 1979-2007 – Unemployment Rate Increased to 8.9% (May 2009) – USA Added 162,000 Jobs in March, 2010
Establishment Survey Data
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The unemployment rate grew to 9.8% in November, and nonfarm payroll employment increased by 39,000 (less than the expected 150,000), the U.S. Bureau of Labor Statistics reported today. Temporary help services and health care continued to add jobs over the month, while employment fell in retail trade. The change in total nonfarm payroll employment for September was revised from -41,000 to -24,000, and the change for October was revised from +151,000 to +172,000.
The unemployment rate has now remained above 9% for more consecutive months since data has been gathered since 1940.
There are now 15.1 million unemployed in the USA. Among the major worker groups, the unemployment rates for adult men (10.0 %), adult women (8.4%), and teenagers (24.6%).
The number of long-term unemployed (those jobless for 27 weeks and over) was little changed at 6.3 million and accounted for 41.9%. The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed over the month at 9.0 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
Among the marginally attached, there were 1.3 million discouraged workers in November, an increase of 421,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.2 million persons marginally attached to the labor force had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities.
Total nonfarm payroll employment changed little in November (+39,000). Job gains continued in temporary help services and in health care, while employment fell in retail trade. Since December 2009, total payroll employment has increased by an average of 86,000 per month.
Within professional and business services, employment in temporary help services continued to increase in November (+40,000) and has risen by 494,000 since September 2009.
Related: USA Economy Adds 151,000 Jobs in October and Revisions Add 110,000 More – Over 500,000 Jobs Disappeared in November, 2008 – Manufacturing Employment Data – 1979 to 2007
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Nonfarm payroll employment increased by 151,000 in October, and the unemployment rate was unchanged at 9.6%, the U.S. Bureau of Labor Statistics reported today. Since December 2009, nonfarm payroll employment has risen by 874,000.
The BLS also increased previous estimates by 110,000 jobs in adjustments to August and September. The change in total nonfarm payroll employment for August was revised from -57,000 to -1,000, and the change for September was revised from -95,000 to -41,000.
Adding 151,000 jobs last month (especially with a revision that adds 110,000to our previous estimates) is good news but not great news. We really need to be adding at least 250,000 and hopefully 400,000 for many months in a row. Both to keep up with population growth and restore some of the 8 million job losses from the credit crisis recession. The fears of a depression that some had a few years ago though are decreasing as we provide slow but real growth. However those gains are far from certain to continue, but overall things look much better than than did 2 years ago.
In November of 2008 the economy lost over 500,000 Jobs and in October 2009 the unemployment Rate Reached 10.2%.
The number of unemployed persons, at 14.8 million, was little changed in October. Among the major worker groups, the unemployment rate for adult men (9.7%), adult women (8.1%), teenagers (27.1%). The number of long-term unemployed (those jobless for 27 weeks and over) was about unchanged over the month at 6.2 million.
Both the civilian labor force participation rate, at 64.5 percent, and the employment-population ratio, at 58.3 percent, edged down over the month.
About 2.6 million persons were marginally attached to the labor force in October, up from 2.4 million a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.
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I made several more Kiva loans to entrepreneur in Kenya, Lebanon, Nicaragua, Kenya, Honduras and Armenia (brining my total loans to 251). It really is great to see real people using capitalism to improve their lives. And being able to help by lending some money is wonderful. When looking for loans I give preference to loans that improve productivity and increasing capacity of the entrepreneur. If they use the proceeds of the loan to increase their capacity to produce they can pay off the loan and find themselves much better off.
Douglas Osusu, Kisii, Kenya, in front of his posho mill (used for grinding maize into flour).A nice example of this is the loan to Douglas Osusu (pictured). He has requested this loan of 80,000 KES to purchase a dairy cow and a posho mill. This loan also has a portfolio yield (Kiva’s equivalent of an annual percentage rate) of 19%. 19% is very loan for loans on Kiva (remember there are significant costs to servicing micro-loans) – I like the rate to be under 30% but sometimes accept rates up to 40% (or even higher occasionally). I also give great preference to low rates, as the lower the rate the better for the entrepreneur. The 3rd factor I consider is the history of the field partner bank (default rate, delinquency rate and currency exchange loss rate). In this case the field partner is new and carries risk because of that. Still in this case I really like the loan and I like that this lender is charging low rates so I want to take the risk and see how they can do. The amount I lend is based on the combination of these factors – I lend more when I have several reasons to really like the loan.
Join other readers by making loans and joining the Curious Cats Lending Team: 8 members, 213 loans totaling $8,775. Comment with the link to your Kiva page and I will add a link on Curious Cat Kivans.
My current default rate is 1.39% and the delinquency rate is 8.49% (see chart of USA general delinquency rates). The delinquency rate is exaggerated due to technical details (some difficulties in reporting in various countries and such things). Agricultural loans often become delinquent on Kiva but still are paid in full (in my experience). While the defaulted loan rate is 1.39% if you look at the percent of dollars lost I have a rate of 1.2% (this is nearly all due to a bank that failed over a year ago to which I had 2 loans where I lost $87.50 of $100 – there are also 2 other losses for under $5). I add to my total loan amount a couple times a year but also I get to keep relending as money is paid back.
Some of my favorite ways to help reduce extreme poverty are Trickle Up, Kiva and using Global Giving to find small organizations.
Related: 100th Entrepreneur Loan – More Kiva Entrepreneur Loans: Kenya, El Salvador (June 2010) – Kiva Opens to USA Entrepreneur Loans – MicroFinance Currency Risk – Kiva Fellows Blog: Nepalese Entrepreneur Success
Nonfarm payroll employment decreased by 54,000 job in August, and the unemployment rate increased to 9.6%, the U.S. Bureau of Labor Statistics reported today. Government employment fell, as 114,000 temporary workers hired for the census completed their work. Private-sector payroll employment continued to trend up modestly (+67,000).
The estimates were for worse news so that loss of 54,000 jobs was seen as good news. That is still pretty bad news. There was some slightly good news though in that 123,000 fewer jobs were lost in the June and July than previously thought. So the total jobs report shows a gain of 69,000 from the previously reported data. The change in total nonfarm payroll employment for June was revised from -221,000 to -175,000, and the change for July was revised from -131,000 to -54,000.
The number of unemployed persons now stands at 14.9 million. Among the major worker groups, the unemployment rate for adult men (9.8%), adult women (8.0%), teenagers (26.3%). The number of long-term unemployed (those jobless for 27 weeks and over) declined by 323,000 over the month to 6.2 million. In August, 42% of unemployed persons had been jobless for 27 weeks or more.
In August, the civilian labor force participation rate stood at 64.7% and the employment-population ratio was 58.5%. Since its most recent low in December 2009, private-sector employment has risen by 763,000.
Employment in health care increased by 28,000 in August. Thus far in 2010, the health care industry has added an average of 20,000 jobs per month, about in line with the average monthly job growth in 2009. Manufacturing employment declined by 27,000 over the month. A decline in motor vehicles and parts (-22,000) offset a gain of similar magnitude in July as the industry departed somewhat from its usual layoff and recall pattern for annual retooling.
The average workweek for all employees on private nonfarm payrolls was unchanged over the month at 34.2 hours. The manufacturing workweek for all employees increased by 0.1 hour to 40.2 hours, and factory overtime was up by 0.1 hour. The average workweek for production and nonsupervisory employees on private nonfarm payrolls increased by 0.1 hour to 33.5 hours.
Average hourly earnings of all employees on private nonfarm payrolls increased by 6 cents, or 0.3 percent, to $22.66 in August. Over the past 12 months, average hourly earnings have increased by 1.7 percent. In August, average hourly earnings of private-sector production and nonsupervisory employees increased by 3 cents, or 0.2 percent, to $19.08.
The data points to a stagnant economy. The free fall created by the credit crisis has been stopped thankfully and there is hope for better news going forward but nothing definite. Job growth is a key right now and growth of over 200,000 jobs a month is needed to really provide hope for a stronger economy, which would start to reduce the risks of sliding back into another recession (and to allow improvement on reducing the amount of the government deficit).
Related: USA Economy Lost 125,000 Jobs and Unemployment Rate Decreased to 9.5% (July 2010) – Unemployment Rate Reached 10.2% (Nov 2009) – Another 450,000 Jobs Lost in June 2009
Total nonfarm payroll employment declined by 125,000 in June, and the unemployment rate edged down to 9.5 percent, the U.S. Bureau of Labor Statistics reported today. The decline in payroll employment reflected a decrease (-225,000) in the number of temporary employees working on Census 2010. Private-sector payroll employment edged up by 83,000. I will be amazed if the unemployment rate is not higher 3 months from now. And I will be surprised if we don’t add over 400,000 jobs in the next 3 months.
Both the number of unemployed persons, at 14.6 million, and the unemployment rate, at 9.5 percent, edged down in June. Among the major worker groups, the unemployment rate for adult women (7.8%) declined, while the rates for adult men (9.9%) and teenagers (25.7%) showed little or no change.
In June, the number of long-term unemployed (those jobless for 27 weeks and over) was unchanged at 6.8 million. These individuals made up 45% of unemployed persons. The civilian labor force participation rate fell by 0.3 percentage point in June to 64.7%. The employment-population ratio, at 58.5%, edged down over the month.
There were 1.2 million discouraged workers in June, up by 414,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them.
Total nonfarm payroll employment decreased by 125,000 in June, reflecting the departure of 225,000 temporary Census 2010 workers from federal government payrolls. Total private employment edged up over the month (+83,000). So far this year, private-sector employment has increased by 593,000 but in June was 7.9 million below its December 2007 level.
Health care employment edged up in June (+9,000). Over the past 12 months, the industry has gained 217,000 jobs. Manufacturing employment continued to trend up over the month (+9,000). The industry has added 136,000 jobs since December 2009. Construction employment decreased by 22,000 in June, with the largest decline in nonresidential specialty trade contracting. On net, construction employment has shown little change over the last 4 months.
Related: Unemployment Rate Drops to 9.7% But Job Gains Disappoint – USA Added 290,000 Jobs In April 2010 – Unemployment Rate Reached 10.2% (Oct 2009)
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When It Comes To Retirement, 67 Is The New 55
These moves follow several recent age increases across Europe and among U.S. states. Faced with one of the worst pension shortfalls in the country, Illinois in March lifted the retirement age for new state workers from as low as 55 all the way to 67.
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“If their parents are going to retire at 65 after working 40 years, they need to plan for about a 20-year investment horizon,” he says. “For my students’ generation, with life expectancy going up about a month a year, in their cases they have maybe 25 years in retirement they have to plan for.”
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Greece, until recently, allowed workers in more than 580 job categories considered hazardous to retire with full pensions as early as age 50 for women or 55 for men. In response to its fiscal crisis, that country has raised the retirement age to 65 for most workers.
In Ireland, the government has proposed gradually raising the retirement age from 65 to 68. Hungary raised its retirement age in 2008 from 62 to 65 — one big reason why the ruling Socialists got trounced in parliamentary elections in April.
We have not raised retirement age along with our increasing longevity. That is workable, if you save enough extra during your work life to enjoy a longer retirement. However, we are not saving even enough to retirement properly even if the life expectancy had not increased over the last 50 years.
Governments have failed to take a sensible retirement strategy for dealing with longer life expectancies. They can lower benefits, move back the retirement age or increase the amount they put aside to pay benefits. Most likely it takes a combination of all 3, or at least 2 of the options. As I have said for a long time one smart move governments should make is to make it easier to ease into retirement by going part time. This is good for the economy and good for people and helps deal with the problem of extending the retirement age too far (where many that age have trouble working full time).
Related: USA State Governments Have $1,000,000,000,000 in Unfunded Retirement Obligations – How Much Will I Need to Save for Retirement? – Add to Your 401(k) and IRA
Total nonfarm payroll employment grew by 431,000 in May but that total includes the hiring of 411,000 temporary employees to work on Census 2010, the U.S. Bureau of Labor Statistics reported today. Private-sector employment changed little (+41,000). Manufacturing, temporary help services, and mining added jobs, while construction employment declined. Economists were predicting over 500,000 job gains (given the large number of temporary census hires).
In order to substantially increase the job prospects going forward we need to average over 250,000 new jobs a month to make up for the lost jobs due to the credit crisis. The economy needs to gain about 125,000 jobs a month to keep up with population growth. The temporary census jobs help but those jobs are temporary so can’t be counted on for long term improvement in the job picture.
The number of unemployed persons was 15.0 million in May. The unemployment rate edged down to 9.7 percent, the same rate as in the first 3 months of 2010. The unemployment rates for adult men stand at 9.8%, 8.1% for adult women and 26.4% for teenagers.
In May, the number of long-term unemployed (those jobless for 27 weeks and over) was about unchanged at 6.8 million. These individuals made up 46.0 percent of unemployed persons, about the same as in April.
In May, the civilian labor force participation rate edged down by 20 basis points to 65%. The employment-population ratio was about unchanged over the month at 58.7%.
Among the marginally attached, there were 1.1 million discouraged workers in May, up by 291,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.1 million persons marginally attached to the labor force had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities.
Manufacturing employment has risen by 126,000 over the past 5 months. Within manufacturing, both fabricated metals and machinery added jobs in May. Temporary help services added 31,000 jobs over the month; employment in the industry has risen by 362,000 since September 2009.
Government employment rose by 390,000 in May. The Federal government hired 411,000 temporary workers for Census 2010, bringing total temporary census staffing during the payroll survey reference period to 564,000. Employment in state government excluding education decreased by 13,000.
In May, the average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.2 hours. The manufacturing workweek for all employees increased by 0.3 hour to 40.5 hours. The average workweek for production and nonsupervisory employees on private non-
farm payrolls increased by 0.1 hour to 33.5 hours over the month.
Average hourly earnings of all employees in the private nonfarm sector increased by 7 cents, or 0.3 percent, to $22.57 in May. Over the past 12 months, average hourly earnings have increased by 1.9 percent. In May, average hourly earnings of private-sector production and nonsupervisory employees increased by 4 cents, or 0.2 percent, to $18.99.
The change in total nonfarm payroll employment for March was revised from +230,000 to +208,000, while the change for April remained at +290,000.
Related: USA Added 290,000 Jobs In April – Unemployment Rate Reached 10.2% (Nov 2009) – Another 663,000 Jobs Lost in March, 2009 in the USA
The stock market showed again yesterday how non-efficient it can be at times. Several stocks fell to pennies a share for awhile before returning to tens of a dollars a share. While the markets continue to react violently, the economy appears to be gaining more strength.
Nonfarm payroll employment rose by 290,000 in April, the unemployment rate increase to 9.9%, and the labor force increased sharply, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in manufacturing, professional and business services, health care, and leisure and hospitality. Federal government employment also rose, reflecting continued hiring of temporary workers for Census 2010. Since December, nonfarm payroll employment has expanded by 573,000, with 483,000 jobs added in the private sector. The vast majority of job growth occurred during the last 2 months.
Household Survey Data
In April, the number of unemployed persons was 15.3 million, and the unemployment rate edged up to 9.9%. The rate had been 9.7% for the first 3 months of this year.
The number of long-term unemployed (those jobless for 27 weeks and over) continued to trend up over the month, reaching 6.7 million. In April, 45.9% of unemployed persons had been jobless for 27 weeks or more.
In April, the civilian labor force participation rate increased by 0.3 percentage point to 65.2 percent, as the size of the labor force rose by 805,000. Since December, the participation rate has increased by 0.6 percentage point. The employment-population ratio rose to 58.8 percent over the month and has increased by 0.6 percentage point since December.
Manufacturing added 44,000 jobs in April. Since December, factory employment has risen by 101,000. Over the month, gains occurred in several durable goods industries, including fabricated metals (9,000) and machinery (7,000). Employment also grew in nondurable goods manufacturing (14,000).
Related: USA Added 162,000 Jobs in March – Unemployment Rate Reached 10.2% (Oct 2009) – USA Unemployment Rate Rises to 8.1%, Highest Level Since 1983 (March 2009) – Over 500,000 Jobs Disappeared in November, 2008
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