The latest overall job loss numbers showed a loss of 36,000 jobs in February and an unemployment rate remaining at 9.7%. The January and December numbers were revised as well to a loss of 26,000 and a loss of 109,000, respectively. ~7 million jobs have now been lost since this recession began.
So far for this recession, the peak has been 779,000 lost jobs in January 2009. In the 2001 recession, monthly losses hit a high of 325,000. The 1990-91 recession peaked at 306,000 losses. As you can see from the chart below, numbers peak toward the end of a recession, making employment a lagging indicator. The unemployment rate peaked at 10.8% at the end of the 1981-82 recession.
Here is a breakdown of where the job losses were as well as which sectors were adding jobs. Worst hit was construction, but manufacturing turned positive. Professional and business services added the most jobs.
Total change in non-farm payroll = - 36,000
- Private Sector = - 18,000
- Logging & Mining = + 3,000
- Construction = - 64,000
- Manufacturing = + 1,000
- Durable goods = + 1,000
- Non-durable goods = unch
- Services = + 42,000
- Wholesale Trade = - 1,000
- Retail Trade = - 400
- Transportation & Warehousing = - 12,000
- Information = - 18,000
- Financial Svcs = - 10,000
- Professional & Business Svcs = + 51,000
- Education & Health Svcs = + 32,000
- Leisure = + 7,000
- Government = - 18,000
The futures rose on the news. In the pre-market, Bank of America , Johnson & Johnson , Microsoft , Caterpillar and Coca Cola were leading the Dow to the upside.
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