The latest overall job loss numbers showed a gain of 431,000 jobs in May, with the unemployment rate falling to 9.7% from 9.9% in April. This was the fifth consecutive month of gains, sending the tally to 982,000 new jobs for the year.
So far for this recession, the peak of losses was 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 the jobs report by sector.
Total change in non-farm payroll = + 431,000
- Private Sector = + 41,000
- Logging & Mining = + 10,000
- Construction = - 35,000
- Manufacturing = + 29,000
- Durable goods = + 34,000
- Non-durable goods = - 5,000
- Services = + 37,000
- Wholesale Trade = + 2,000
- Retail Trade = - 6,600
- Transportation & Warehousing = + 11,100
- Information Technology = 0
- Financial Svcs = - 12,000
- Professional & Business Svcs = + 22,000
- Education & Health Svcs = + 17,000
- Leisure = + 2,000
- Government = + 390,000
All three major averages are down on the news, with General Electric , the parent company of NBC/CNBC, Caterpillar , Boeing , American Express and Home Depot leading the Dow to the downside.
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