Jobs Numbers: Breakdown by Sector
The latest overall job loss numbers showed a loss of 125,000 jobs in June and an unemployment rate falling to 9.5% from 9.7% in May. This was the first month of losses in 6 months.
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. The drop was driven primarily by the 208,000 losses in the government jobs, mostly census workers.
Total change in non-farm payroll = - 125,000
- Private Sector = + 83,000
- Logging & Mining = + 5,000
- Construction = - 22,000
- Manufacturing = + 9,000
- Durable goods = + 13,000
- Non-durable goods = - 4,000
- Services = + 91,000
- Wholesale Trade = + 1,000
- Retail Trade = - 6,600
- Transportation & Warehousing = + 14,600
- Information Technology = - 8,000
- Financial Svcs = - 15,000
- Professional & Business Svcs = + 46,000
- Education & Health Svcs = + 22,000
- Leisure = + 37,000
- Government = - 208,000
The futures are trading down on the news.
Comments? Send them to firstname.lastname@example.org