Jobs Numbers:  Breakdown by Sector

The US economy added 103,000 jobs in December, while the unemployment rate dropped to 9.4%. The growth came from gains in the private sector, with 113,000 jobs added. The report is much lower than the 297,000 count that came out earlier this week from ADP.

During the recession, the peak of losses was 779,000 lost jobs in January 2009, compared to the 2001 recession, when monthly losses hit a high of 325,000. The 1990-91 recession peaked at 306,000 losses -numbers generally peak toward the end of a recession, making employment a lagging indicator. Note that the unemployment rate peaked at 10.8% at the end of the 1981-82 recession.

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Here is a breakdown of the jobs report by sector. Professional services added the most jobs in October.

Total change in non-farm payroll = + 103,000

  • Private Sector = + 113,000
    • Logging & Mining = + 4,000
    • Construction = - 16,000
    • Manufacturing = + 10,000
      • Durable goods = + 10,000
      • Non-durable goods = unch
    • Services = + 115,000
      • Wholesale Trade = + 8,800
      • Retail Trade = + 12,000
      • Transportation & Warehousing = + 8,800
      • Information Technology = - 4,000
      • Financial Svcs = + 4,000
      • Professional & Business Svcs = + 7,000
      • Education & Health Svcs = + 44,000
      • Leisure = + 47,000
  • Government = - 10,000

The futures are trading down on the news.

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