Today's report on non-farm payrolls showed a loss of 49,000 jobs and a rise in the unemployment rate, now up to 5.5%. While an increase, the overall job loss numbers are still well below the six figure numbers seen in past recessions. 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 (recessions are marked by grey bands), maying employment a lagging indicator.
Here is a breakdown of where the job losses were as well as which sectors were adding jobs. Worst hit are professional services, construction and retail. Health Care and Government added the most jobs.
Total change in non-farm payroll = - 49,000
- Private Sector = - 66,000
- Natural Resources & Mining = + 3,000
- Construction = - 34,000
- Manufacturing = - 26,000
- Durable goods = - 19,000
- Non-durable goods = - 7,000
- Services = + 8,000
- Wholesale Trade = - 4,200
- Retail Trade = - 27,100
- Transportation = - 10,500
- Utilities = + 600
- Information & Media = -3,000
- Financial Svcs & Real Estate = -1,000
- Professional & Business Svcs = -39,000
- Education = + 11,700
- Health Svcs = + 42,400
- Leisure = + 12,000
- Government = +17,000
On the news, the markets opened down today. Leading in the declines are National City, Capital One , Ambak, AIG , and MBIA .