The latest overall job loss numbers showed a loss of 20,000 jobs in January and an unemployment rate falling to 9.7%. The November and December numbers were revised as well to a gain of 64,000 and a loss of 150,000, respectively. The November gain was the first gain in 23 months. Annual benchmark revisions show 8.4 million jobs have now been lost since this recession began.
So far for this recession, the peak has been 741,000 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 the services sector showed net job growth of 48,000. Professional and business services added the most jobs.
Total change in non-farm payroll = - 20,000
- Private Sector = - 12,000
- Natural Resources & Mining = + 4,000
- Construction = - 75,000
- Manufacturing = + 11,000
- Durable goods = + 13,000
- Non-durable goods = - 2,000
- Services = + 48,000
- Wholesale Trade = - 8,600
- Retail Trade = + 42,100
- Transportation & Warehousing = - 19,000
- Information & Media = Unch
- Financial Svcs & Real Estate = - 16,000
- Professional & Business Svcs = + 44,000
- Education & Health Svcs = + 16,000
- Leisure = - 14,000
- Government = - 8,000
The futures initially fell and then came back a bit on the news. In the pre-market, Chevron, Kraft , Proctor & Gamble, Travelers and Walmart were leading the Dow to the downside.
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