The latest overall job loss numbers showed a loss of 131,000 jobs in July and an unemployment rate remaining at 9.5%.
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. Numbers generally 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 202,000 losses in the government jobs, mostly census workers.
Total change in non-farm payroll = - 131,000
- Private Sector = + 71,000
- Logging & Mining = + 8,000
- Construction = - 11,000
- Manufacturing = + 36,000
- Durable goods = + 36,000
- Non-durable goods = unch
- Services = + 38,000
- Wholesale Trade = + 8,400
- Retail Trade = + 6,700
- Transportation & Warehousing = + 12,200
- Utilities = - 2,500
- Information Technology = + 1,000
- Financial Svcs = - 17,000
- Professional & Business Svcs = - 13,000
- Education & Health Svcs = + 30,000
- Leisure = + 6,000
- Government = - 202,000
- Federal = -154,000
- State = -10,000
- Local = - 38,000
The futures are trading down on the worse than expected news.
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