Monday, July 9, 2012

A closer look at Friday's jobs report

This past Friday, the June unemployment numbers came out - unfortunately, the numbers were not good.  According to published reports, 12.7 million Americans remain unemployed as the economy gained only 80,000 jobs, leaving the unemployment rate at 8.2%.  Indeed, the economy and jobs picture both seem pretty stuck.  Here's a closer look at the numbers:

  • Some sub groups with lower employment than the national average:  whites (7.4%) and Asains (6.3%), adult men (7.8%) and adult women (7.4%).  Other sub groups, however, performed much worse - Hispanics (11%), blacks (14.4%) and teenagers (23.7%).  
  • The number of those jobless for more than 27 weeks remained at 5.4 million, which is about 42% of the overall percentage of unemployed.  
  • The largest sector of growth occurred in professional and business services, which an addition 47,000 jobs added to that field (though 25,000 were temporary help services).
  • The healthcare sector grew by 13,000.
  • Manufacturing increased 11,000 in June, with an average of 10,000 in the 2nd quarter - compared to 41,000 in the first quarter.  These numbers correlate with others that seem to indicate that the manufacturing sector is slowing down
The numbers are not good and indicative of an economy that is showing little to no growth.

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