This week’s Unemployment numbers were unspectacular insofar as the unemployment situation is concerned. As usual, there was no improvement. Claims are still hovering at 400,000 and will probably get worse before it gets better. But, get a load of the ‘special factor’ that led off the announcement:
“After two very disappointing jobs reports, employment increased a little faster in July. The key is the slow pace of hiring in “core” services (which excludes health and education). And the key to any pickup in job growth is an improvement in overall economic demand, especially from the consumer sector. With gasoline prices, but not grocery prices, easing, there could be a little more spending elsewhere.
But that suggests only slow improvement at best through the second half of 2011. There is no help on the way from monetary or fiscal policy, at the federal, state, or local level. Businesses, however, appear to believe they can maintain profits while adding cautiously to payrolls. If that is true, the labor market will slowly come back, but it’s a long way back.”
- Kathy Bostjancic, Director for Macroeconomic Analysis, The Conference Board
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Employment in the U.S. nonfarm private business sector rose just 114,000 from June to July on a seasonally adjusted basis, according to the latest ADP National Employment Report®. Note: the May to June estimated advance in employment was revised down modestly to 145,000, from the initially reported 157,000.
Employment in the construction industry declined 11,000 in July, the third consecutive monthly decline, bringing the total decrease in construction employment since its peak in January 2007 to 2,135,000.
Employment in the U.S. nonfarm private business sector rose 157,000 from May to June on a seasonally adjusted basis, according to the latest ADP National Employment Report®. The estimated advance in employment from April to May was revised down, but only slightly, to 36,000 from the initially reported 38,000. The ADP National Employment Report estimates employment in the service-providing sector rose by 130,000 in June, nearly three times faster than in May, marking 18 consecutive months of employment gains. Employment in the goods-producing sector rose 27,000 in June, more than reversing the decline of 10,000 in May. Manufacturing employment rose 24,000 in June, which has seen growth in seven of the past eight months.
Private-sector employment increased by 201,000 from February to March on a seasonally adjusted basis, according to the latest ADP National Employment Report® . The estimated change of employment from January 2011 to February 2011 was revised down to 208,000 from the previously reported increase of 217,000.
The Conference Board Employment Trends Index™ (ETI) increased in February for the fifth consecutive month. The index now stands at 101.7, up from January’s revised figure of 100.1. The index is up over 8 percent from a year ago. The Employment Trends Index aggregates eight labor-market indicators, each of which has proven accurate in its own area.
The Conference Board Reports that posts for Online Help Sags a Bit in February.
In stark contrast to the ADP Employment Report yesterday, The Conference Board Help Wanted OnLine™ (HWOL) Data Series reports that online advertised vacancies dipped by 27,400 in February to 4,245,600. Still, labor demand as measured by the HWOL has risen 1.41 million since the series’ low point in April 2009. This increase offsets approximately 80 percent of the 1.76 million drop in ad volume during the 2-year downturn period from April 2007 through April 2009.
The Conference Board Employment Trends Index™ (ETI) increased in December for the third consecutive month, closing the last quarter of 2010 on a positive note. The index now stands at 99.3, up from November’s revised figure of 98.5. The index is up 7.6 percent from a year ago.
Most real estate pundits agree that we will not see significant movement toward recovery of the housing market if and until unemployment is significantly improved. Today we saw what may be a real beginning to that improvement. According to the latest ADP National Employment Report® private-sector employment increased by 297,000 from November to December. That’s more than three times the revised change reported for October to November’s increase of 92,000.
Private-sector employment increased by 93,000 from October to November, according to the latest ADP National Employment Report®. The estimated change of employment from September to October was revised up from the previously reported increase of 43,000 to an increase of 82,000.
Although the employment rate in Ohio was little changed, Ohioans got a psychological the rate fell nominally out of double digits for the first time since March of 2009. Ohio’s unemployment rate was 9.9 percent in October, down slightly from 10.0 percent in September, according to data released by the Ohio Department of Job and Family Services (ODJFS). Ohio’s nonfarm wage and salary employment increased 8,400 over the month, from the revised 5,014,500 in September to 5,022,900 in October.