1. Job Market Update
U.S. Economic Data
•
Reflective of the Bureau of Labor Statistics
“The Employment Situation – August 2014”
As of September 2014
2. Overview of “The Employment Situation”
• As recently as August 2014, total
nonfarm payroll employment increased
by 142,000
• Revisions to prior months, June & July:
•
- May and June stats were 28,000 fewer
than originally reported
- June payroll numbers revised from
+298,000 to +267,000
- July payroll numbers revised from
+209,000 to +212,000
2
3. 142,000 new jobs added in August
•
202
164
237
274
84
144
222
203
304
229
267
212
142
In Thousands
3
* Numbers are seasonally adjusted. Source: BLS
4. Unemployment rate decreased in August
• Total nonfarm payroll employment
increased by 142,000
•
- Unemployment rate slightly dropped, from
6.2% to 6.1%
- Unemployment rate and the numbers of
unemployed persons have declined by 1.1%,
(1.7 million) in the last year.
• Long-term unemployed (jobless for 27+
weeks) – decreased by 192,000 to 3.0
million
- Since August 2013 – decrease of 1.3 million
• Discouraged workers – 775,000
- The same from previous year
4
JOBS GAINED IN AUGUST
142,000
UNEMPLOYMENT RATE
6.1%
LOWEST UNEMPLOYMET
RATE SINCE
JULY 2014
5. August’s job creation statistics
• United States private sector generated
over 134,000 jobs in August
•
- Employment rate back to pre-recession
conditions
- US has more jobs than in over four
years
5
Source: BLS
6. Industry Breakdown
Professional & Business Services
• Increase of 47,000 jobs (up +639,000
from previous year)
•
- Management of companies and
enterprises: +7,800 new jobs
(2.1 million total workforce)
- Administrative & support services: +22,700
new jobs (8.3 million total workforce)
- Temporary help services: +13,000 new
jobs (2.8 million total workforce)
• Total Americans employed in this sector
during August: 19.3 million
Healthcare
• Increase of 34,000 jobs
- Ambulatory services: +22,800 new jobs
(6.7 million total workforce)
- Social assistance services: +8,700 new
jobs (3.3 million total workforce)
- Physicians’ offices services: +7,800 jobs
(2.5 million total workforce)
Temporary Help Services
• Increase of +13,000 jobs
• Since August 2013, annual growth of
214,900 people employed – average of
2.8 million people
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Source: BLS
7. Industry Breakdown
Manufacturing
• Increase of +28,000 new jobs in July. No
change in August.
• Total Americans employed in this sector
during August: 12 million
Construction
• Increase of 20,000 jobs
•
- Construction of buildings: +7,200 new jobs
(1.3 million total workforce)
- Nonresidential specialty trade contractors:
+2,300 jobs (2.1 million total workforce)
- Residential specialty trade: +9,200 new
jobs (1.6 million total workforce)
• Total Americans employed in this sector
during August: 6 million
Retail
• Decrease of 8,400 jobs
- Food and beverage stores: -17,100 jobs
(2.9 million total workforce)
- Clothing and accessories stores: -6,200
jobs (1.3 million total workforce)
- General merchandise stores: +7,600 new
jobs (3.1 million total workforce)
• Total Americans employed in the sector
during August: 15.3 million
7
8. Employment in total non-farm
Over-the-month change, August 2014
Transportation and warehousing
Professional and Business services
•
2
20
0
6.5
-8.4
1.2
-3
7
47
37
15
13
8
8
Mining and logging
Construction
Manufacturing
Wholesale trade
Retail trade
Information
Financial activities
Education and health services
Leisure and hospitality
Temporary help servies
Other services
Government
-20 -10 0 10 20 30 40 50
8
* Numbers are seasonally adjusted in thousands.
Source: BLS, Current Employment Statistics Survey, August 2014
9. OPTIONAL SLIDE
Metropolitan employment improving across the country – July 2014
• Regional and state unemployment rates saw little change in the United States
metropolitan areas
• In July, the national unemployment rate increased slightly to 6.2% - 1.1% lower
than the previous year.
•
- Bismarck, North Dakota — at 2.4%—led the nation with the lowest unemployment rate (an
increase of 0.2% from June).
- Unemployment decreased in 348 of 372 metropolitan areas, increased in 16 areas and was
unchanged in 8 areas.
- 15 states had jobless rates of at least 10%, whereas 68 area had rates less than 5%
- All of the 34 metropolitan regional divisions had over-the-year employment gains since August
2013
• Largest over-the-year unemployment rate decrease was in Chicago-Joliet-Naperville, Ill. (-2.8
percentage points), followed by Lawrence-Methuen-Salem, Mass.-N.H. (-2.1 points) and Los
Angeles-Long Beach-Glendale, Calif. (-2.0 points).
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Metropolitan employment data from previous month. Source: BLS
10. Mid-Atlantic Region – July 2014
• Unemployment rate 6.3%
(unchanged from the previous month)
• Philadelphia, PA had the largest rate
decline from previous year
(-2.6% points)
• Morgantown, WV reported the lowest
unemployment rate at 4.3%
(+0.2% from the previous month)
•
• States:
OPTIONAL SLIDE
- New Jersey
- New York
- Pennsylvania
Metropolitan employment data from previous month. Source: BLS
10
11. Midwest Region – July 2014
• Unemployment rate 5.9%
(unchanged from previous month)
• By state – North Dakota had lowest
unemployment rate of 2.8%
• By city – Bismarck, North Dakota had
the lowest rate of 2.4% (-0.2% from
previous month)
• Largest over-the-year percentages
increase in job growth also occurred
in North Dakota (+4.4%)
•
• States:
OPTIONAL SLIDE
- Illinois
- Indiana
- Iowa
- Kansas
- Michigan
- Minnesota
- Missouri
- Nebraska
- North Dakota
- Ohio
- South Dakota
- Wisconsin
Metropolitan employment data from previous month. Source: BLS
11
12. Mountain-Plains Region – July 2014
• By state – Nevada had the largest
unemployment rate decrease at
2.2% from previous year
•
- Still came in last in the region with
7.7% unemployment
- By city – Yuma, AZ has largest
unemployment rates in the
country at 29.9% (+2.3% from
previous month)
• States:
OPTIONAL SLIDE
- Alaska
- Arizona
- California
- Colorado
- Hawaii
- Idaho
- Montana
- Nevada
- New Mexico
- Oregon
- Utah
- Washington
- Wyoming
Metropolitan employment data from previous month. Source: BLS
12
13. New England Region – July 2014
• Unemployment rate 5.8%
(0.1% increase)
• Vermont Burlington-South Burlington
metro area and New Hampshire’s
Portsmouth NH-ME metro area tied at
the lowest unemployment rate of the
region at 3.6%
• Highest unemployment rate in
Lawrence-Methuen-Salem at 9.9%
•
• States:
OPTIONAL SLIDE
- Connecticut
- Maine
- Massachusetts
- New Hampshire
- Rhode Island
- Vermont
Metropolitan employment data from previous month. Source: BLS
13
14. Southeast Region – July 2014
• Unemployment rate increased
slightly from 6.1% to 6.2% during
July
• South Carolina (-2.0%) had the
largest unemployment rate declines
from June 2013
• Virginia had the lowest
unemployment rate in the region at
5.4%.
•
• States:
OPTIONAL SLIDE
- Delaware
- District of Columbia
- Florida
- Georgia
- Maryland
- North Carolina
- South Carolina
- Virginia
- West Virginia
- East South Central
- Alabama
- Kentucky
- Mississippi
- Tennessee
Metropolitan employment data from previous month. Source: BLS
14
15. Southwest Region – July 2014
• Unemployment rate increased slightly
from 5.1% to 5.2% during July
• By state – Oklahoma had the lowest
unemployment rate of 4.6%
• By city – Midland, TX had the highest
unemployment rate at 2.9% (-0.7%
from previous year)
• Texas saw the largest over-the-month
increases in employment in the US
with +396,200 new jobs
•
• States:
- Arkansas
- Louisiana
- Oklahoma
- Texas
OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
15
16. West Region – July 2014
• Unemployment rate 6.6%, a decline
of -0.1% from previous month and -
1.5 from previous year
(highest regional unemployment rate)
• By state – Utah had the lowest
unemployment rate of 3.6%
•
- Logan, UT-ID – 3.3%
• California had the largest over-the-year
job increase, adding 323,400
new jobs since June 2013
- Overall jobless rate of 7.4%
- El Centro, CA had the highest
unemployment rate in the state at
24.7%
• States:
OPTIONAL SLIDE
- Alaska
- Arizona
- California
- Colorado
- Hawaii
- Idaho
- Montana
- Nevada
- New Mexico
- Oregon
- Utah
- Washington
- Wyoming
Metropolitan employment data from previous month. Source: BLS
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