Thursday, July 02, 2009

The Employment Situation In June Bleak (Synopsis)

Nonfarm payroll employment continued to decline in June (-467,000), and the unemployment rate was little changed at 9.5 percent, the Bureau of Labor Statistics today.

Job losses were widespread across the major industry sectors, with large declines occurring in manufacturing, professional and business services, and construction.
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  • In June, the average workweek for production and nonsupervisory workers on private nonfarm payrolls fell by 0.1 hour to 33.0 hours--the lowest level on record for the series, which began in 1964.
  • The number of long-term unemployed (those jobless for 27 weeks or more) increased by 433,000 over the month to 4.4 million.
  • In June, 3 in 10 unemployed persons were jobless for 27 weeks or more.
  • The civilian labor force participation rate was little changed in June at 65.7 percent.
  • The employment-population ratio, at 59.5 percent, continued to trend down over the month.
  • The employment population ratio has declined by 3.2 percentage points since the start of the recession in December 2007.
  • About 2.2 million persons (not seasonally adjusted) were marginally attached to the labor force in June, 618,000 more than a year earlier. These individuals wanted and were available for work and had looked for a job sometime in the past 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.
  • Among the marginally attached, there were 793,000 discouraged workers in June, up by 373,000 from a year earlier.
  • Total nonfarm payroll employment continued to decline in June (-467,000).
  • Job losses from April to June averaged 436,000 per month, compared with losses averaging 670,000 per month from November to March.
  • Since the recession began in December 2007, payroll employment has fallen by 6.5 million.
  • In June, job losses continued to be wide-spread across major industry sectors.
  • Employment in manufacturing fell by 136,000 over the month and has declined by 1.9 million during the recession.
  • In June, employment in construction fell by 79,000, with losses spread throughout the industry. Since the start of the recession, construction employment has fallen by 1.3 million.

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