Friday, July 8, 2011

Ouch! Another disappointing jobs report

The Bureau of Labor Statistics is reporting this morning (see here) that "nonfarm payroll employment was essentially unchanged in June (+18,000)."  This is most certainly not good news.  As Mark Thoma at Economist View (see here) estimates, we need to add "around 100,000 to 150,000 jobs per month just to keep up with population growth."  Luca Di Leo and Jeff Bater over at the Wall Street Journal (see here) state:

Friday's report showed private-sector employers, which account for about 70% of the work force, added 57,000 jobs in June, down from 73,000 in May. The weakness was broad-based.

The blog Calculated Risk has a graph (see here) shows why this recovery is considered so weak (see their graph below, click to enlarge).


As the graph shows, in June the Labor Force Participation Rate (percentage of working age population in the labor force) declined to 64.1%, the Employment-to-Population Ratio declined to 58.2%, and the Unemployment Rate rose slightly to 9.2%.

The Pew Research Center released a report on Thursday (see here) that states that the "sluggish recovery from the Great Recession has been better for men than for women."  The report finds that:

From the end of the recession in June 2009 through May 2011, men gained 768,000 jobs and lowered their unemployment rate by 1.1 percentage points to 9.5%. Women, by contrast, lost 218,000 jobs during the same period, and their unemployment rate increased by 0.2 percentage points to 8.5%, according to a new Pew Research Center analysis of Bureau of Labor Statistics data.

The report has a very telling graph (their graph is shown below, click to enlarge).



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