Bureau of Labor Statistics Report (July 2010) - An Analysis of Today's Bureau of Labor Statistics (BLS) Report

July 2, 2010 To: MRINetwork Owners From: Seamus Kelleher, Vice President of Marketing and Communications Re: Bureau of Labor Statistics Report (July 2010)

The Bureau of Labor Statistics published its employment numbers for the month of June this morning. We asked Kitchen PR to put together a short summary and analysis of the numbers. An Analysis of Today's Bureau of Labor Statistics (BLS) Report The full report can be seen here: http://www.bls.gov/news.release/empsit.htm. According to the Labor Department, U.S. total payroll decreased by 125,000 positions in June, while the unemployment rate declined to 9.5 percent. Included in the total payroll drop was a decrease of 225,000 temporary U.S. Census jobs. Total private employment actually increased by 83,000 positions, up from the gain of just 33,000 in May. Across industries, gains were light to non-existent. Construction lost 22,000 positions while most sectors remained elevated from their recent lows. For the first time this year, the number of long-term unemployed (those without a job for more than six months) declined, dropping 12,000 between May and June. This decline, however, similar to the drop in the unemployment rate, is likely driven in part by an increase in people who no longer consider themselves in the labor force. Whether someone considers themselves to be looking for work or not is a fluid measurement. This can be affected by even a short-term change in overall confidence. The professional unemployment rate, which traditionally rises going into the summer, has been slower to do so than in the past. While the professional and managerial unemployment rate rose from 4.5 to 4.9 percent, it is down on a year-over-year basis for the first time since 2007. In 2009, professional unemployment rose from 4.3 to 5.0 percent over the same period. On a seasonally adjusted basis, both leisure and hospitality, and professional and business services, mostly from temporary staff, outpaced the growth of the health and education sector at adding jobs. In the transportation sector, often a harbinger of retail sales and manufacturing, hiring has pushed total positions above their June 2009 levels in both rail and truck-based transportation, and support services.

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http://dreamlearndobecome.blogspot.com This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.