The Economy Today: What our measures tell us about the current labor market. Keith Hall Commissioner Bureau of Labor Statistics November 2010

Transcription

1 The Economy Today: What our measures tell us about the current labor market Keith Hall Commissioner Bureau of Labor Statistics November 2010

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3 B-19. Employment in government Over-the-month change, Seasonally adjusted, in thousands Source: Bureau of Labor Statistics, Current Employment Statistics survey, November 5, Note: Most recent 2 months of data are preliminary. 3

4 B-21. Index of local government employment from beginning of recession, seasonally adjusted 106 Index where first month of the recession = Month Source: Bureau of Labor Statistics, Current Employment Statistics survey, November 5, 2010 Note: Business cycle peak as determined by the National Bureau of Economic Research. Most recent 2 months of data are preliminary. 4

5 Civilian unemployment rate Seasonally adjusted, percent Unemployment rate = 9.6% in Oct Note: Shaded areas represent recessions as determined by the National Bureau of Economic Research (NBER). 5 Source: Bureau of Labor Statistics, Current Population Survey, November 5, 2010.

6 Civilian labor force and unemployment levels, Seasonally adjusted, in thousands Note: The shaded area represents a recession as determined by the National Bureau of Economic Research (NBER). Source: Bureau of Labor Statistics, Current Population Survey, November 5,

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8 Employment-population ratio Seasonally adjusted, percent October 2010 Level: 58.3 Change: Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Source: Bureau of Labor Statistics, Current Population Survey, November 5, Note: Shaded areas represent recessions as determined by the National Bureau of Economic Research (NBER). 8

9 Source: Bureau of Labor Statistics, Consumer Price Index. 9

10 Concurrent Indicators

11 January

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15 Industries

16 Construction employment, , seasonally adjusted 7,900 7,400 October 2010 = 5,625,000 6,900 Thousands 6,400 5,900 5,400 Sep 96 4,900 4,400 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Division of Current Employment Statistics, National Estimates Branch, Release Date: November 5, 2010 Created by: Adam Hadi X16465 Supervisor: Angie Clinton X

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19 16,000 B-13. Employment in retail trade Seasonally adjusted, in thousands 16,000 15,500 15,500 15,000 15,000 14,500 October 2010 Level: 14,488.3 Change: ,500 14,000 14,000 Source: Bureau of Labor Statistics, Current Employment Statistics survey, November 5, Note: Shaded areas represent recessions as determined by the National Bureau of Economic Research. Most recent 2 months of data are preliminary. 19

20 RET AIL TRADE Holiday Season Employment Buildup/Layoff (unadjusted, in thousands) OVER-THE-MONT H CHANGE YEAR SEPT. LEVEL OCT. NOV. DEC. PERCENT BUILDUP THRU OCT , , , , , Average 8, , Note: Includes employment only from Furniture and home furnishings stores, Electronics and appliance stores, Other specialty food stores, Health and personal care stores, Clothing and clothing accessories stores, Sporting goods, hobby, book, and music stores, General merchandise stores, Miscellaneous store retailers, and Electronic shopping and mail-order houses. 20

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22 Household Survey

23 Unemployment rates for persons 25 years and older by educational attainment Seasonally adjusted, percent Less than a high school diploma High school graduates, no college Bachelor's degree and higher Some college or associate degree Note: Shaded areas represent recessions as determined by the National Bureau of Economic Research. Source: Bureau of Labor Statistics, Current Population Survey, November 5,

24 Unemployment rates for whites, blacks or African Americans, and persons of Hispanic or Latino ethnicity Seasonally adjusted, percent Blacks or African-Americans Hispanic or Latino ethnicity Whites Note: Shaded areas represent recessions as determined by the National Bureau of Economic Research. Source: Bureau of Labor Statistics, Current Population Survey, November 5,

25 Alternative measures of labor underutilization Seasonally adjusted, percent U-6 U-5 U-4 U-3 Unemployment rate U-2 U-1 Note: Shaded areas represent recessions as determined by the National Bureau of Economic Research. Source: Bureau of Labor Statistics, Current Population Survey, November 5,

26 Long-term unemployment rate 27 weeks and over, Seasonally adjusted, percent Long-term unemployment rate = 4.0% in October 2010 Unemployment rate Long-term unemployment rate Note: Shaded areas represent recessions as determined by the National Bureau of Economic Research. Source: Bureau of Labor Statistics, Current Population Survey, November 5,

27 Comparisons with Prior Recoveries

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33 Components of private sector gross job gains and gross job losses at opening and closing establishments, seasonally adjusted, March 1999 December