August Jobs Webinar with the Department of Labor

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Heidi Shierholz, Chief Economist at the U.S. Department of Labor, discussed the August jobs report with Business Forward.

Transcript of August Jobs Webinar with the Department of Labor

  • 1. The Labor Market Situation in August September 8, 2014 Dr. Heidi Shierholz Chief Economist UNITED STATES DEPARTMENT OF LABOR
  • 2. Total nonfarm employment up 142,000 Private sector employment up 134,000 1-month change, in thousands August 2014 142 July 2014 212 June 2014 267 12-month change, in thousands August2013 to 2014: 2,482 Average: 207 Source: Bureau of Labor Statistics, Current Employment Statistics www.bls.gov/ces 1 Filename/RPS Number Office of Economic Policy 1
  • 3. Private sector employment up 134,000 Total nonfarm employment up 142,000 1-month change, in thousands August 2014 134 July 2014 213 June 2014 260 12-month change, in thousands August2013 to 2014: 2,438 Average: 203 Source: Bureau of Labor Statistics, Current Employment Statistics www.bls.gov/ces 2 Filename/RPS Number Office of Economic Policy 2
  • 4. Employment growth by super-sector this month Over-the-month employment change, August 2014, seasonally adjusted, in thousands 0.2% 0.2% 0.3% 0.1% 0.0% 0.1% 0.1% 0.1% 0.2% 0.3% 0.0% 0.0% -0.1% Over-the-month employment change, August 2013, seasonally adjusted, in thousands -0.1% -8 -3 2 2 1 0 7 7 8 8 15 20 37 47 Professional and Business Services* Education and Health Services* Construction Leisure and Hospitality Government Other Services Financial Activities Wholesale Trade Mining and Logging Utilities Transportation and Warehousing Manufacturing Information Retail Trade 1-Month Net Change Prior 12-month average -15.0 0.0 15.0 30.0 45.0 60.0 *denotes significance Source: Bureau of Labor Statistics, Current Employment Statistics www.bls.gov/ces 3 Filename/RPS Number Office of Economic Policy 3
  • 5. Unemployment rate rounded down, Long-term unemployment ticked down, Civilian unemployment rate, by duration of unemployment, January 1990 to August 2014, seasonally adjusted 10.0 6.8 4.4 6.1 4.2 1.9 Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps 4 Filename/RPS Number Office of Economic Policy 4
  • 6. Labor force participation ticked down essentially flat since August 2013 Civilian Labor Force Participation Rate, January 1990 to August 2014, seasonally adjusted August 2014: 62.8 % July 2014: 62.9 % June 2014: 62.8 % August 2013: 63.2 % Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps 5 Filename/RPS Number Office of Economic Policy 5
  • 7. Employment rate unchanged, essentially flat since December 2013 Employment-to-population ratio, age 25 to 54 January 1990 to August 2014, seasonally adjusted August 2014: 76.8 % July 2014: 76.6 % June 2014: 76.7 % August 2013: 75.9 % Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps 6 Filename/RPS Number Office of Economic Policy 6
  • 8. Whats going on with part-time employment? Full and part-time employment, part time for economic and noneconomic reasons, Percent change since December 2007, seasonally adjusted Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps 7 Filename/RPS Number Office of Economic Policy 7
  • 9. More jobseekers gave up looking than found work. Labor Force Status Flows out of Unemployment, January 1990 to August 2014, seasonally adjusted Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps 8 Filename/RPS Number Office of Economic Policy 8
  • 10. Long-term unemployed are increasingly more likely to leave the labor force than find employment Unemployed 27 weeks or more Labor Force Status Flows, January 1990 to August 2014, percent of total, 12-month moving average Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps 9 Filename/RPS Number Office of Economic Policy 9
  • 11. Dropping out of labor force only slightly more likely for long-term unemployed, compared to short-term unemployed Unemployed to not in the labor force, by duration of unemployment, January 1990 to August 2014, percent of total, 12-month moving average Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps 10 Filename/RPS Number Office of Economic Policy 10
  • 12. Hourly earnings have remained flat Average hourly earnings, all private sector employees, January 2007 to August 2014, seasonally adjusted Source: Bureau of Labor Statistics, Current Employment Statistics, www.bls.gov/ces 11 Filename/RPS Number Office of Economic Policy 11
  • 13. Dr. Heidi Shierholz Chief Economist UNITED STATES DEPARTMENT OF LABOR