Sunday, January 10, 2010

December Employment Report

In December I wrote about the November Employment report here, November Employment Report.  Although there were some positives related to the November Employment Report, I wanted to see some follow through for December and January.

Nothing to like in the December report:

Friday morning the Buruea of Labor Statistics (BLS) released the December Employment Report.

Nonfarm payroll employment edged down (-85,000) in December, and the unemployment rate was unchanged at 10.0 percent, the U.S. Bureau of Labor Statistics reported today. Employment fell in construction, manufacturing, and wholesale trade, while temporary help services and health care added jobs.

A total of 81,000 goods producing jobs were lost (higher paying jobs). Professional services contributed to the plus side.
The official unemployment rate is 10.0%. However, if you start counting all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate feels like to the average Joe on the street. Which is 17.3%.