Sunday, February 5, 2012

Wrapping up the latest economic data

There's a lot of jobs, unemployment and economic data that gets released daily and weekly. Here's a quick look at some bits that interested me.

Mass layoffs included 145,648 Americans laid off in December 2011. An average of about 100 people laid off in each case. The vast majority of layoffs in 2011 affected temporary workers but food service workers and school transportation were also heavily hit.

Wages and salaries increased by 1.6% in the private sector in the year 2011. This compares to a 1.8% increase in 2010. In the public sector the wage increase was also 1.8% in 2010 but only 1.3% in 2011.

Number of employed persons is predicted to increase by 14.3% between 2010 and 2020. Industries with the fastest predicted increase are healthcare and construction. This indicates an average yearly employment increase of 0.7% compared to 1.3% in the previous decade. And another interesting fact, the baby boom generation will all be 55 and older by 2020. Manufacturing and federal government employment are predicted to take the biggest hits in employment.

Initial unemployment claims for the week ending in January 28th were 367,000. That's down 12,000 from the week before.

Productivity was up 0.7% in the fourth quarter of 2011. That's a combination of an increase in hours worked as well as output per individual.

Unemployment rate drops to 8.3% at the end of January 2012 with (nonfarm) payroll employment increasing by 243,000 persons in January. Long term unemployed stayed mostly flat. People working part time who want full time employment but are unable to find it also remained mostly the same. Professional services, accounting, engineering, food services, retail and health care all had strong gains in employment.

Average hourly wage at the end of January 2012 was about $19.62, approximately a 1.5% increase from the year before. Average weekly earnings were $663.

(1) Mass Layoffs Summary
(2) Employment Cost Index
(3) Employment Predictions 2010-2020 Summary
(4) Initial unemployment claims
(5) Productivity
(6) Employment Situation
(7) Average hourly and weekly earnings

No comments:

Post a Comment