Friday, April 13, 2007
Employment and unemployment developments, October 2002
Both nonfarm payroll employment and the unemployment rate were about unchanged in October. Job losses in the construction, manufacturing, and help supply industries were offset by gains in a number of other industries, among them finance, real estate, and health services.
Unemployment
The number of unemployed persons (8.2 million) and the unemployment rate (5.7 percent) were essentially unchanged in October. The unemployment rate for adult women edged up to 5.2 percent while the rates for the other major worker groups--adult men (5.2 percent), teenagers (14.6 percent), whites (5.1 percent), blacks (9.8 percent), and Hispanics (7.8 percent)--showed little or no change over the month. (See tables A-3 and A-4.)
Total employment and the labor force
Total employment, as measured by the household survey, edged down in October to 134.9 million, after seasonal adjustment. This followed a large increase in September. The employment-population ratio, which had increased in September, declined to 62.9 percent. (See table A-3.)
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The civilian labor force, at 143.1 million, seasonally adjusted, was little changed from the prior month. The labor force participation rate declined to 66.7 percent. (See table A-3.)
About 7.2 million persons (not seasonally adjusted) held more than one job in October. These multiple jobholders represented 5.4 percent of the total employed. (See table A-37.)
Persons not in the labor force
About 1.4 million persons (not seasonally adjusted) were marginally attached to the labor force in October, little changed from a year earlier. These individuals reported that they wanted and were available for work and had looked for a job sometime in the prior 12 months. They were not counted as unemployed, however, because they had not actively searched for work in the 4 weeks preceding the survey. The number of discouraged workers was 355,000 in October, also about unchanged from the same month a year earlier. Discouraged workers, a subset of the marginally attached, were not looking for work specifically because they believed no jobs were available for them. (See table A-36.)
Industry payroll employment
Nonfarm payroll employment was virtually unchanged (-5,000) in October at 130.9 million, although there were offsetting movements among various industries. Employment also had held steady in September (-13,000 as revised). In the 4 months prior to September, payroll employment had increased by nearly a quarter of a million; this followed a loss of 1.8 million from March 2001 to April 2002. (See table B-3.)
Manufacturing employment declined by 49,000 over the month. The pace of factory job losses increased in the last 3 months, averaging 47,000 a month since July, compared with 20,000 a month from April to July. Employment in wholesale trade, an industry affected by manufacturing activity, showed a similar, though less pronounced, pattern. In manufacturing, October job losses were concentrated primarily within durable goods, including electronic and electrical equipment, primary metals, fabricated metals, and aircraft and parts manufacturing. Employment in the electronics industry has fallen by 44,000 in the past 3 months, following smaller losses in late spring and early summer. In nondurable goods manufacturing, the apparel industry lost 7,000 jobs in October, following a similar decline in September.
Employment in the construction industry decreased by 27,000 in October, following an increase of 11,000 in September (as revised). Since April, there has been no net growth in construction employment. Special trades lost 30,000 jobs in October, with electrical work accounting for a large part of the monthly decline.
Overall employment in the services industry was little changed (+ 18,000) over the month. Employment in business services fell sharply (-44,000), particularly in the help supply component (-56,000), which provides workers to other businesses on an as-needed basis. In contrast, health services continued to add jobs, with a gain of 20,000 in October, and there was an increase of 7,000 jobs in legal services. Over the month, employment also advanced in hotels and lodging places (16,000), offsetting an identical loss over the prior 2 months combined.
Finance, insurance, and real estate added 34,000 jobs in October. After little change in the first half of the year, the industry has added 70,000 jobs since June. Spurred by the lowest interest rates in decades, employment growth continued in mortgage banks and brokerages; the industry added 17,000 jobs in October. Employment also rose in real estate. Since June, that industry has added 33,000 jobs.
Unemployment
The number of unemployed persons (8.2 million) and the unemployment rate (5.7 percent) were essentially unchanged in October. The unemployment rate for adult women edged up to 5.2 percent while the rates for the other major worker groups--adult men (5.2 percent), teenagers (14.6 percent), whites (5.1 percent), blacks (9.8 percent), and Hispanics (7.8 percent)--showed little or no change over the month. (See tables A-3 and A-4.)
Total employment and the labor force
Total employment, as measured by the household survey, edged down in October to 134.9 million, after seasonal adjustment. This followed a large increase in September. The employment-population ratio, which had increased in September, declined to 62.9 percent. (See table A-3.)
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The civilian labor force, at 143.1 million, seasonally adjusted, was little changed from the prior month. The labor force participation rate declined to 66.7 percent. (See table A-3.)
About 7.2 million persons (not seasonally adjusted) held more than one job in October. These multiple jobholders represented 5.4 percent of the total employed. (See table A-37.)
Persons not in the labor force
About 1.4 million persons (not seasonally adjusted) were marginally attached to the labor force in October, little changed from a year earlier. These individuals reported that they wanted and were available for work and had looked for a job sometime in the prior 12 months. They were not counted as unemployed, however, because they had not actively searched for work in the 4 weeks preceding the survey. The number of discouraged workers was 355,000 in October, also about unchanged from the same month a year earlier. Discouraged workers, a subset of the marginally attached, were not looking for work specifically because they believed no jobs were available for them. (See table A-36.)
Industry payroll employment
Nonfarm payroll employment was virtually unchanged (-5,000) in October at 130.9 million, although there were offsetting movements among various industries. Employment also had held steady in September (-13,000 as revised). In the 4 months prior to September, payroll employment had increased by nearly a quarter of a million; this followed a loss of 1.8 million from March 2001 to April 2002. (See table B-3.)
Manufacturing employment declined by 49,000 over the month. The pace of factory job losses increased in the last 3 months, averaging 47,000 a month since July, compared with 20,000 a month from April to July. Employment in wholesale trade, an industry affected by manufacturing activity, showed a similar, though less pronounced, pattern. In manufacturing, October job losses were concentrated primarily within durable goods, including electronic and electrical equipment, primary metals, fabricated metals, and aircraft and parts manufacturing. Employment in the electronics industry has fallen by 44,000 in the past 3 months, following smaller losses in late spring and early summer. In nondurable goods manufacturing, the apparel industry lost 7,000 jobs in October, following a similar decline in September.
Employment in the construction industry decreased by 27,000 in October, following an increase of 11,000 in September (as revised). Since April, there has been no net growth in construction employment. Special trades lost 30,000 jobs in October, with electrical work accounting for a large part of the monthly decline.
Overall employment in the services industry was little changed (+ 18,000) over the month. Employment in business services fell sharply (-44,000), particularly in the help supply component (-56,000), which provides workers to other businesses on an as-needed basis. In contrast, health services continued to add jobs, with a gain of 20,000 in October, and there was an increase of 7,000 jobs in legal services. Over the month, employment also advanced in hotels and lodging places (16,000), offsetting an identical loss over the prior 2 months combined.
Finance, insurance, and real estate added 34,000 jobs in October. After little change in the first half of the year, the industry has added 70,000 jobs since June. Spurred by the lowest interest rates in decades, employment growth continued in mortgage banks and brokerages; the industry added 17,000 jobs in October. Employment also rose in real estate. Since June, that industry has added 33,000 jobs.
# posted by Medical Information : 5:24 AM
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