Unemployment initial claims, May 9, 2013, Labor force dropouts mean fewer layoffs?, .3 percent drop since Jan, ADP drop in private sector jobs, Media reports April job growth
“With a 63.7% labor force participation, “conditions in the labor market are considerably worse than indicated” in July’s report”…economist Joshua Shapiro, WSJ August 3, 2012
“Since the Democrats took control of both houses of congress in January 2007, the number of people who could only find part time work has gone up 215 percent”…Citizen Wells
“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″
*** Update 9:20 AM ***
The jobs situation is even worse than presented below. New data will be presented shortly which substantiates reports from Citizen Wells on the true jobs picture.
Last week ADP reported a drop in private sector jobs for April and a revised downward number for March.
“Private sector employment increased by 119,000 jobs from March to April, according to the April ADP National Employment Report®, which is produced by ADP®, a leading provider of human capital management solutions, in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. The March report, which reported job gains of 158,000, was revised downward to 131,000 jobs.”
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth appears to be slowing in response to very significant fiscal headwinds. Tax increases and government spending cuts are beginning to hit the job market. Job growth has slowed across all industries and most significantly among companies that employ between 20 and 499 workers.”
On Friday, May 3, 2013, the BLS, US Labor Dept. reported the following.
“Total nonfarm payroll employment rose by 165,000 in April, and the unemployment rate was little changed at 7.5 percent, the U.S. Bureau of Labor Statistics reported today.”
“The unemployment rate, at 7.5 percent, changed little in April but has
declined by 0.4 percentage point since January. The number of unemployed
persons, at 11.7 million, was also little changed over the month; however,
unemployment has decreased by 673,000 since January.”
“The civilian labor force participation rate was 63.3 percent in April,
unchanged over the month but down from 63.6 percent in January.”
The Labor Force dropped by .3 percent since January.
On Friday, Market Watch, owned by the WSJ, reported.
“The U.S. created a net 165,000 jobs in April, the Labor Department said Friday. The increase surpassed the 135,000 forecast of economists polled by MarketWatch.
What’s more, the economy created an additional 114,000 jobs in March and February than previously reported. The number of new jobs created in March was revised up to 138,000 from 88,000, the Labor Department said, while February’s figure was revised up to 332,000 from 268,000.
The number of jobs created in February was the highest since November 2005 for any month that did not include temporary Census bureau hiring.
The acceleration in hiring nudged the unemployment rate down to 7.5% from 7.6% in March. That’s the lowest level since December 2008, the month before President Obama took office.”
On May 6, 2013 the WSJ reported.
“The unemployment rate dropped for all the right reasons in April, but a broader rate that includes underemployed and discouraged workers rose, underlining concerns about the types of jobs being created.”
“But there was an area of concern in the report as a broader rate, known as the “U-6″ for its data classification by the Labor Department, increased to 13.9% from 13.8% a month earlier. That includes everyone in the official rate plus “marginally attached workers” — those who are neither working nor looking for work, but say they want a job and have looked for work recently; and people who are employed part-time for economic reasons, meaning they want full-time work but took a part-time schedule instead because that’s all they could find.
In April, the rate ticked up as the number of workers who are part-time but want full-time work increased. That came even as the numbers of hours worked also dropped this month for all workers. This raises the question about the kinds of jobs being created, and whether they can support a faster recovery.”
From the BLS May 9, 2013.
In the week ending May 4, the advance figure for seasonally adjusted initial claims was 323,000, a decrease of 4,000 from the previous week’s revised figure of 327,000. The 4-week moving average was 336,750, a decrease of 6,250 from the previous week’s revised average of 343,000.
Factory orders were down last week and 1 in 5 Americans are on food stamps.