Bob Marshall’s January 2019 BLS Analysis for Recruiters; 2/1/19
January BLS Preface
TBMG Coaching Updates and Product News:
*’Revised’ Silver Plan for tenured recruiters, just announced…
Based on several recent conversations and requests about my coaching plans for tenured recruiters, I have changed my Silver Plan to be more responsive to those expressed needs. This is now the Silver Plan…
Silver Plan – every other week, 2 sessions
This is a month-to-month plan. In this plan, I will be available to you for 2 separate meetings, up to one hour, to be scheduled every other week and to be used within a 4-5-week period. Admission into the Illuminati Think Tank series is included.
This is for the tenured Recruiter who wants a refresher course. This is sometimes referred to as the “Remember when…” Plan; as in, “Remember when you were a rookie and did everything you were told to do and were very successful”; “Remember when you used the basics all of the time and everything was easier”; “Remember when you tracked your numbers and achieved them!” This is the “Get Back to Basics…” Plan.
–$500 per month (One Month Commitment)
“From Failure to Success in Recruitment Sales—A Six Part Series”; January-February 2019
We began this series on January 8, 2019. If you missed any of the parts, please let us know.
FYI, here were the six topics and the release dates:
Tuesday, January 8 – Part One – These Ideas Lifted Me Out of the Ranks of Failure
Tuesday, January 15 – Part Two – Formula for Success in Selling
Tuesday, January 22 – Part Three – Six Ways to Win and Hold the Confidence of Others
Tuesday, January 29 – Part Four – How to Make People Want to Do Business with You
Tuesday, February 5 – Part Five – Steps in the Sale
Tuesday, February 12 – Part Six – Don’t Be Afraid to Fail
Top Echelon, Tuesday Recruiter Coaching Series, Webinar, February 12th, 2019
My next Top Echelon webinar will be on Tuesday afternoon, February 12th, 2019, at 1pm, Eastern Time. The title of the presentation is, “The Total Account Executive – How to Find, Hire, Train and Retain Them” – this is a presentation for both those who want to find them and for those who want to become them!
Mike Gionta’s 10th Annual Recruiting Firm Owner Telesummit, March 26th – 29th, 2019
Again, this year, I have been invited to present at Mike’s annual event. This 4-day virtual event is officially called “TheRecrukiterU’s Search Firm Owner’s Strategy Summit”.
This is a FREE event for live listening with the attendees able to upgrade for a nominal fee to get the recordings. The topics are all owner-based so the telesummit is geared to Owners and Managers and Solo/Independent Recruiters of Recruiting Firms. Last year we had over 2,200 people register and averaged over 500 live on each of our presentations!
The title of my presentation will be announced shortly.
WHY A COACH?
In the opinion of ex-Dallas Cowboys football coach Tom Landry who coached from 1960-1988, “A coach is someone who tells you what you don’t want to hear, who has you see what you don’t want to see, so you can be who you have always known you could be.”
Is now the time to pick a Coach?
I realize that taking that first step to engage a Coach to help you reach a higher level of production is not as easy as it sounds. After all, your training investment – and your time – are important and deserve every consideration. I share your feelings. I believe that how you approach your recruitment career matters…that you should get what you pay for, and then some…that you should enjoy your time with your Coach as you are benefiting from it…and that you should never settle for the ordinary.
“Teachers open the door; but you must enter by yourself”—Chinese Proverb
So, for those of you who have been toying with the idea of working with a recruitment coach, now may be the time. Only you can come to that decision point.
When considering ‘individual change management’, consider this theosophical proverb: “When the student is ready, the teacher will appear!”
“Bob Marshall is a speaker’s speaker and a trainer’s trainer. He has a gift for taking the cornerstones of the business and compelling people and teams to not only hone their skills but to execute. We’ve had Bob engage our teams a number of times over the last few years and our groups always come away more focused on the core and more energized to perform. Come ready to learn because this man knows the business and will make you better!”
—David Alexander, President, Adecco & Soliant, January 2017
Preface
Many of you continue to correspond with me about these monthly BLS analyses and have asked if it is OK to use them in your presentations. The answer is, of course, yes! That is why I spend the time to assemble this information. I would encourage any of you who have that desire to weave any of the information I have printed below into your presentations. I write these analyses for the benefit of our recruitment industry in general and for the members of my distribution list in particular. So use this info as you deem appropriate.
I also write these monthly BLS analyses to not only counterbalance the negative/incorrect press reporting of our general economic state but, more than that, to remind all of my recruitment readers that, at the level we work, there is no unemployment and so we must recruit to find the candidates our client companies so desperately need!
So, to my recruiter colleagues, get out there and do what your name implies…RECRUIT! When your client companies have unique and difficult positions to fill, they need you. When they are being picky, they need you. When they are longing for more production from fewer employees, they need you. Go fill those needs. These should be the halcyon days in the recruitment arena!
Finally, always remember that we are not in an HR business, but in a ‘circumventing the time factor in the hiring sequence’ business—and adding value to our client companies.
US Tech Salaries Flat in 2018, Dice Reports
Daily News, January 29, 2019
Salaries for US technology professionals were roughly flat in 2018, according to a new report by tech jobs website Dice. The average salary for US tech professionals was $93,244 last year, an increase of just 0.6% from the previous year.
However, in individual skill areas where salaries were rising, Drupal topped the list. The average salary for those with skills in Drupal, an online content management system, rose 9.8% last year to $95,506. It was followed by skills in Puppet, a software configuration management tool.
The 10 fastest-growing salaries:
| Rank | Skill | 2018 salary | Year-over-year change |
| 1 | Drupal | $95,506 | 9.8% |
| 2 | Puppet | $117,632 | 9.1% |
| 3 | Heroku | $101,376 | 7.8% |
| 4 | Gradle | $118,819 | 7.6% |
| 5 | MariaDB | $109,672 | 7.3% |
| 6 | Angular | $110,505 | 7.1% |
| 7 | Matlab | $102,198 | 6.7% |
| 8 | RDBMS | $116,910 | 6.7% |
| 9 | Vagrant | $118,144 | 6.5% |
| 10 | NumPy | $112,181 | 6.3% |
Dice’s report also asked tech professionals about working conditions, including job satisfaction and what would prompt them to leave. It found:
*47% of tech professionals would change employers in order to find better working conditions such as remote work, flexible hours and culture. In addition, 34% said they would leave for more responsibility and 22% said they would leave because they anticipate losing their current position.
*71% of tech professionals said training and education are important to them, but only 40% have company-paid training and education. The survey also found that 45% of those who receive training are satisfied with their job while only 28% of those who are dissatisfied receive training.
*Remote and flexible working options were important to 73% of tech professionals, but only 495 have these options.
*When it comes to burnout, 81% of tech professionals reported feeling burned out in 2018. Factors behind burnout included lack of recognition, cited by 36% of pros; workload, cited by 35%; and lack of challenge or monotony, cited by 28%.
Dice’s survey included 10,780 employed technology professionals and was taken between Oct. 22 and Dec. 13, 2018.
Editor’s Note:
For the sake of brevity in this report, I have moved 10 other January articles, that were originally here, to my website. These are all very good and worth your reading time but made this report too long.
So, if you would like to read those articles, go to my website: www.themarshallplan.org and click on the Featured Articles tab. The 10 January articles are there. Enjoy!!
The new ADP/Moody’s National Employment Report: Over 69% of all new job growth in January 2019 came from Small and Medium-size Companies!
January 30, 2019
Private sector employment increased by 213,000 jobs from December to January (a 50,000 job decrease from December’s downwardly ‘revised’ 263,000*), according to the January ADP National Employment Report®. *The December total of jobs added was revised down from 271,000 to 263,000.
This report is produced by ADP® in collaboration with Moody’s Analytics. The matched sample used to develop the ADP National Employment Report® was derived from ADP payroll data, which represents 411,000 U.S. clients employing nearly 24,000,000 workers in the U.S.
By Company Size
Small businesses: 63,000
1-19 employees 30,000
20-49 employees 32,000
Medium businesses: 84,000
50-499 employees 84,000
Large businesses: 66,000
500-999 employees 33,000
1,000+ employees 33,000
By Sector
- Goods-producing: 68,000
- Natural resources/mining <-1,000>
- Construction 35,000
- Manufacturing 33,000
- Service-providing: 145,000
- Trade/transportation/utilities 13,000
- Information 4,000
- Financial activities 11,000
- Professional/business services 46,000
- Professional/technical services 29,000
- Management of companies/enterprises 1,000
- Administrative/support services 16,000
- Education/health services 38,000
- Health care/social assistance 37,000
- Education 1,000
- Leisure/hospitality 31,000
- Other services 2,000
Franchise Employment
Franchise Jobs 33,000
“The labor market has continued its pattern of strong growth with little sign of a slowdown in sight,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “We saw significant growth in nearly all industries, with manufacturing adding the most jobs in more than four years. Midsized businesses continue to lead job creation, however the share of jobs was spread a bit more evenly across all company sizes this month.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market weathered the government shutdown well. Despite the severe disruptions, businesses continued to add aggressively to their payrolls. As long as businesses hire strongly the economic expansion will continue on.”
(The February 2019 ADP National Employment Report will be released at 8:15 a.m. ET on March 6, 2019.)
Due to the important contribution that small businesses make to economic growth, employment data that is specific to businesses with 49 or fewer employees is reported each month in the ADP Small Business Report®, a subset of the ADP National Employment Report.
January 2019 Small Business Report Highlights
Total Small Business Employment: 63,000 (a 26,000 decrease)
| ●By Size | |
| ►1-19 employees | 30,000 |
| ►20-49 employees | 32,000 |
| ●By Sector for 1-49 Employees | |
| ►Goods Producing | 16,000 |
| ►Service Producing | 46,000 |
| ●By Sector for 1-19 Employees | |
| ►Goods Producing | 8,000 |
| ►Service Producing | 23,000 |
| ●By Sector for 20-49 Employees | |
| ►Goods Producing | 9,000 |
| ►Service Producing | 23,000 |
Bottom-line: To my audience of recruiters, always remember this: Our ‘bread and butter’, especially on the contingency side of the house, has historically been, and continues to be, small and medium-sized client companies. Along with the large companies, these companies need to be in included in your niche!
Job Openings and Labor Turnover Survey – November 2018
January 8, 2019
The number of job openings fell to 6,900,000 (down from last month’s 7,100,000) on the last business day of November, the U.S. Bureau of Labor Statistics reported today. Over the month, hires edged down to 5,700,000, quits edged down to 3,400,000, and total separations were little changed at 5,500,000. Within separations, the quits rate and the layoffs and discharges rate were unchanged at 2.3% and 1.2%, respectively. This release includes estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by industry and by 4 geographic regions. Job Openings On the last business day of November, the job openings level fell to 6,900,000 (-243,000). The job openings rate was 4.4%. The number of job openings decreased for total private (-237,000) and was little changed for government. Job openings increased in transportation, warehousing, and utilities (+40,000). The job openings level decreased in a number of industries, with the largest decreases in other services (-66,000) and construction (-45,000). Job openings fell in the West region. Hires The number of hires edged down to 5,700,000 (-218,000) in November. The hires rate was 3.8%. The hires level fell for total private (-236,000) and was little changed for government. Hires increased in federal government (+8,000) but decreased in professional and business services (-167,000). The number of hires decreased in the South region. Separations Total separations includes quits, layoffs and discharges, and other separations. Total separations is referred to as turnover. Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers’ willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations includes separations due to retirement, death, disability, and transfers to other locations of the same firm. The number of total separations was little changed at 5,500,000 in November. The total separations rate was 3.7%. The number of total separations was little changed for total private and for government. Total separations decreased in professional and business services (-122,000) and in accommodation and food services (-88,000). The number of total separations was little changed in all 4 regions. The number of quits edged down in November to 3,400,000 (-112,000). The quits rate was 2.3%. The quits level edged down for total private (-122,000) and was little changed for government. Quits fell in professional and business services (-84,000) and in accommodation and food services (-62,000). The number of quits was little changed in all 4 regions. The number of layoffs and discharges was little changed in November at 1,800,000. The layoffs and discharges rate was 1.2%. The layoffs and discharges level was little changed for total private and for government. Layoffs and discharges increased in educational services (+17,000). The number of layoffs and discharges was little changed in all 4 regions. The number of other separations was little changed at 332,000 in November. The other separations level was little changed for total private and for government. Other separations increased in arts, entertainment, and recreation (+5,000) and in federal government (+4,000) but decreased in professional and business services (-22,000). The number of other separations increased in the Northeast region but decreased in the Midwest and West regions. Net Change in Employment Large numbers of hires and separations occur every month throughout the business cycle. Net employment change results from the relationship between hires and separations. When the number of hires exceeds the number of separations, employment rises, even if the hires level is steady or declining. Conversely, when the number of hires is less than the number of separations, employment declines, even if the hires level is steady or rising. Over the 12 months ending in November, hires totaled 68,000,000 and separations totaled 65,600,000, yielding a net employment gain of 2,400,000. These totals include workers who may have been hired and separated more than once during the year.____________ The Job Openings and Labor Turnover Survey results for December 2018 are scheduled to be released on Tuesday, February 12, 2019 at 10:00 a.m. (EST).
As we recruiters know, that 6,900,000 number only represents 20% of the jobs currently available in the marketplace. The other 80% of job openings are unpublished and are filled through networking or word of mouth or by using a RECRUITER. So, those 6.900,000 published job openings now become a total of 34,500,000 published AND hidden job orders.
In January there were 6,535,000 unemployed workers. What was the main reason why those workers were unemployed? Two Words: Structural Unemployment. If we can’t figure out how to educate and/or reeducate those 6,535,000 unemployed, then they will keep reappearing each month as a BLS unemployment statistic—as they have. In the meantime, our recruitment marketplace flourishes!
Online Labor Demand Increased in December
January 9, 2019
*December Gain Reverses October and November Declines
*In December, online labor demand increased in nearly every state and metro area
*Among occupation groups, computer, engineering and legal related ads experienced the fastest growth in the past 12 months
The Conference Board Experimental Help Wanted OnLine (HWOL) Index increased in December. The Index now stands at 101.7 (July 2018=100), up from 99.3 in November.
“December’s increase in the HWOL Index reversed the declines in October and November,” said Gad Levanon, Chief Economist, North America, at The Conference Board. “As of mid-December, the negative developments in financial markets show no signs of significantly impacting recruiting activity. Online job ads grew during 2017 and the first half of 2018 but then started to slow up through December. This supports our forecast of a moderate slowdown in 2019 GDP growth. In periods of economic slowdown, the number of job ads tends to flatten or even moderately decline. HWOL trends suggest continued recruiting difficulties, with more people joining the labor force and faster wage growth.”
The Conference Board Experimental Help Wanted OnLine® (HWOL) Index measures changes over time in advertised online job vacancies, reflecting monthly trends in employment opportunities across the US. The HWOL Data Series aggregates the total number of ads available by month from the HWOL universe of online job ads. Ads in the HWOL universe are collected in real-time from over 28,000 different online job boards including traditional job boards, corporate boards, social media sites, and smaller job sites that serve niche markets and smaller geographic areas.
Like The Conference Board’s long-running Help Wanted Advertising Index of print ads (which was published for over 55 years and discontinued in July 2008), Help Wanted OnLine® measures help wanted advertising, i.e. labor demand. The HWOL Data Series began in May 2005 and was revised in December 2018 to reflect a new universe and methodology of online job advertisements and therefore cannot be used in conjunction with the pre-revised HWOL Data Series. With the December 2018 release, The Conference Board released the Experimental HWOL Index for the specific purpose of providing a robust time series for measuring changes in labor demand over time. It improves upon the HWOL Data Series’ ability to assess local labor market trends by reducing volatility and non-economic noise and improving correlation with local labor market conditions. Both the HWOL Data Series and the Experimental HWOL Index begin in January 2012.
(The January 2019 Conference Board Help Wanted OnLine® (HWOL) Data Series
will be released at 10:00 AM ET on Wednesday, February 6, 2019)
U-6 Update
In January 2019 the regular unemployment rate rose .1% to 4.0% and the broader U-6 measure rose .5% to 8.1%.
The above 8.1% is referred to as the U-6 unemployment rate (found in the monthly BLS Employment Situation Summary, Table A-15; Table A-12 in 2008 and before). It counts not only people without work seeking full-time employment (the more familiar U-3 rate), but also counts “marginally attached workers and those working part-time for economic reasons.” Note that some of these part-time workers counted as employed by U-3 could be working as little as an hour a week. And the “marginally attached workers” include those who have gotten discouraged and stopped looking, but still want to work. The age considered for this calculation is 16 years and over.
Here is a look at the January U-6 numbers for the past 16 years:
January 2018 8.2%
January 2017 9.4%
January 2016 9.9%
January 2015 11.3%
January 2014 12.7%
January 2013 14.4%
January 2012 15.1%
January 2011 16.1%
January 2010 16.5%
January 2009 14.0%
January 2008 9.0%
January 2007 8.3%
January 2006 8.4%
January 2005 9.3%
January 2004 9.9%
January 2003 9.9%
The January 2019 BLS Analysis*
*Changes to The Employment Situation Data: Establishment survey data have been revised as a result of the annual benchmarking process and the updating of seasonal adjustment factors. Also, household survey data for January 2019 reflect updated population estimates.
According to the January 2019 Employment Situation Summary, published by the Bureau of Labor Statistics, a division of the US Department of Labor, the total nonfarm
payroll employment increased by 304,000 in January – a increase of 82,000 from last month’s ‘revised’ 222,000—down from the originally reported 312,000.
The change in total nonfarm payroll employment for November was revised up from +176,000 to +196,000, and the change for October was revised down from +312,000 to +222,000. With these revisions, employment gains in November and December combined were 70,000 less than previously reported. After revisions, job gains have averaged 241,000 per month over the last 3 months. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors. The annual benchmark process also contributed to the November and December revisions.)
The unemployment rate is also published by the BLS. That rate is found by dividing the number of unemployed by the total civilian labor force. On February 1st, 2019, the BLS published the most recent unemployment rate for January 2019 of 4.0% (actually, it is 4.004% up by .148% from 3.856% in December 2018—this also takes into account this month’s newly revised data).
The unemployment rate was determined by dividing the unemployed of 6,535,000 (–up from the month before by 241,000—since January 2018 this number has decreased by 106,000) by the total civilian labor force of 163,229,000 (down by 11,000 from December 2018). Since January 2018, our total civilian labor force has increased by 2,106,000 workers.
(The continuing ‘Strange BLS Math’ saga—after a detour in December 2016 when the BLS {for the first time in years} DECREASED the total Civilian Noninstitutional Population—this month the BLS (for the second time in years) DECREASED this total to 258,239,000. This is a decrease of 649,000 from last month’s increase of 180,000. In one year’s time, this population has increased by 1,459,000. For the last 3 years the Civilian Noninstitutional Population has increased each month—except in December 2016—and last month, by…)
| Down from December 2018 | by | 649,000 |
| Up from November 2018 | by | 180,000 |
| Up from October 2018 | by | 194,000 |
| Up from September 2018 | by | 224,000 |
| Up from August 2018 | by | 224,000 |
| Up from July 2018 | by | 223,000 |
| Up from June 2018 | by | 201,000 |
| Up from May 2018 | by | 188,000 |
| Up from April 2018 | by | 182,000 |
| Up from March 2018 | by | 175,000 |
| Up from February 2018 | by | 163,000 |
| Up from January 2018 | by | 154,000 |
| Up from December 2017 | by | 671,000 |
| Up from November 2017 | by | 160,000 |
| Up from October 2017 | by | 183,000 |
| Up from September 2017 | by | 204,000 |
| Up from August 2017 | by | 205,000 |
| Up from July 2017 | by | 206,000 |
| Up from June 2017 | by | 194,000 |
| Up from May 2017 | by | 173,000 |
| Up from April 2017 | by | 179,000 |
| Up from March 2017 | by | 174,000 |
| Up from February 2017 | by | 168,000 |
| Up from January 2017 | by | 164,000 |
| Down from December 2016 | by | 660,000 |
| Up from November 2016 | by | 202,000 |
| Up from October 2016 | by | 219,000 |
| Up from September 2016 | by | 230,000 |
| Up from August 2016 | by | 237,000 |
| Up from July 2016 | by | 234,000 |
| Up from June 2016 | by | 223,000 |
| Up from May 2016 | by | 223,000 |
| Up from April 2016 | by | 205,000 |
| Up from March 2016 | by | 201,000 |
| Up from February 2016 | by | 191,000 |
| Up from January 2016 | by | 180,000 |
This month the BLS has decreased the Civilian Labor Force to 163,229,000 (down from December by 11,000).
Subtract the second number (‘civilian labor force’) from the first number (‘civilian noninstitutional population’) and you get 95,010,000 ‘Not in Labor Force’—down by 639,000 from last month’s 95,649,000. In one year’s time, this NILF population has decreased by 647,000. The government tells us that most of these NILFs got discouraged and just gave up looking for a job. My monthly recurring question is: “If that is the case, how do they survive when they don’t earn any money because they don’t have a job? Are they ALL relying on the government to support them??”
This month, our Employment Participation Rate—the population 16 years and older working or seeking work—rose to 63.2%. This is .8% above the historically low rate of 62.4% recorded in September 2015—and, before that, the rate recorded in October 1977—9 months into Jimmy Carter’s presidency—almost 40 years ago!
Final take on these numbers: Fewer people looking for work will always bring down the unemployment rate.
Anyway, back to the point I am trying to make. On the surface, these new unemployment rates are scary, but let’s look a little deeper and consider some other numbers.
The unemployment rate includes all types of workers—construction workers, government workers, etc. We recruiters, on the other hand, mainly place management, professional and related types of workers. That unemployment rate in January was 2.5% (this rate was .4% higher than last month’s 2.1%). Or, you can look at it another way. We usually place people who have college degrees. That unemployment rate in January was 2.4% (this rate was .3% higher than last month’s 2.1%).
Now stay with me a little longer. This gets better. It’s important to understand (and none of the pundits mention this) that the unemployment rate, for many reasons, will never be 0%, no matter how good the economy is. Without boring you any more than I have already, let me add here that Milton Friedman (the renowned Nobel Prize-winning economist), is famous for the theory of the “natural rate of unemployment” (or the term he preferred, NAIRU, which is the acronym for Non-Accelerating Inflation Rate of Unemployment). Basically, this theory states that full employment presupposes an ‘unavoidable and acceptable’ unemployment rate of somewhere between 4-6% with it. Economists often settle on 5%, although the “New Normal Unemployment Rate” has been suggested to fall at 6.7%.
Nevertheless (if you will allow me to apply a ‘macro’ concept to a ‘micro’ issue), if this rate is applied to our main category of Management, Professional and Related types of potential recruits, and/or our other main category of College-Degreed potential recruits, we are well below the 4-6% threshold for full employment…we find no unemployment! None! Zilch! A Big Goose Egg!
THE IMPORTANCE OF GDP
“The economic goal of any nation, as of any individual, is to get the greatest results with the least effort. The whole economic progress of mankind has consisted in getting more production with the same labor…Translated into national terms, this first principle means that our real objective is to maximize production. In doing this, full employment—that is, the absence of involuntary idleness—becomes a necessary by-product. But production is the end, employment merely the means. We cannot continuously have the fullest production without full employment. But we can very easily have full employment without full production.”
—Economics in One Lesson, by Henry Hazlitt, Chapter X, “The Fetish of Full Employment”
On December 21st, the US Bureau of Economic Analysis (BEA) announced the real gross domestic product (GDP) — the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes — increased at an annual rate of 3.4% in the third quarter of 2018, according to the “third” estimate released by the Bureau of Economic Analysis. In the second quarter of 2018, real GDP increased 4.2%.
The GDP estimate released on December 21st is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the increase in real GDP was 3.5%. With this third estimate for the third quarter, personal consumption expenditures (PCE) and exports were revised down, and private inventory investment was revised up; the general picture of economic growth remains the same
The increase in real GDP in the third quarter reflected positive contributions from PCE, private inventory investment, nonresidential fixed investment, federal government spending, and state and local government spending that were partly offset by negative contributions from exports and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP growth in the third quarter primarily reflected a downturn in exports and decelerations in nonresidential fixed investment and in PCE. Imports increased in the third quarter after decreasing in the second. These movements were partly offset by an upturn in private inventory investment.
Updates to GDP
The third-quarter percent change in real GDP was revised down 0.1% from the second estimate, reflecting downward revisions to PCE and exports that were partly offset by an upward revision to private inventory investment.
Three Update Releases to GDP BEA releases 3 vintages of the current quarterly estimate for GDP: “Advance” estimates are released near the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency; “second” and “third” estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available. (Fourth Quarter and Annual 2018 “Advance Estimate” will be released on January 30, 2019)
IT IS IMPOSSIBLE FOR UNEMPLOYMENT EVER TO BE ZERO
‘Unemployment’ is an emotional ‘trigger’ word…a ‘third rail’, if you will. It conjures up negative thoughts. But it is important to realize that, while we want everyone who wants a job to have the opportunity to work, unemployment can never be zero and, in fact, can be disruptive to an economy if it gets too close to zero. Very low unemployment can actually hurt the economy by creating an upward pressure on wages which invariably leads to higher production costs and prices. This can lead to inflation. The lowest the unemployment rate has been in the US was 2.5%. That was in May and June 1953 when the economy overheated due to the Korean War. When this bubble burst, it kicked off the Recession of 1953. A healthy economy will always include some percentage of unemployment.
There are five main sources of unemployment:
- Cyclical (or demand-deficient) unemployment – This type of unemployment fluctuates with the business cycle. It rises during a recession and falls during the subsequent recovery. Workers who are most affected by this type of unemployment are laid off during a recession when production volumes fall, and companies use lay-offs as the easiest way to reduce costs. These workers are usually rehired, some months later, when the economy improves.
- Frictional unemployment – This comes from the normal turnover in the labor force. This is where new workers are entering the workforce and older workers are retiring and leaving vacancies to be filled by the new workers or those re-entering the workforce. This category includes workers who are between jobs.
- Structural unemployment – This happens when the skills possessed by the unemployed worker don’t match the requirements of the opening—whether those be in characteristics and skills or in location. This can come from new technology or foreign competition (e.g., foreign outsourcing). This type of unemployment usually lasts longer than frictional unemployment because retraining, and sometimes relocation, is involved. Occasionally jobs in this category can just disappear overseas.
- Seasonal unemployment – This happens when the workforce is affected by the climate or time of year. Construction workers and agricultural workers aren’t needed as much during the winter season because of the inclement weather. On the other hand, retail workers experience an increase in hiring shortly before, and during, the holiday season, but can be laid off shortly thereafter.
- Surplus unemployment – This is caused by minimum wage laws and unions. When wages are set at a higher level, unemployment can often result. Why? To keep within the same payroll budget, the company must let go of some workers to pay the remaining workers a higher salary.
Other factors influencing the unemployment rate:
- Length of unemployment – Some studies indicate that an important factor influencing a worker’s decision to accept a new job is directly related to the length of the unemployment benefit they are receiving. Currently, in 2018, workers in most states are eligible for up to 26 weeks of benefits from the regular state-funded unemployment compensation program. Studies suggest that additional weeks of benefits reduce the incentive of the unemployed to seek and accept less desirable jobs.
- Changes in GDP – Since hiring workers takes time, the improvement in the unemployment rate usually lags the improvement in the GDP.
WHERE RECRUITERS PLACE
Now back to the issue at hand, namely the recruiting, and placing, of professionals and those with college degrees.
If you look at the past few years of unemployment in the January “management, professional and related” types of worker category, you will find the following rates:
January 2018 2.2%
January 2017 2.3%
January 2016 2.3%
January 2015 2.9%
January 2014 3.1%
January 2013 3.9%
January 2012 4.3%
January 2011 4.7%
January 2010 5.0%
January 2009 4.1%
January 2008 2.2%
January 2007 2.0%
January 2006 2.1%
January 2005 2.4%
January 2004 3.0%
January 2003 3.2%
January 2002 3.1%
January 2001 2.9%
January 2000 1.8%
Here are the rates, during those same time periods, for “college-degreed” workers:
January 2018 2.1%
January 2017 2.5%
January 2016 2.5%
January 2015 2.8%
January 2014 3.3%
January 2013 3.8%
January 2012 4.2%
January 2011 4.2%
January 2010 4.8%
January 2009 3.9%
January 2008 2.1%
January 2007 2.1%
January 2006 2.1%
January 2005 2.4%
January 2004 2.9%
January 2003 3.0%
January 2002 2.9%
January 2001 1.6%
January 2000 1.8%
The January 2019 rates for these two categories, 2.5% and 2.4%, respectively, are very low again this month and are at, or close to, the halcyon numbers we attained in the 2006-2008 & 2000 time frames. But regardless, these unemployment numbers usually include a good number of job hoppers, job shoppers and rejects. We, on the other hand, are engaged by our client companies to find those candidates who are happy, well-appreciated, making good money and currently working and we entice them to move for even better opportunities—especially where new technologies are expanding. This will never change. And that is why, no matter the overall unemployment rate, we still need to MARKET to find the best possible job orders to work and we still need to RECRUIT to find the best possible candidates for those Job Orders.
Below are the numbers for the over 25-year old’s:
Less than H.S. diploma – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 7.7% | 7.4% | 8.2% | 7.9% | 8.4% | 8.9% | 8.6% | 9.7% | 9.8% | 10.4% | 10.6% | 10.9% |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 12.0% | 12.6% | 13.3% | 14.8% | 15.5% | 15.5% | 15.4% | 15.6% | 15.0% | 15.5% | 15.0% | 15.3% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 15.2% | 15.6% | 14.5% | 14.7% | 15.0% | 14.1% | 13.8% | 14.0% | 15.4% | 15.3% | 15.7% | 15.3% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 14.2% | 13.9% | 13.7% | 14.6% | 14.7% | 14.3% | 15.0% | 14.3% | 14.0% | 13.8% | 13.2% | 13.8% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 13.1% | 12.9% | 12.6% | 12.5% | 13.0% | 12.6% | 12.7% | 12.0% | 11.3% | 12.2% | 12.2% | 11.7% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 12.0% | 11.2% | 11.1% | 11.6% | 11.1% | 10.7% | 11.0% | 11.3% | 10.3% | 10.9% | 10.8% | 9.8% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 9.6% | 9.8% | 9.6% | 8.9% | 9.1% | 9.1% | 9.6% | 9.1% | 8.4% | 7.9% | 8.5% | 8.8% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 8.5% | 8.4% | 8.6% | 8.6% | 8.6% | 8.2% | 8.3% | 7.7% | 7.7% | 7.3% | 6.8% | 6.7% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 7.4% | 7.3% | 7.4% | 7.5% | 7.1% | 7.5% | 6.3% | 7.2% | 8.5% | 7.3% | 7.9% | 7.9% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 7.3% | 7.9% | 6.8% | 6.5% | 6.1% | 6.4% | 6.9% | 6.0% | 6.5% | 5.7% | 5.2% | 6.3% |
| 1/18 | 2/18 | 3/18 | 4/18 | 5/18 | 6/18 | 7/18 | 8/18 | 9/18 | 10/18 | 11/18 | 12/18 |
| 5.4% | 5.7% | 5.5% | 5.9% | 5.4% | 5.5% | 5.1% | 5.7% | 5.5% | 6.0% | 5.6% | 5.8% |
| 1/19 | 2/19 | 3/19 | 4/19 | 5/19 | 6/19 | 7/19 | 8/19 | 9/19 | 10/19 | 11/19 | 12/19 |
| 5.7% |
H.S. Grad; no college – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 4.6% | 4.7% | 5.1% | 5.0% | 5.2% | 5.2% | 5.3% | 5.8% | 6.3% | 6.5% | 6.9% | 7.7% |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 8.1% | 8.3% | 9.0% | 9.3% | 10.0% | 9.8% | 9.4% | 9.7% | 10.8% | 11.2% | 10.4% | 10.5% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 10.1% | 10.5% | 10.8% | 10.6% | 10.9% | 10.8% | 10.1% | 10.3% | 10.0% | 10.1% | 10.0% | 9.8% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 9.4% | 9.5% | 9.5% | 9.7% | 9.5% | 10.0% | 9.3% | 9.6% | 9.7% | 9.6% | 8.8% | 8.7% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 8.4% | 8.3% | 8.0% | 7.9% | 8.1% | 8.4% | 8.7% | 8.8% | 8.7% | 8.4% | 8.1% | 8.0% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 8.1% | 7.9% | 7.6% | 7.4% | 7.4% | 7.6% | 7.6% | 7.6% | 7.6% | 7.3% | 7.3% | 7.1% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 6.5% | 6.4% | 6.3% | 6.3% | 6.5% | 5.8% | 6.1% | 6.2% | 5.3% | 5.7% | 5.6% | 5.3% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 5.4% | 5.4% | 5.3% | 5.4% | 5.8% | 5.4% | 5.5% | 5.5% | 5.3% | 5.3% | 5.4% | 5.6% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 5.3% | 5.3% | 5.4% | 5.4% | 5.1% | 5.0% | 5.0% | 5.1% | 5.2% | 5.5% | 4.9% | 5.1% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 5.2% | 5.0% | 4.9% | 4.6% | 4.7% | 4.6% | 4.5% | 5.1% | 4.3% | 4.3% | 4.3% | 4.2% |
| 1/18 | 2/18 | 3/18 | 4/18 | 5/18 | 6/18 | 7/18 | 8/18 | 9/18 | 10/18 | 11/18 | 12/18 |
| 4.5% | 4.4% | 4.3% | 4.3% | 3.9% | 4.2% | 4.0% | 3.9% | 3.7% | 4.0% | 3.5% | 3.8% |
| 1/19 | 2/19 | 3/19 | 4/19 | 5/19 | 6/19 | 7/19 | 8/19 | 9/19 | 10/19 | 11/19 | 12/19 |
| 3.8% |
Some College; or AA/AS – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 3.7% | 3.8% | 3.9% | 4.0% | 4.3% | 4.4% | 4.6% | 5.0% | 5.1% | 5.3% | 5.5% | 5.6% |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 6.2% | 7.0% | 7.2% | 7.4% | 7.7% | 8.0% | 7.9% | 8.2% | 8.5% | 9.0% | 9.0% | 9.0% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 8.5% | 8.0% | 8.2% | 8.3% | 8.3% | 8.2% | 8.3% | 8.7% | 9.1% | 8.5% | 8.7% | 8.1% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 8.0% | 7.8% | 7.4% | 7.5% | 8.0% | 8.4% | 8.3% | 8.2% | 8.4% | 8.3% | 7.6% | 7.7% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 7.2% | 7.3% | 7.5% | 7.6% | 7.9% | 7.5% | 7.1% | 6.6% | 6.5% | 6.9% | 6.6% | 6.9% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 7.0% | 6.7% | 6.4% | 6.4% | 6.5% | 6.4% | 6.0% | 6.1% | 6.0% | 6.3% | 6.4% | 6.1% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 6.0% | 6.2% | 6.1% | 5.7% | 5.5% | 5.0% | 5.3% | 5.4% | 5.4% | 4.8% | 4.9% | 5.0% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 5.2% | 5.1% | 4.8% | 4.7% | 4.4% | 4.2% | 4.4% | 4.4% | 4.3% | 4.3% | 4.4% | 4.1% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 4.2% | 4.2% | 4.1% | 4.1% | 3.9% | 4.2% | 4.3% | 4.3% | 4.2% | 4.2% | 3.9% | 3.8% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 3.8% | 4.0% | 3.7% | 3.7% | 4.0% | 3.8% | 3.7% | 3.8% | 3.6% | 3.7% | 3.6% | 3.6% |
| 1/18 | 2/18 | 3/18 | 4/18 | 5/18 | 6/18 | 7/18 | 8/18 | 9/18 | 10/18 | 11/18 | 12/18 |
| 3.4% | 3.5% | 3.6% | 3.5% | 3.2% | 3.3% | 3.2% | 3.5% | 3.2% | 3.0% | 3.1% | 3.3% |
| 1/19 | 2/19 | 3/19 | 4/19 | 5/19 | 6/19 | 7/19 | 8/19 | 9/19 | 10/19 | 11/19 | 12/19 |
| 3.4% |
BS/BS + – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 2.1% | 2.1% | 2.1% | 2.1% | 2.3% | 2.4% | 2.5% | 2.7% | 2.6% | 3.1% | 3.2% | 3.7% |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 3.9% | 4.1% | 4.3% | 4.4% | 4.8% | 4.7% | 4.7% | 4.7% | 4.9% | 4.7% | 4.9% | 5.0% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 4.8% | 5.0% | 4.9% | 4.9% | 4.7% | 4.4% | 4.5% | 4.6% | 4.4% | 4.7% | 5.1% | 4.8% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 4.2% | 4.3% | 4.4% | 4.5% | 4.5% | 4.4% | 4.3% | 4.3% | 4.2% | 4.4% | 4.4% | 4.1% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 4.2% | 4.2% | 4.2% | 4.0% | 3.9% | 4.1% | 4.1% | 4.1% | 4.1% | 3.8% | 3.8% | 3.9% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 3.8% | 3.8% | 3.8% | 3.9% | 3.8% | 3.9% | 3.8% | 3.5% | 3.7% | 3.8% | 3.4% | 3.3% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 3.3% | 3.4% | 3.4% | 3.3% | 3.2% | 3.3% | 3.1% | 3.2% | 2.9% | 3.1% | 3.2% | 2.8% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 2.8% | 2.7% | 2.5% | 2.7% | 2.7% | 2.5% | 2.6% | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 2.5% | 2.5% | 2.6% | 2.4% | 2.4% | 2.5% | 2.5% | 2.7% | 2.5% | 2.6% | 2.3% | 2.5% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 2.5% | 2.4% | 2.5% | 2.4% | 2.3% | 2.4% | 2.4% | 2.4% | 2.3% | 2.0% | 2.1% | 2.1% |
| 1/18 | 2/18 | 3/18 | 4/18 | 5/18 | 6/18 | 7/18 | 8/18 | 9/18 | 10/18 | 11/18 | 12/18 |
| 2.1% | 2.3% | 2.2% | 2.1% | 2.0% | 2.3% | 2.2% | 2.1% | 2.0% | 2.0% | 2.2% | 2.1% |
| 1/19 | 2/19 | 3/19 | 4/19 | 5/19 | 6/19 | 7/19 | 8/19 | 9/19 | 10/19 | 11/19 | 12/19 |
| 2.4% |
Management, Professional & Related – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 2.2% | 2.2% | 2.1% | 2.0% | 2.6% | 2.7% | 2.9% | 3.3% | 2.8% | 3.0% | 3.2% | 3.3% |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 4.1% | 3.9% | 4.2% | 4.0% | 4.6% | 5.0% | 5.5% | 5.4% | 5.2% | 4.7% | 4.6% | 4.6% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 5.0% | 4.8% | 4.7% | 4.5% | 4.5% | 4.9% | 5.0% | 5.1% | 4.4% | 4.5% | 4.7% | 4.6% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 4.7% | 4.4% | 4.3% | 4.0% | 4.4% | 4.7% | 5.0% | 4.9% | 4.4% | 4.4% | 4.2% | 4.2% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 4.3% | 4.2% | 4.2% | 3.7% | 4.0% | 4.4% | 4.8% | 4.5% | 3.9% | 3.8% | 3.6% | 3.9% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 3.9% | 3.8% | 3.6% | 3.5% | 3.5% | 4.2% | 4.1% | 3.8% | 3.5% | 3.4% | 3.1% | 2.9% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 3.1% | 3.2% | 3.3% | 2.9% | 3.1% | 3.5% | 3.5% | 3.4% | 2.8% | 2.7% | 2.8% | 2.7% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 2.9% | 2.7% | 2.4% | 2.4% | 2.4% | 2.9% | 3.1% | 2.9% | 2.4% | 2.2% | 2.1% | 2.0% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 2.3% | 2.4% | 2.4% | 2.1% | 2.1% | 2.8% | 3.0% | 3.1% | 2.7% | 2.5% | 2.3% | 2.2% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 2.3% | 2.1% | 2.0% | 2.0% | 1.9% | 2.3% | 2.7% | 2.8% | 2.3% | 2.1% | 2.0% | 2.0% |
| 1/18 | 2/18 | 3/18 | 4/18 | 5/18 | 6/18 | 7/18 | 8/18 | 9/18 | 10/18 | 11/18 | 12/18 |
| 2.2% | 2.0% | 2.0% | 1.8% | 1.7% | 2.5% | 2.4% | 2.5% | 2.0% | 1.9% | 2.1% | 2.1% |
| 1/19 | 2/19 | 3/19 | 4/19 | 5/19 | 6/19 | 7/19 | 8/19 | 9/19 | 10/19 | 11/19 | 12/19 |
| 2.5% |
Or employed…(,000)
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 52,165 | 52,498 | 52,681 | 52,819 | 52,544 | 52,735 | 52,655 | 52,626 | 53,104 | 53,485 | 53,274 | 52,548 |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 52,358 | 52,196 | 52,345 | 52,597 | 52,256 | 51,776 | 51,810 | 51,724 | 52,186 | 52,981 | 52,263 | 52,131 |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 52,159 | 52,324 | 52,163 | 52,355 | 51,839 | 51,414 | 50,974 | 50,879 | 51,757 | 51,818 | 52,263 | 51,704 |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 51,866 | 52,557 | 53,243 | 53,216 | 52,778 | 52,120 | 51,662 | 51,997 | 52,665 | 52,864 | 52,787 | 52,808 |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 53,152 | 53,208 | 53,771 | 54,055 | 54,156 | 53,846 | 53,165 | 53,696 | 54,655 | 55,223 | 54,951 | 54,635 |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 54,214 | 54,563 | 54,721 | 54,767 | 54,740 | 54,323 | 54,064 | 54,515 | 55,013 | 55,155 | 55,583 | 54,880 |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 55,096 | 55,501 | 56,036 | 55,896 | 56,202 | 55,714 | 55,381 | 55,646 | 56,365 | 56,759 | 57,110 | 56,888 |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 57,367 | 57,596 | 57,805 | 57,953 | 58,155 | 57,710 | 57,392 | 57,288 | 58,105 | 58,456 | 58,667 | 59,030 |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 59,014 | 59,583 | 60,080 | 59,690 | 59,613 | 59,181 | 58,434 | 58,526 | 59,599 | 59,766 | 59,707 | 60,069 |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 59,921 | 61,064 | 61,156 | 61,317 | 61,174 | 60,705 | 59,923 | 59,559 | 60,990 | 61,062 | 61,818 | 62,121 |
| 1/18 | 2/18 | 3/18 | 4/18 | 5/18 | 6/18 | 7/18 | 8/18 | 9/18 | 10/18 | 11/18 | 12/18 |
| 62,123 | 62,908 | 63,067 | 62,561 | 62,360 | 61,349 | 61,433 | 61,593 | 62,181 | 62,929 | 63,084 | 63,642 |
| 1/19 | 2/19 | 3/19 | 4/19 | 5/19 | 6/19 | 7/19 | 8/19 | 9/19 | 10/19 | 11/19 | 12/19 |
| 63,818 |
And unemployed…(,000)
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 1,164 | 1,159 | 1,121 | 1,088 | 1,407 | 1,478 | 1,585 | 1,779 | 1,539 | 1,647 | 1,786 | 1,802 |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 2,238 | 2,137 | 2,292 | 2,164 | 2,373 | 2,720 | 3,034 | 2,925 | 2,859 | 2,593 | 2,530 | 2,509 |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 2,762 | 2,637 | 2,600 | 2,464 | 2,450 | 2,644 | 2,687 | 2,762 | 2,381 | 2,417 | 2,525 | 2,468 |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 2,557 | 2,435 | 2,381 | 2,196 | 2,419 | 2,598 | 2,742 | 2,671 | 2,450 | 2,410 | 2,336 | 2,303 |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 2,410 | 2,336 | 2,330 | 2,062 | 2,275 | 2,472 | 2,666 | 2,556 | 2,245 | 2,170 | 2,077 | 2,221 |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 2,211 | 2,164 | 2,020 | 1,980 | 1,990 | 2,358 | 2,286 | 2,130 | 1,978 | 1,930 | 1,749 | 1,637 |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 1,784 | 1,845 | 1,890 | 1,642 | 1,795 | 2,001 | 2,011 | 1,930 | 1,617 | 1,582 | 1,656 | 1,568 |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 1,741 | 1,601 | 1,398 | 1,435 | 1,460 | 1,714 | 1,807 | 1,686 | 1,414 | 1,312 | 1,276 | 1,208 |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 1,404 | 1,456 | 1,477 | 1,251 | 1,305 | 1,712 | 1,782 | 1,869 | 1,652 | 1,506 | 1,382 | 1,361 |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 1,425 | 1,313 | 1,265 | 1,254 | 1,208 | 1,440 | 1,656 | 1,731 | 1,463 | 1,285 | 1,266 | 1,290 |
| 1/18 | 2/18 | 3/18 | 4/18 | 5/18 | 6/18 | 7/18 | 8/18 | 9/18 | 10/18 | 11/18 | 12/18 |
| 1,374 | 1,301 | 1,310 | 1,134 | 1,083 | 1,575 | 1,539 | 1,591 | 1,299 | 1,246 | 1,330 | 1,368 |
| 1/19 | 2/19 | 3/19 | 4/19 | 5/19 | 6/19 | 7/19 | 8/19 | 9/19 | 10/19 | 11/19 | 12/19 |
| 1,607 |
For a total Management, Professional & Related workforce of…(,000)
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 53,329 | 53,657 | 53,802 | 53,907 | 53,951 | 54,213 | 54,240 | 54,405 | 54,643 | 55,132 | 55,060 | 54,350 |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 54,596 | 54,333 | 54,637 | 54,761 | 54,629 | 54,496 | 54,844 | 54,649 | 55,045 | 55,574 | 54,793 | 54,640 |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 54,921 | 54,961 | 54,763 | 54,819 | 54,289 | 54,058 | 53,661 | 53,641 | 54,138 | 54,235 | 54,788 | 54,172 |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 54,423 | 54,992 | 55,624 | 55,412 | 55,197 | 54,718 | 54,404 | 54,668 | 55,115 | 55,274 | 55,123 | 55,111 |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 55,562 | 55,544 | 56,101 | 56,117 | 56,431 | 56,318 | 55,831 | 56,252 | 56,900 | 57,393 | 57,028 | 56,856 |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 56,425 | 56,727 | 56,741 | 56,747 | 56,730 | 56,681 | 56,350 | 56,645 | 56,991 | 57,085 | 57,332 | 56,517 |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 56,880 | 57,346 | 57,926 | 57,538 | 57,997 | 57,715 | 57,392 | 57,576 | 57,982 | 58,341 | 58,766 | 58,456 |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 59,108 | 59,197 | 59,203 | 59,388 | 59,615 | 59,424 | 59,199 | 58,974 | 59,519 | 59,768 | 59,943 | 60,238 |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 60,418 | 61,039 | 61,557 | 60,941 | 60,918 | 60,893 | 60,216 | 60,395 | 61,251 | 61,272 | 61,089 | 61,430 |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 61,346 | 62,377 | 62,421 | 62,571 | 62,382 | 62,145 | 61,579 | 61,290 | 62,453 | 62,347 | 63,084 | 63,411 |
| 1/18 | 2/18 | 3/18 | 4/18 | 5/18 | 6/18 | 7/18 | 8/18 | 9/18 | 10/18 | 11/18 | 12/18 |
| 63,497 | 64,209 | 64,377 | 63,695 | 63,443 | 62,924 | 62,972 | 63,184 | 63,480 | 64,175 | 64,414 | 65,010 |
| 1/19 | 2/19 | 3/19 | 4/19 | 5/19 | 6/19 | 7/19 | 8/19 | 9/19 | 10/19 | 11/19 | 12/19 |
| 65,425 |
Management, Business and Financial Operations – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 2.3% | 2.3% | 2.2% | 2.1% | 2.7% | 2.5% | 2.6% | 2.8% | 2.8% | 3.0% | 3.6% | 3.9% |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 4.6% | 4.5% | 4.5% | 4.4% | 4.6% | 4.8% | 4.9% | 5.0% | 5.2% | 5.4% | 5.4% | 5.2% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 5.2% | 5.1% | 5.4% | 5.1% | 4.9% | 4.8% | 4.7% | 4.9% | 4.3% | 5.0% | 5.5% | 5.7% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 5.3% | 4.9% | 4.8% | 4.6% | 4.9% | 4.6% | 4.6% | 4.6% | 4.6% | 4.7% | 4.6% | 4.4% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 4.5% | 4.4% | 4.4% | 4.0% | 4.1% | 3.8% | 3.8% | 3.7% | 3.5% | 3.6% | 3.8% | 4.1% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 4.0% | 3.9% | 3.5% | 3.5% | 3.8% | 3.5% | 3.1% | 3.4% | 3.3% | 3.7% | 3.2% | 3.1% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 3.4% | 3.6% | 3.5% | 3.2% | 3.3% | 2.8% | 2.7% | 2.6% | 2.4% | 2.7% | 2.7% | 2.5% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 3.0% | 2.8% | 2.6% | 2.6% | 2.9% | 2.4% | 2.3% | 2.2% | 2.4% | 2.2% | 2.1% | 1.9% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 2.3% | 2.6% | 2.5% | 2.4% | 2.4% | 2.5% | 2.4% | 2.5% | 2.8% | 2.5% | 2.3% | 2.4% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 2.5% | 2.4% | 2.4% | 2.2% | 1.8% | 1.9% | 1.9% | 2.4% | 2.5% | 1.9% | 1.9% | 2.0% |
| 1/18 | 2/18 | 3/18 | 4/18 | 5/18 | 6/18 | 7/18 | 8/18 | 9/18 | 10/18 | 11/18 | 12/18 |
| 2.0% | 2.0% | 2.0% | 1.8% | 1.7% | 2.1% | 1.9% | 2.0% | 2.1% | 2.0% | 2.1% | 2.2% |
| 1/19 | 2/19 | 3/19 | 4/19 | 5/19 | 6/19 | 7/19 | 8/19 | 9/19 | 10/19 | 11/19 | 12/19 |
| 2.5% |
Professional & Related – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 2.1% | 2.1% | 2.0% | 2.0% | 2.5% | 2.9% | 3.2% | 3.6% | 2.8% | 3.0% | 3.0% | 2.9% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 4.9% | 4.6% | 4.3% | 4.1% | 4.3% | 5.0% | 5.2% | 5.3% | 4.4% | 4.1% | 4.1% | 3.8% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 4.3% | 4.1% | 3.9% | 3.5% | 4.0% | 4.9% | 5.3% | 5.1% | 4.4% | 4.1% | 4.0% | 4.0% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 4.2% | 4.1% | 4.0% | 3.5% | 4.0% | 4.8% | 5.5% | 5.2% | 4.3% | 3.9% | 3.5% | 3.8% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 3.8% | 3.8% | 3.6% | 3.4% | 3.3% | 4.6% | 4.7% | 4.0% | 3.6% | 3.1% | 2.9% | 2.7% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 2.9% | 3.0% | 3.1% | 2.6% | 2.9% | 4.0% | 4.1% | 3.9% | 3.1% | 2.7% | 2.9% | 2.8% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 2.9% | 2.7% | 2.2% | 2.3% | 2.1% | 3.2% | 3.6% | 3.3% | 2.4% | 2.2% | 2.2% | 2.1% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 2.4% | 2.2% | 2.3% | 1.8% | 2.0% | 3.1% | 3.4% | 3.5% | 2.6% | 2.4% | 2.2% | 2.1% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 2.2% | 1.9% | 1.8% | 1.8% | 2.0% | 2.6% | 3.3% | 3.1% | 2.3% | 2.2% | 2.0% | 2.1% |
| 1/18 | 2/18 | 3/18 | 4/18 | 5/18 | 6/18 | 7/18 | 8/18 | 9/18 | 10/18 | 11/18 | 12/18 |
| 2.3% | 2.0% | 2.1% | 1.8% | 1.7% | 2.8% | 2.8% | 2.9% | 2.0% | 1.9% | 2.1% | 2.1% |
| 1/19 | 2/19 | 3/19 | 4/19 | 5/19 | 6/19 | 7/19 | 8/19 | 9/19 | 10/19 | 11/19 | 12/19 |
| 2.4% |
Sales & Related – Unemployment Rate
| 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 | 10/08 | 11/08 | 12/08 |
| 5.2% | 5.2% | 4.8% | 4.3% | 5.1% | 5.6% | 6.2% | 6.3% | 5.7% | 6.1% | 6.5% | 7.0% |
| 1/09 | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 | 9/09 | 10/09 | 11/09 | 12/09 |
| 7.7% | 8.4% | 8.9% | 8.6% | 8.9% | 9.1% | 8.3% | 8.7% | 8.9% | 9.5% | 9.1% | 8.9% |
| 1/10 | 2/10 | 3/10 | 4/10 | 5/10 | 6/10 | 7/10 | 8/10 | 9/10 | 10/10 | 11/10 | 12/10 |
| 10.1% | 10.2% | 9.7% | 9.2% | 9.6% | 9.4% | 10.1% | 9.0% | 9.4% | 9.1% | 8.8% | 8.3% |
| 1/11 | 2/11 | 3/11 | 4/11 | 5/11 | 6/11 | 7/11 | 8/11 | 9/11 | 10/11 | 11/11 | 12/11 |
| 9.3% | 9.0% | 8.5% | 8.5% | 9.4% | 9.7% | 9.4% | 8.6% | 9.4% | 8.2% | 7.8% | 7.7% |
| 1/12 | 2/12 | 3/12 | 4/12 | 5/12 | 6/12 | 7/12 | 8/12 | 9/12 | 10/12 | 11/12 | 12/12 |
| 8.2% | 7.9% | 8.1% | 7.6% | 7.9% | 8.4% | 8.3% | 8.6% | 7.9% | 7.0% | 7.3% | 7.0% |
| 1/13 | 2/13 | 3/13 | 4/13 | 5/13 | 6/13 | 7/13 | 8/13 | 9/13 | 10/13 | 11/13 | 12/13 |
| 8.5% | 8.2% | 7.7% | 6.9% | 7.1% | 6.7% | 6.9% | 7.2% | 7.5% | 7.3% | 7.0% | 6.3% |
| 1/14 | 2/14 | 3/14 | 4/14 | 5/14 | 6/14 | 7/14 | 8/14 | 9/14 | 10/14 | 11/14 | 12/14 |
| 7.1% | 7.7% | 6.8% | 5.8% | 6.8% | 6.1% | 6.2% | 5.6% | 5.4% | 5.2% | 5.3% | 5.0% |
| 1/15 | 2/15 | 3/15 | 4/15 | 5/15 | 6/15 | 7/15 | 8/15 | 9/15 | 10/15 | 11/15 | 12/15 |
| 5.8% | 5.2% | 5.8% | 5.5% | 5.8% | 5.6% | 5.8% | 5.4% | 5.6% | 5.3% | 5.1% | 4.3% |
| 1/16 | 2/16 | 3/16 | 4/16 | 5/16 | 6/16 | 7/16 | 8/16 | 9/16 | 10/16 | 11/16 | 12/16 |
| 5.0% | 4.4% | 4.4% | 5.2% | 5.1% | 4.9% | 4.9% | 4.8% | 5.2% | 4.4% | 4.6% | 4.6% |
| 1/17 | 2/17 | 3/17 | 4/17 | 5/17 | 6/17 | 7/17 | 8/17 | 9/17 | 10/17 | 11/17 | 12/17 |
| 5.2% | 4.3% | 3.9% | 4.2% | 4.5% | 4.8% | 4.2% | 4.2% | 3.7% | 4.0% | 4.1% | 3.8% |
| 1/18 | 2/18 | 3/18 | 4/18 | 5/18 | 6/18 | 7/18 | 8/18 | 9/18 | 10/18 | 11/18 | 12/18 |
| 4.6% | 4.5% | 4.5% | 4.1% | 4.2% | 4.4% | 4.0% | 3.5% | 4.0% | 3.6% | 3.7% | 3.6% |
| 1/19 | 2/19 | 3/19 | 4/19 | 5/19 | 6/19 | 7/19 | 8/19 | 9/19 | 10/19 | 11/19 | 12/19 |
| 4.5% |