BLS Analysis for October 2014

Bob Marshall’s October 2014 BLS Analysis for Recruiters; 11/7/14

 

October BLS Preface

 

TBMG News

 

Bob Marshall – Training/Coaching Updates:

 

 

F-O-R-T-U-N-E Personnel Consultants presentation is complete!

 

I just returned to Atlanta last night from my quick two days in Charleston, SC as the keynote speaker at the F-O-R-T-U-N-E (FPC National) 2014 Owners Conference at The Belmond Charleston Place—a beautiful property!

 

The title of my presentation was:  “The Marshall Plan – Your Desk as a Manufacturing Plant”.

 

I want to thank Ron Herzog, CEO & President; Jeff Herzog, Executive VP & Chief Development Officer; Sue Kanrich, Director of Training and Operations; Jeff Schonberg, Director of Franchise Development; and all of the FPC attendees for their warm welcome.  As many of you know, Alan Schonberg was a key motivator in my 35-year recruitment career and now Jeff, his son, sells franchises for FPC.  If you are interested in finding out more about FPC, you can reach Jeff directly at:  jschonberg@FPCNational.com.

 

 

The Newport Group (TNG), Encinitas, CA, December 10-11, 2014 (tentative)

 

Right now we are in discussions to put a plan together to visit The Newport Group (TNG) four times during the next twelve months.  If this comes to fruition, my first two-day training visit to TNG will be December 10-11.  More details to follow.

 

 

COACHING**

 

**Now, if you are serious about increasing your billings, give my prized ‘$1,000,000 billing in one year’ coaching client, David Thaler (502-531-9890), a call.  He will let you know what I did for him and what I can do for you to help you reach your maximum potential.  If you are ready to invest in yourself and to receive the info you need, to bill at high levels, I can give you that information.  Then it will be up to you to execute.  The ball is in your court.

 

New for 2014, all of my coaching will be based on my new “TBMG 20 WEEK TRAINING FORMAT”.  The syllabus for the format is available upon request.

 

*The descriptions of my coaching plans, and all of my products, are available to you on my website:  www.themarshallplan.org or you can reach me at 770-898-5550 or email me at:  bob@themarshallplan.org.

 

 

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.

 

 

GDP growth in Q3 beats expectations

Daily News, October 30, 2014

 

US real gross domestic product increased at an annual rate of 3.5% in the 3rd quarter, according to the “advance” estimate by the U.S. Department of Commerce, released today.  In the 2nd quarter, real GDP increased 4.6%.  Bloomberg reported today’s GDP announcement marks the strongest back-to-back readings since the last 6 months of 2003 and exceeded the median forecast of 87 economists surveyed by Bloomberg, which called for a 3% advance.

 

However, The Conference Board said that the strong top-line GDP growth overstates the strength in the economy.

 

“The growth in household consumption was disappointing, and business investment grew only moderately.  Despite extremely low interest rates, residential investment continues to grow unusually slowly, partly a result of very weak household formation,” the statement read.

 

The Conference Board expects the US economy to grow at about a 2.5% rate on average in the coming quarters.

 

“If moderate economic growth and therefore the current pace of job creation are sustained, we could even see some pickup next year in wage growth, and a first Fed hike by mid-2015,” it reported.

 

Growth in the staffing industry is strongly correlated with GDP growth, according to research from Staffing Industry Analysts

 

 

Millennials have key business skills, Elance-oDesk survey finds

Daily News, October 29, 2014

 

Millennials (born after 1978) are the generation considered best at key skills businesses require to remain agile and innovative, according to the 2015 Millennial Majority Workforce report released today be online staffing firm Elance-oDesk and Millennial Branding, a Gen Y consulting firm.

 

68% of hiring managers surveyed said millennials have skills prior generations do not, and 82% feel that millennials are technologically adept.  In addition, 60% of hiring managers agreed millennials are quick learners.

 

However, 53%, of hiring managers reported difficulty finding and retaining millennial talent, compared to only 14% who said it was “easy.”  The study also found that 58% of millennials expect to stay in their jobs fewer than 3 years.  This contrasts with previous generations, with Gen X — born between 1965 and 1977 — leaving a company in 5 years on average and Baby Boomers —born between 1947 and 1964 — leaving in 7 years on average.

 

The report found 80% of hiring managers view millennials as possessing “narcissistic” qualities, while 20% thought the same of Gen Xers.

 

“Hiring managers express the unflattering belief that millennials are more narcissistic than the previous generation.  At the same time, they view millennials as more open to change, creative and entrepreneurial, the very qualities that fuel agility and innovation,” said Jaleh Bisharat, SVP of Marketing at Elance-oDesk.  “That millennials are different is to be expected — they need to be.  They are inventing what it means to be successful in a technology-driven world where workdays are infinite, needs change on a dime and independence and flexibility are at a premium.”

 

Millennials will be the largest generation in the U.S. workforce as of 2015, according to the Bureau of Labor Statistics.

 

The survey was conducted in the US and included 1,039 millennials (21 to 22 years old, with a bachelor’s, master’s degree or postgraduate degree) and 200 hiring managers (33-plus years old and responsible for recruitment or HR strategy within their business).

 

 

The new ADP/Moody’s National Employment Report:  97% of all new job growth in October 2014 came from Small and Mid-size Companies

November 5, 2014

 

Private sector employment increased by 230,000 jobs from September to October (up from the increase of 213,000 jobs last month), according to the October ADP National Employment Report®, which is produced by ADP®, a leading global provider of Human Capital Management (HCM) 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.

 

By Company Size

 

Small businesses: 102,000

1-19 employees 53,000

20-49 employees 49,000

 

Medium businesses: 122,000

50-499 employees 122,000

 

Large businesses: 5,000

500-999 employees 14,000

1,000+ employees <-8,000>

 

By Sector

 

Goods producing 48,000

Service providing 181,000

 

Industry Snapshot

 

Construction 28,000

Manufacturing 15,000

Trade/transportation/utilities 47,000

Financial activities 4,000

Professional/business services 53,000

 

Goods-producing employment rose by 48,000 jobs in October, down slightly from 50,000 jobs gained in September.  The construction industry added 28,000 jobs over the month, above last month’s gain of 13,000.  Meanwhile, manufacturing added 15,000 jobs in October, down by over half from September’s 33,000 which was the highest total in that sector since March 2011.

 

Service-providing employment rose by 181,000 jobs in October, up from 176,000 in September.  The report indicates that professional/business services contributed 53,000 jobs in October.  Expansion in trade/transportation/utilities grew by 47,000, up from September’s 37,000.  The 4,000 new jobs added in financial activities was less than half of last month’s number.

 

“Employment continues to trend upward as we begin the last quarter of 2014, driven mostly by small to mid-sized companies,” said Carlos Rodriguez, president and chief executive officer of ADP.  “October’s job growth is the highest since June and the second highest gain of 2014.”

 

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is steadily picking up pace.  Job growth is strong and broad-based across industries and company sizes.  At this pace of job growth unemployment and underemployment is quickly declining.  The job market will soon be tight enough to support a meaningful acceleration in wage growth.”

 

(The November 2014 ADP National Employment Report will be released at 8:15 a.m. ET on December 3, 2014).

 

Due to the important contribution that small businesses make to economic growth, employment data that are 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.

 

October 2014 Small Business Report Highlights

 

Total Small Business Employment:             102,000

 

  • By Size
 
►1-19 employees 53,000
►20-49 employees 49,000
  • By Sector for 1-49 Employees
 
►Goods Producing 11,000
►Service Producing 91,000
  • By Sector for 1-19 Employees
 
►Goods Producing 5,000
►Service Producing 48,000
  • By Sector for 20-49 Employees
 
►Goods Producing 6,000
►Service Producing 44,000

 

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 Structural Unemployment

 

On October 7th, the BLS reported that there were 4,800,000 job openings on the last business day of August, up from the 4,600,000 in JulyThe 4,800,000 reflects published openings comprised of jobs that are advertised either online or in print format.

 

The hires rate (3.3%) was down and the separations rate (3.2%) was essentially unchanged in August.  Within separations, the quits rate (1.8%) was unchanged and the layoffs and discharges rate (1.1%) was little changed.  This release includes estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by industry and by four geographic regions.

 

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 August 2014, hires totaled 56.2 million and separations totaled 53.6 million, yielding a net employment gain of 2.5 million.  These

figures include workers who may have been hired and separated more than once during the year.

 

(The Job Openings and Labor Turnover Survey results for September 2014 are scheduled to be released on Thursday, November 13, 2014).

 

As we recruiters know, that 4,800,000 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 4,800,000 published job openings now become a total of 24.000,000 published and hidden job orders.

 

In October there were 8,995,000 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 8,995,000 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 Edged Up 11,700 in October

November 5, 2014

 

  • Online labor demand continues on a slow growth trend in 2014
  • Most states and MSAs showed small gains in October

 

Online advertised vacancies rose 11,700 to 5,083,600 in October, according to The Conference Board Help Wanted OnLine® (HWOL) Data Series, released November 5, 2014.  The September Supply/Demand rate stands at 1.83 unemployed for each advertised vacancy, with a total of 4,200,000 more unemployed workers than the number of advertised vacancies. The number of unemployed was 9,300,000 in September.

 

“U.S. labor demand continues on a steady, slow growth trend, maintaining historically high demand levels with over 5,000,000 ads each month,” said Gad Levanon, Director of Macroeconomics and Labor Markets at The Conference Board. “The data continue to indicate a strong U.S. labor market.”

 

In October, the Services/Production occupational category saw a gain, while the Professional category saw a small loss. Sales (22,100) and Transportation (23,800) bounced back from large September losses with most other occupational categories showing just small increases/decreases.

 

The Conference Board Help Wanted OnLine® Data Series (HWOL) measures the number of new, first-time online jobs and jobs reposted from the previous month for over 16,000 Internet job boards, corporate boards and smaller job sites that serve niche markets and smaller geographic areas.

 

(The November 2014 Conference Board Help Wanted OnLine® (HWOL) Data Series will be released at 10:00 am ET on Wednesday, December 3rd, 2014).

 

 

U-6 Update

 

In October, 2014 the regular unemployment number was 5.8%, but the broader U-6 measure was 11.5%, almost twice as high as the regular unemployment figure.

 

The above 11.5% is referred to as the U6 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 year and over.

 

 

Here is a look at the October U-6 numbers for the past 11 years:

 

October 2013              13.8%

October 2012              14.5%

October 2011              16.0%

October 2010              17.0%

October 2009              17.4%

October 2008              12.0%

October 2007              8.4%

October 2006              8.1%

October 2005              8.6%

October 2004              9.7%

October 2003              10.2%

 

 

The October BLS Analysis

 

The unemployment rate is published by the Bureau of Labor Statistics, a division of the US Department of Labor.  The rate is found by dividing the number of unemployed by the total civilian labor force.  On November 7th, 2014, the BLS published the most recent unemployment rate for October, 2014 of 5.8% (actually it is 5.756%, down by .208% from 5.942% in September, 2014).

 

The unemployment rate was determined by dividing the unemployed of 8,995,000 (—down from the month before by 267,000—since October, 2013 this number has decreased by 2,145,000) by the total civilian labor force of 156,278,000 (up by 416,000 from September, 2014).  Since October 2013, our total civilian labor force has increased by 1,653,000 workers.

 

(The continuing ‘Strange BLS Math’ saga):  The BLS continues to increase the total Civilian Noninstitutional Population—this time up to 248,657,000.  This is an increase of 211,000 from last month’s increase.  In one year’s time this population has increased by 2,276,000.  The Civilian Noninstitutional Population has increased each month…

 

Up from September 2014 by 211,000
Up from August 2014 by 217,000
Up from July 2014 by 206,000
Up from June 2014 by 209,000
Up from May 2014 by 192,000
Up from April 2014 by 183,000
Up from March 2014 by 181,000
Up from February 2014 by 173,000
Up from January 2014 by 170,000
Up from December 2013 by 170,000
Up from November 2013 by 178,000
Up from October 2013 by 186,000
Up from September 2013 by 213,000
Up from August 2013 by 209,000
Up from July 2013 by 203,000
Up from June 2013 by 204,000
Up from May 2013 by 189,000
Up from April 2013 by 188,000
Up from March 2013 by 180,000
Up from February 2013 by 167,000
Up from January 2013 by 165,000
Up from December 2012 by 313,000
Up from November 2012 by 176,000
Up from October 2012 by 191,000
Up from September 2012 by 211,000
Up from August 2012 by 206,000
Up from July 2012 by 212,000
Up from June 2012 by 199,000
Up from May 2012 by 189,000
Up from April 2012 by 182,000
Up from March 2012 by 180,000
Up from February 2012 by 169,000
Up from January 2012 by 335,000
Up from December 2011 by 2,020,000

 

And this month the BLS has increased the Civilian Labor Force to 156,278,000 (up from September by 416,000).

 

Subtract the second number (‘civilian labor force’) from the first number (‘civilian noninstitutional population’) and you get 92,379,000 (not the reported 92,378,000) ‘Not in Labor Force’—down by 206,000 from last month’s 92,584,000.  Since October, 2013, 622,000 US workers have vanished!  (BTW, this is a major reversal from last month’s 1,889,000 vanished worker figure!)  Where did those 622,000 potential workers disappear to in one year’s time?  I am assuming they still have to eat and pay their rent.  They still need money, don’t they?  The government tells us that 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 live 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 one-tenth to 62.8%.  October 2014 now shares the low rate of 62.8% recorded in April, May, June and August of this year and October and December of last year.  And, before these seven months, the lowest rate since March 1978—just over one year into President Carter’s term of office, 36 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 October was 2.7% (this rate dropped .1% from last month’s 2.8%).  Or, you can look at it another way.  We usually place people who have college degrees.  That unemployment rate in October was 3.1% (this rate increased by .2% from last month’s 2.9%).

 

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!

 

 

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 October 30th, the Bureau of Economic Analysis announced the 3rd quarter, “advance” estimate, of our real gross domestic product (GDP) — the output of goods and services produced by labor and property located in the United States.  GDP increased at an annual rate of 3.5% in the third quarter of 2014 (that is, from the second quarter of 2014 to the third quarter of 2014), according to the “advance” estimate released by the Bureau of Economic Analysis.  In the second quarter, real GDP increased 4.6%.  In the first quarter, real GDP decreased 2.1%.

 

The Bureau emphasized that the third-quarter “advance” estimate is based on source data that are incomplete or subject to further revision by the source agency.

 

The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, nonresidential fixed investment, federal government spending, and state and local government spending that were partly offset by a negative contribution from private inventory investment.  Imports, which are a subtraction in the calculation of GDP, decreased.

 

The deceleration in the percent change in real GDP reflected a downturn in private inventory investment and decelerations in PCE, in nonresidential fixed investment, in exports, in state and local government spending, and in residential fixed investment that were partly offset by a downturn in imports and an upturn in federal government spending.

 

*The economy needs to expand at about 3% to keep the unemployment rate from rising.

 

(The “second” estimate for the third quarter 2014, based on more complete data, will be released on November 25th, 2014).

 

 

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:

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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:

 

  1. Length of unemployment – Some studies indicate that an important factor influencing a workers decision to accept a new job is directly related to the length of the unemployment benefit they are receiving. As of August 25th, workers in most states are eligible for up to 26 weeks of benefits from the regular state-funded unemployment compensation program, although 8 states provide fewer weeks and 2 provide more.  (Emergency Unemployment Compensation, a temporary federal program that provided additional weeks of benefits to workers who exhausted their regular state UI before finding a job, expired at the end of 2013 and efforts to revive it have been unsuccessful so far.)  Studies suggest that additional weeks of benefits reduce the incentive of the unemployed to seek and accept less desirable jobs.

 

  1. Changes in GDP – Since hiring workers takes time, the improvement in the unemployment rate usually lags behind 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 take a look at the past few years of unemployment in the October “management, professional and related” types of worker category, you will find the following rates:

 

October 2013              3.4%

October 2012              3.8%

October 2011              4.4%

October 2010              4.5%

October 2009              4.7%

October 2008              3.0%

October 2007              2.0%

October 2006              1.9%

October 2005              2.2%

October 2004              2.4%

October 2003              2.9%

October 2002              2.8%

 

Here are the rates, during those same time periods, for “college-degreed” workers:

 

October 2013              3.8%

October 2012              3.7%

October 2011              3.6%

October 2010              4.7%

October 2009              4.7%

October 2008              3.1%

October 2007              2.1%

October 2006              1.9%

October 2005              2.3%

October 2004              2.5%

October 2003              3.1%

October 2002              3.0%

 

So, while October’s 2014 rates for these two categories, 2.7% and 3.1%, respectively, are trending very positively, when looking at the big picture, it’s not anything to be very happy about either—especially when we see how well we had it during the 2004-2007 time frame.  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 unemployment rate, we still need to market to find the best possible job orders and we still need to recruit to find the best possible candidates.

 

Below are the numbers for the over 25 year olds:

 

Less that 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%

 

 

 

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%

 

 

 

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%

 

 

 

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
3.8% 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
4.9% 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
3.2% 3.4% 3.4% 3.3% 3.2% 3.3% 3.1% 3.2% 2.9% 3.1%

 

 

 

 

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%

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

 

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

 

 

 

 

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%

 

 

 

 

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%

 

 

 

 

 

 

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%