august jobs webinar with the department of labor
DESCRIPTION
Heidi Shierholz, Chief Economist at the U.S. Department of Labor, discussed the August jobs report with Business Forward.TRANSCRIPT
The Labor Market Situation in August
September 8, 2014
Dr. Heidi Shierholz Chief Economist
UNITED STATES DEPARTMENT OF LABOR
1 1 Filename/RPS Number Office of Economic Policy 1
Total nonfarm employment up 142,000 Private sector employment up 134,000
1-month change, in thousands
• August 2014 142
• July 2014 212
• June 2014 267
12-month change, in thousands
• August2013 to 2014: 2,482
• Average: 207
Source: Bureau of Labor Statistics, Current Employment Statistics www.bls.gov/ces
2 2 Filename/RPS Number Office of Economic Policy 2
Private sector employment up 134,000 Total nonfarm employment up 142,000
1-month change, in thousands
• August 2014 134
• July 2014 213
• June 2014 260
12-month change, in thousands
• August2013 to 2014: 2,438
• Average: 203
Source: Bureau of Labor Statistics, Current Employment Statistics www.bls.gov/ces
3 3 Filename/RPS Number Office of Economic Policy 3
Employment growth by super-sector this month
0.2%
0.2%
0.3%
0.1%
0.0%
0.1%
0.1%
0.1%
0.2%
0.3%
0.0%
0.0%
-0.1%
-0.1% -8
-3
0
1
2
2
7
7
8
8
15
20
37
47
-15.0 0.0 15.0 30.0 45.0 60.0
Retail Trade
Information
Manufacturing
Transportation and Warehousing
Utilities
Mining and Logging
Wholesale Trade
Financial Activities
Other Services
Government
Leisure and Hospitality
Construction
Education and Health Services*
Professional and Business Services*
Over-the-month employment change, August 2013, seasonally adjusted, in thousands
1-Month Net Change
Prior 12-month average
*denotes significance
Over-the-month employment change, August 2014, seasonally adjusted, in thousands
Source: Bureau of Labor Statistics, Current Employment Statistics www.bls.gov/ces
4 4 Filename/RPS Number Office of Economic Policy 4
Unemployment rate rounded down, Long-term unemployment ticked down,
Civilian unemployment rate, by duration of unemployment, January 1990 to August 2014, seasonally adjusted
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
4.4
1.9
6.8
4.2
10.0
6.1
5 5 Filename/RPS Number Office of Economic Policy 5
Labor force participation ticked down essentially flat since August 2013
August 2014: 62.8 %
July 2014: 62.9 %
June 2014: 62.8 %
August 2013: 63.2 %
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
Civilian Labor Force Participation Rate, January 1990 to August 2014, seasonally adjusted
6 6 Filename/RPS Number Office of Economic Policy 6
Employment rate unchanged, essentially flat since December 2013
August 2014: 76.8 %
July 2014: 76.6 %
June 2014: 76.7 %
August 2013: 75.9 %
Employment-to-population ratio, age 25 to 54 January 1990 to August 2014, seasonally adjusted
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
7 7 Filename/RPS Number Office of Economic Policy 7
What’s going on with part-time employment?
Full and part-time employment, part time for economic and noneconomic reasons, Percent change since December 2007, seasonally adjusted
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
8 8 Filename/RPS Number Office of Economic Policy 8
More jobseekers gave up looking than found work.
Labor Force Status Flows out of Unemployment, January 1990 to August 2014, seasonally adjusted
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
9 9 Filename/RPS Number Office of Economic Policy 9
Long-term unemployed are increasingly more likely to leave the labor force than find employment
Unemployed 27 weeks or more Labor Force Status Flows, January 1990 to August 2014, percent of total, 12-month moving average
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
10 10 Filename/RPS Number Office of Economic Policy 10
Dropping out of labor force only slightly more likely for long-term unemployed, compared to short-term unemployed
Unemployed to not in the labor force, by duration of unemployment, January 1990 to August 2014, percent of total, 12-month moving average
Source: Bureau of Labor Statistics, Current Population Survey www.bls.gov/cps
11 11 Filename/RPS Number Office of Economic Policy 11
Hourly earnings have remained flat
Average hourly earnings, all private sector employees, January 2007 to August 2014, seasonally adjusted
Source: Bureau of Labor Statistics, Current Employment Statistics, www.bls.gov/ces
Dr. Heidi Shierholz Chief Economist
UNITED STATES DEPARTMENT OF LABOR