Bureau of Labor Statistics: August Employment Situation Summary
USA Unemployment Rate Edges Up To 9.6% in August
The USA unemployment rate (U-3) increased slightly +0.1% to 9.6% in August. The unemployment rate has ranged from 9.5% to 9.9% in 2010, peaking in April. The rate has peaked during this recession in October, November, and December 2009 at 10.1%, 10.0%, and 10.0% respectively. The USA Underemployment Rate (U-6) also increased slightly +0.2% to 16.7% (chart at bottom of page). The chart below shows the last 36 months (3 years) of the USA unemployment rate.
USA Nonfarm Employment Decreases -54,000
USA nonfarm employment (private sector + government sector employment) decreased -54,000 (preliminary) in August, the same as the revised July decrease. This was less than the consensus estimate of about -110,000 decrease. Private sector employment increased +67,000 while government sector employment decreased -121,000, resulting in the net decrease of -54,000 in July. The BLS attributed a loss -114,000 government sector jobs to the end of the USA census project.
The August decrease in total nonfarm employment of -54,000 was modest. More significant was the revised June and July decreases. June was revised to -175,000 from -221,000, a net increase of +46,000 jobs. July was revised to -54,000 (same as August preliminary) from -131,000, a net increase of +77,000 jobs. That is a total revision upwards of +123,000 jobs for June and July. Therefore, the June and July job losses nationwide were not as severe as originally estimated.
The chart below shows the last 36 months (3 years) of the monthly net change in USA nonfarm employment. After 5 consecutive months of net employment gains (January through May 2010), there now have been 3 consecutive months of net employment losses (June through August 2010). There has still been a net jobs increase of +723,000 for 2010 YTD. This was after a dismal 22 consecutive months of job losses from January 2008 through October 2009.
Additional Labor Charts
Below are additional charts for USA Total Unemployed and USA Underemployed Rate (U-6).
*All chart data is from the U.S. Bureau of Labor Statistics*
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