Monday, March 26, 2012
USA Unemployment Rate Continues at 8.3%, Jobs Remaining to Be Restored 5.3 Million
Bureau of Labor Statistics: Employment Situation Summary
USA Jobs The February 2012 Unemployment Rate remained at 8.3% and the Underemployment Rate dipped to 14.9%. These are post-recession lows, the lowest since February 2009 and January 2009, respectively. The USA economy created 227,000 jobs, the 17th consecutive month of job gains. Net job losses were 8.67 million during the 2008 - 2009 Great Recession. Net job gains have been 3.38 million in the subsequent 2010 - 2012 recovery, leaving 5.29 million jobs to be restored. A high hurdle still confronts the United States to maximize employment, but at least the trend continues slowly in a positive direction.
Unemployment Rate Per the Household Survey Data, the unemployment rate (U-3) remained at 8.3% (preliminary) in February 2012, the lowest since February 2009 (8.2%). The Great Recession cyclical peak was in October 2009 at 10.1%.
Underemployment Rate Per the Household Survey Data, the underemployment rate (U-6) decreased to 14.9% (preliminary) in February 2012, which is a 36-month low, the lowest since February 2009 (15.0%). The Great Recession cyclical peak was in October 2009 at 17.4%.
Total Nonfarm Employment Monthly Net Change Per the Establishment Survey Data, total nonfarm employment monthly net change was +227,000 (preliminary) in February 2012. The total nonfarm employment job losses bottomed during the Great Recession at -818,000 in January 2009. The best jobs gain subsequently has been +516,000 in May 2010, which was mostly attributable to the hiring of census workers. The best non-census jobs gains has been +284,000 in January 2012.
USA Net Jobs Gain (Loss) by Year Per the Establishment Survey Data, total nonfarm employment by year illustrates the Great Recession job losses and subsequent insufficient Recovery rebound. 2007 was the last year to create jobs before the Great Recession, at +902,000 jobs gained. Great Recession job losses began in 2008 at -3.60 million. 2009 was even worse at -5.06 million. This resulted in a total of -8.66 million jobs lost during the Great Recession in 2008 and 2009. Total jobs regained in the 2010 - 2012 recovery to-date have been 3.38 million. The 2012 annual jobs gains is extrapolated from the months reported year-to-date. The pace of job creation in 2012 is on track to create 3+ million jobs.