Economy Adds 257,000 Jobs in January

The economy added 257,000 jobs in January and the unemployment rate ticked slightly up to 5.7% from December’s 5.6%, according to figures released this morning by the U.S. Bureau of Labor Statistics.

The number of long-term unemployed (those jobless for 27 weeks or more) was unchanged from December at 2.8 million, but the median duration of unemployment went up, because of a rise in the share of workers unemployed more than 15 weeks. So, those who have returned to the labor market still find it hard to find work.

AFL-CIO Chief Economist William E.  Spriggs said 2014 was the best year for job growth since the 1990s, and America is experiencing a record number of consecutive months of private-sector job growth. But he added:

In 2014, workers’ wages barely outpaced inflation, increasing only 2.1%. In fact, throughout the recent economic expansion, workers’ wages have stayed the same. If you adjust for inflation, median weekly wages for full-time workers are stuck where they were in 2011.That’s a big problem, because those are workers in their prime who are holding steady jobs.

Last month’s biggest job gains were in retail trades (46,000), construction (39,000), health care (38,000), food services (35,000), professional and technical (33,000), financial activities (26,000) and manufacturing (22,000).

Employment in other major industries, including mining and logging, warehousing, transportation, information and government, showed little change over the month.

Among the major worker groups, the unemployment rates in January for teenagers increased to 18.8% from 16.8%. The jobless rate for adult women (5.1%), adult men (5.3%), blacks (10.3%), Latinos (6.7%) and whites (4.9%) showed little change in January from December.

Reposted from AFL-CIO NOW

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Jobless Rate Dips to 5.8% with 214 New Jobs Added in October

The economy added 214,000 jobs in October, down from September’s 248,000 new jobs, but the unemployment rate fell to 5.8% compared to last month’s 5.9%, according to figures released this morning by the U.S. Bureau of Labor Statistics.

Since the beginning of 2014, the unemployment rate has dropped by .8 percentage points and the number of jobless workers has decreased by 1.2 million.

While jobs are being created—about 200,000 a month for the past year—wages remain stagnant, with the median family income in the United States falling back to 1995 levels. Alliance for American Manufacturing President Scott Paul said:

The good news is that manufacturing jobs have grown over the past few months. The bad news is that they haven’t grown fast enough. I’m very concerned that a surge of imports from China and a paucity of public investment in infrastructure will continue to hamper the great potential of the productive sector of our economy….No doubt the economic anxiety that many Americans still feel is compounded by stagnant wage growth and diminished opportunities for middle-class careers.

The number of long-term unemployed (those jobless for 27 weeks or more) was 2.9 million, slightly down from September’s 3 million. Over the past 12 months, the number of long-term jobless workers has decreased by 1.1 million.

Last month’s biggest job gains were in food services (42,000), professional and business services (37,000), retail trades (27,000) and health care (25,000).

Other sectors that showed increases include manufacturing (15,000), transportation and warehousing (13,000) and construction (12,000).

Employment in other major industries, including mining and logging, wholesale trade, information, financial activities and government, showed little change over the month.

Among the major worker groups, the unemployment rates in September declined for whites (4.8%) last month. The rates for adult men (5.1%), adult women (5.4%), teenagers (18.6%), blacks (10.9%) and Latinos (6.8%) showed little change in October.

Reposted from AFL-CIO NOW

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