Saturday, May 4, 2013

Employment Update: April 2013

In March of 2013 the economy gained 202,000 jobs, not the 88,000 as reported by the Bureau of Labor Statistics. Employment data are usually revised. And March was revised upward by a quite significant amount. Now as for April, job gains last month were 165,000 (see BLS release). But, of course, they may also be revised in the June report. In any case, the news made everybody breathe easier. Herewith the updated chart. Please note that the March revision is highlighted in pink.

The next graphic show revisions of the actual data, by year, for 2007 through 2012 and for 2013, projected. The projection is based here on four months results. The patter looks good. If things continue as they have thus far, 2013 will outperform 2010 through 2012.


Herewith a tabulation of average job gains, or losses, per month for the 2007-2013 period:

Year
Average job gain/loss per month in 000
2007
89.8
2008
-293.8
2009
-421.0
2010
85.2
2011
175.3
2012
182.8
2013
195.8

The trend is favorable—if very slow. As of the April results, we have recovered 70.9 percent of total jobs lost in  2008 and 2009. We have 29.1 percent to go.

In April sectors showing small job losses were Mining (3,000), Construction (3,000), Information (9,000), and Government (11,000). Manufacturing neither added nor lost jobs in April. The biggest gainers among the rest Professional and Business Services (up 73,000),  Leisure and Hospitality (up 43,000), and Retail (up 29,300).

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