adecco usa job market update july 2014
DESCRIPTION
Adecco USA Job Market Update July 2014TRANSCRIPT
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Job Market UpdateU.S. Economic Data
Reflective of the Bureau of Labor Statistics “The Employment Situation – July 2014”
As of August 2014
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Overview of “The Employment Situation”
• As recently as July 2014, total nonfarm payroll employment increased by 209,000
- 6th straight month of 200,000+ job gains – a trend we haven’t seen since 2007
• Revisions to prior months, May & June:- May and June stats were 15,000 more
than originally reported- June payroll numbers revised from
+288,000 to +298,000- May payroll numbers revised from
+224,000 to +229,000
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209,000 new jobs added in July
Jul-13 AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN Jul-14
149
202
164
237
274
84
144
222203
304
229
298
209
In T
ho
us
an
ds
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* Numbers are seasonally adjusted. Source: BLS
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Unemployment rate increased in July
• Total nonfarm payroll employment surged, rising by 209,000
- Unemployment rate slightly increased, rising from 6.1% to 6.2%
- Unemployment rate and the numbers of unemployed persons have declined by 1.1%, (1.7 million) in the last year.
• Long-term unemployed (jobless for 27+ weeks) – 3.2 million
- Since June 2013 – decrease of 1.1 million
• Discouraged workers – 741,000- Decrease of 247,000 from previous year
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JOBS GAINED IN JULY
UNEMPLOYMENT RATE
LOWEST UNEMPLOYMET RATE SINCE
209,000
6.2%
JUNE 2014
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July’s job creation statistics impressive
• United States private sector generated over 140,000 jobs in July- Employment rate back to pre-recession
conditions
- US has more jobs than in over four years
- Over-the-year, unemployment rate has dropped by approximately 1.1%
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Source: BLS
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Industry Breakdown
Professional & Business Services• Increase of 47,000 jobs (up +648,000
from previous year)- Architecture and engineering services:
+8,800 new jobs (1.42 million total workforce)
- Administrative & support services: +14,900 new jobs (8.37 million total workforce)
- Temporary help services: +8,500 new jobs (2.88 million total workforce)
• Total Americans employed in this sector during July: 19.23 million
Healthcare• Increase of 25,400 jobs
- Ambulatory services: +21,300 new jobs (6.69 million total workforce)
- Social assistance services: +18,400 new jobs (3.35 million total workforce)
- Physicians’ offices services: +7,500 jobs (2.49 million total workforce)
Temporary Help Services• Increase of +8,500 jobs
• Since July 2013, have growth of 215,700 people employed
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Source: BLS
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Industry Breakdown
Manufacturing
• Increase of +28,000 new jobs- Motor vehicles and parts: +14,600 new
jobs (879,000 total workforce)- Furniture-related manufacturing: +3,200
new jobs (370,000 total workforce)
• Total Americans employed in this sector during July: 12 million
Construction
• Increase of 22,000 jobs- Heavy & civil engineering: +2,500 new
jobs (918,500 total workforce)- Nonresidential specialty trade contractors:
+7,000 jobs (2.14 million total workforce)- Residential building: +6,100 jobs
(667,200 million total workforce)
- Residential specialty trade: +6,900 new jobs (1.62 million total workforce)
• Total Americans employed in this sector during July: 6 million
Retail
• Increase of +26,700 jobs (up +298,000 from previous year)
- Food and beverage stores: +7,600 new jobs (3 million total workforce)
- Clothing and accessories stores: +6,900 new jobs (1.41 million total workforce)
- General merchandise stores: +6,500 new jobs (3.1 million total workforce)
• Total Americans employed in the sector during July: 15.39 million
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Employment in total non-farm
Mining and logging
Construction
Manufacturing
Wholesale trade
Retail trade
Transportation and warehousing
Information
Financial activities
Professional and Business services
Education and health services
Leisure and hospitality
Temporary help servies
Other services
Government
0 5 10 15 20 25 30 35 40 45 50
8
22
28
2.7
26.7
7.9
2
7
47
17
21
8.5
7
11
Over-the-month change, July 2014
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* Numbers are seasonally adjusted in thousands. Source: BLS, Current Employment Statistics Survey, June 2014
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Metropolitan employment improving across the country – June 2014
• Regional and state unemployment rates saw little change in the United States metropolitan areas
• In June, the national unemployment rate declined slightly to 6.1% - 1.4% lower than the previous year.
- Bismarck, North Dakota — at 2.6%—led the nation with the lowest unemployment rate (an increase of 0.4% from May).
- 10 states had jobless rates of at least 10%, whereas 74 area had rates less than 5%- Unemployment decreased in 359 of 372 metropolitan areas, increased in 10 areas and was
unchanged in 3 areas. - All of the 34 metropolitan regional divisions had over-the-year employment gains since June 2013
• Largest over-the-year percentage increases: Orlando-Kissimmee-Sanford, Fla. (+3.7%), followed by Austin-Round Rock-San Marcos, Texas and Dallas-Fort Worth-Arlington, Texas (+3.6% each)
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
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Mid-Atlantic Region – June 2014
• Unemployment rate 6.3%(-0.1 from the previous month)
• Atlantic City, NJ had the largest rate decline from previous year (-3.0% points)
• Ithaca, NY reported the lowest unemployment rate at 4.5% (-0.4% from the previous month)
• States:- New Jersey- New York- Pennsylvania
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
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Midwest Region – June 2014
• Unemployment rate 5.9% (-0.1% from previous month)
• By state – North Dakota had lowest unemployment rate of 2.7%
• By city – Bismarck, North Dakota had the lowest rate of 2.6% (+0.4% from previous month)
• Largest over-the-year percentages increase in job growth also occurred in North Dakota (+4.8%)
• States:- Illinois- Indiana- Iowa- Kansas- Michigan- Minnesota- Missouri- Nebraska- North Dakota- Ohio- South Dakota- Wisconsin
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
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Mountain-Plains Region – June 2014
• By state – Nevada had the largest unemployment rate decrease at 2.3% from previous year
- Still came in last in the region with 7.7% unemployment (-0.2 from previous month)
• By city – Yuma, AZ has largest unemployment rates in the country at 26.9% (+0.3% from previous month)
• States:- Alaska- Arizona- California- Colorado- Hawaii- Idaho- Montana- Nevada- New Mexico- Oregon- Utah- Washington- Wyoming
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
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New England Region – June 2014
• Unemployment rate 5.7% (0.2% decrease)
• Vermont Burlington-South Burlington metro area recorded lowest unemployment rate of the region at 3.5% (+0.8% from previous month)
• Highest unemployment rate in Lawrence-Methuen-Salem at 9.2%
• States:- Connecticut- Maine- Massachusetts- New Hampshire- Rhode Island- Vermont
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
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Southeast Region – June 2014
• Unemployment rate remained at 6.0% during June
• By state – South Carolina (-2.5%) and Tennessee (-1.8%) had the largest unemployment rate declines from June 2013
• Florida had one of the largest over-the-month employment increase in the country, with +37,400 new jobs.
• By city – Crestview-Fort Walton Beach-Destin, FL had the lowest unemployment rates in the region at 4.6%.
• States:- Delaware- District of Columbia- Florida- Georgia- Maryland- North Carolina- South Carolina- Virginia- West Virginia- East South Central- Alabama- Kentucky- Mississippi- Tennessee
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
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Southwest Region – June 2014
• Unemployment rate decreased from 5.2% to 5.1% during June
• By state – Oklahoma had the lowest unemployment rate of 4.5%
• By city – McAllen-Edinburg-Mission, TX had the highest unemployment rate at 9.6% (=1.0% from previous month)
• Texas saw the largest over-the-month increases in employment in the US with +371,000 new jobs
• States:- Arkansas- Louisiana- Oklahoma- Texas
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
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West Region – June 2014
• Unemployment rate 6.7%, a decline of -0.2% from previous month and -1.4 from previous year(highest regional unemployment rate)
• By state – Utah had the lowest unemployment rate of 3.5%
- Logan, UT-ID – 3.2%
• California had the largest over-the-year job increase, adding 356,400 new jobs since June 2013
- Overall jobless rate of 7.4%- El Centro, CA had the highest
unemployment rate in the state at 22%
• States:- Alaska- Arizona- California- Colorado- Hawaii- Idaho- Montana- Nevada- New Mexico- Oregon- Utah- Washington- Wyoming
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OPTIONAL SLIDE
Metropolitan employment data from previous month. Source: BLS
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