Ho Hum… Government added 45 K jobs in revision. 10K this month. This is curious. Health care added the most jobs this month. Other than than Manufacturing lost jobs for the second straight month.
Although the jobless rate has declined since peaking at 10%, (red line) the Participation Rate (blue line) has been moving lower with it. This suggests that discouraged workers are helping to contribute to the decline in the Unemployment rate. Not the stuff to cheer about.
The 3 month average is up but the last few months has had lower numbers.
The President chirped that 5M private sector jobs have been added. In reality, 4.726 million jobs have been created. Government has subtracted -470K since Feb 2010. So a total of 4.256M jobs have been added since the start of the jobs recovery. Look at Construction. -1.952 Million jobs lost, -6 lost since the jobs recovery. Where are the stimulus jobs going to? Not Construction. Not Manufacturing. Thank goodness for an aging population as Health jobs added jobs in the recession and in the recovery. Professional and Business Services have also recovered nearly all the jobs lost. Was this the stimulus dollars at work?
Manufacturing Jobs have declined for two straight months. 2.261M jobs were lost in Manufacturing during the jobs recession. 480K have been recovered but getting worse.
Government jobs have been added in the last 3 months though.