517 thousand Jobs, 3.4% Unemployment Price

by Calculated Danger on 2/03/2023 08:49:00 AM

From the BLS:

Whole nonfarm payroll employment rose by 517,000 in January, and the unemployment charge
modified little at 3.4 %
, the U.S. Bureau of Labor Statistics reported in the present day. Job
progress was widespread, led by beneficial properties in leisure and hospitality, skilled and
enterprise companies, and well being care. Employment additionally elevated in authorities, partially
reflecting the return of employees from a strike.

The change in whole nonfarm payroll employment for November was revised up by 34,000,
from +256,000 to +290,000, and the change for December was revised up by 37,000, from
+223,000 to +260,000. With these revisions, employment beneficial properties in November and December
mixed had been 71,000 increased than beforehand reported.
emphasis added

Employment Recessions, Scariest Job ChartClick on on graph for bigger picture.

The primary graph reveals the job losses from the beginning of the employment recession, in share phrases.

The present employment recession was by far the worst recession since WWII in share phrases.

Whole jobs at the moment are 2.70 million above pre-pandemic ranges. That is the final replace for this graph this employment cycle.

Year-over-year change employment
The second graph reveals the year-over-year change in whole non-farm employment since 1968.

In January, the year-over-year change was 4.97 million jobs.  Employment was up considerably year-over-year.

Whole payrolls elevated by 517 thousand in January.  Non-public payrolls elevated by 443 thousand, and public payrolls elevated 74 thousand.

Payrolls for November and December had been revised up 71 thousand, mixed.

The third graph reveals the employment inhabitants ratio and the participation charge.

Employment Pop Ratio and participation rate
The Labor Power Participation Price elevated to 62.4% in January, from 62.3% in December. That is the share of the working age inhabitants within the labor pressure.

The Employment-Inhabitants ratio elevated to 60.2% from 60.1% (blue line).

I am going to put up the 25 to 54 age group employment-population ratio graph later.

unemployment rateThe fourth graph reveals the unemployment charge.

The unemployment charge decreased in January to three.4% from 3.5% in December.

This was nicely above consensus expectations; and November and December payrolls had been revised up by 71,000 mixed.  

On the annual benchmark revision:

The entire nonfarm employment stage for March 2022 was revised upward by 568,000
(+506,000 on a not seasonally adjusted foundation, or +0.3 %). The common not
seasonally adjusted benchmark revision (in absolute phrases) over the previous 10 years is
0.1 %.

I am going to have extra later …

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