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Data & Analysis

Labor Markets - October 2008

Data Sources on the Web
U.S. Bureau of Labor Statistics (BLS)
U.S. Department of Labor
 
Excel logoData
Payroll Employment Growth
Payroll Employment Growth
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Source: BLS, FRBA

Excel logoData
Payroll Employment Growth by State
District Payroll Employment Growth
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Source: BLS, FRBA

Month-over-Month Change in Employment: September 2008
Month-over-Month Change in Employment
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Source: BLS

Explanation of chart
Payroll Employment Momentum: September 2008
Unemployment Rates
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Source: BLS, FRBA

Explanation of chart
Payroll Employment Momentum: August 2008
Unemployment Rates
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Source: BLS, FRBA

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Unemployment Rates
Unemployment Rates
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Source: BLS

Unemployment Rates: September 2008
Unemployment Rates
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Source: BLS

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Unemployment Claims
Initial and Continuing Unemployment Claims
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Source: U.S. Department of Labor
Data and Analysis

Labor Markets

October 2008

Payroll Employment
Payroll Employment Momentum
Unemployment Rate
Unemployment Claims

Payroll Employment
According to U.S. Bureau of Labor Statistics (BLS) data, the Sixth District states lost a net 60,900 jobs in September from a month earlier on a seasonally adjusted basis. This drop marks the eighth consecutive month of job losses for the District as a whole. All District states lost jobs, with Georgia and Louisiana reporting some of the heaviest losses in the nation. Georgia, which lost 22,300 jobs, experienced pronounced losses in the government, professional and business, and construction sectors. After several months of payroll employment growth, Louisiana lost 17,500 jobs in September, the highest monthly drop since 2005. These losses are partly due to recent hurricanes. Florida also continued to experience significant losses, shedding 10,900 jobs in September. At the national level, the United States lost 159,000 jobs in September.

Changes in Payroll Employment
  M/M absolute change Y/Y % change
  Sept
2008
Aug
2008
Sept
2007
Sept
 2008
Aug
 2008
Sept
 2007
AL –2,500 –800 1,500 0.1 0.3 1.2
MS –2,600 –2,600 1,100 –0.6 –0.3 0.6
TN –5,100 –2,300 –400 –0.9 –0.7 0.5
FL –10,900 –25,600 –9,000 –1.4 –1.4 –0.3
LA –17,500 9,900 100 0.3 1.2 3.1
GA –22,300 –22,600 800 –1.5 –0.9 1.4
District –60,900 –44,000 –5,900 –1.0 –0.7 0.7
US –159,000 –73,000 81,000 –0.4 –0.2 1.0

Payroll Employment Momentum
Louisiana lost some short- and long-term employment momentum in September relative to the previous month but remained in positive territory. Alabama's long-term trend decelerated slightly compared to August. Momentum in Tennessee improved with the short-term employment trend going from negative to flat. Employment trends in Florida and the United States (less the Sixth District states) were little changed in September and remained in Quadrant 3 as their labor markets continue to show weakness. Mississippi and Georgia employment momentum deteriorated further; both states' short- and long-term trends declined in September.

Unemployment Rate
The overall unemployment rate for the Sixth District increased to 6.5 percent in September from 6.3 percent in August, above the national rate of 6.1 percent (on a seasonally adjusted basis).

  Sept
  2008
Aug
  2008
Sept
  2007
MS 7.8 7.7 6.3
TN 7.2 6.6 4.9
FL 6.6 6.6 4.2
GA 6.5 6.3 4.5
District   6.5 6.3 4.4
US 6.1 6.1 4.7
AL 5.3 4.9 3.5
LA 5.2 4.7 3.9

Unemployment Claims
Districtwide initial unemployment claims (IUC) for September were approximately double the year-earlier level. IUC continued to rise in all District states. The most notable increase was in Louisiana, largely the result of recent hurricanes. Continuing claims for unemployment insurance in August continued to rise in all District states and nationally compared to a year earlier. Tight credit and a weak economic outlook have caused many businesses to reduce their workforces. Higher continuing claims suggest that people who have lost their jobs are having more difficulty finding new employment.


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