Labor Markets - January 2010
According to U.S. Bureau of Labor Statistics (BLS) data, the Sixth District lost a net 39,400 jobs in December from a month earlier (on a seasonally adjusted basis). This loss was a considerable deterioration after 6,500 jobs were added in November. Alabama, Georgia, and Tennessee accounted for almost all the job losses. Georgia's trade and transportation sector, in particular, accounted for more than half of the state's 15,100 lost jobs. Florida added jobs for the second consecutive month in December, largely supported by its professional and business sector, which includes temporary employment. The District as a whole shed 633,000 jobs in 2009, roughly 48 percent of all the jobs lost since December 2007.
November employment figures for the District were revised upward substantially by 25,800, resulting in a net gain of 6,500 jobs. The majority of the upward revisions were in Florida.
Employment growth continued to improve year over year for the District and the nation. Nevertheless, employment levels in the District and nation are 3.3 and 3.1 percent, respectively, below year-earlier levels.
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Payroll Employment Momentum
In December, employment momentum improved in most Sixth District states and the United States (less the Sixth District states). While District states remained in Quadrant 3, where both short- and long-term employment growth are negative, they moved further toward Quadrant 4, reflecting improvements in short-term job losses. Both short- and long-term employment growth improved in Georgia, Florida, Mississippi, and the United States (less Sixth District states). Short-term employment growth deteriorated in Alabama and Tennessee mostly as a result of weak December employment figures.
The overall unemployment rate for Sixth District states increased to 10.8 percent, above the national rate of 10 percent (on a seasonally adjusted basis). Louisiana's unemployment rate alone remained below the national level but is still seen as high for the state.
Average weekly initial claims declined in December and early January in Tennessee, Alabama, and Mississippi. Despite an uptick in Georgia and Florida in December, initial claims eased in early January. While initial claims have shown a clear downward trend since summer 2009 in most District states, they have leveled off in Florida and Louisiana. Despite some improvement, the current levels reflect continuing weak labor markets across the District.
Average weekly continuing claims remained elevated in all District states but have declined from their recessionary peaks in all states except Louisiana. The current elevated levels of continuing claims are indicative of weak hiring rates.
- Data Sources
- Month-over-Month Change in Employment: December 2009
- Payroll Employment Growth
- Payroll Employment Growth by State
- Payroll Employment Momentum: December 2009
- Payroll Employment Momentum: November 2009
- Unemployment Rates
- Unemployment Rates: December 2009
- Weekly Continuing Unemployment Claims
- Weekly Initial Unemployment Claims
Month-over-Month Change in Employment: December 2009Source: BLS Data: labor_mkts_0110c.xls Chart: labor_mkts_0110c.jpg
Payroll Employment GrowthSource: BLS, FRBA Data: labor_mkts_0110a.xls Chart: labor_mkts_0110a.jpg
Payroll Employment Growth by StateSource: BLS, FRBA Data: labor_mkts_0110b.xls Chart: labor_mkts_0110b.jpg
Payroll Employment Momentum: December 2009Source: BLS, FRBA Data: labor_mkts_0110d.xls Chart: labor_mkts_0110d.jpg showExplanation
Payroll Employment Momentum: November 2009Source: BLS, FRBA Data: labor_mkts_0110e.xls Chart: labor_mkts_0110e.jpg showExplanation
Unemployment RatesSource: BLS Data: labor_mkts_0110f.xls Chart: labor_mkts_0110f.jpg showOnHome
Unemployment Rates: December 2009Source: BLS Data: labor_mkts_0110g.xls Chart: labor_mkts_0110g.jpg
Weekly Continuing Unemployment ClaimsSource: Source: U.S. Department of Labor Data: labor_mkts_0110i.xls Chart: labor_mkts_0110i.jpg
Weekly Initial Unemployment ClaimsSource: U.S. Department of Labor Data: labor_mkts_0110h.xls Chart: labor_mkts_0110h.jpg