Labor Markets - September 2009
According to U.S. Bureau of Labor Statistics (BLS) data, the Sixth District states lost a net 96,500 jobs in August from a month earlier on a seasonally adjusted basis. Job losses were widespread across the District. Georgia shed 35,000 jobs, the third largest month-over-month employment decrease in the nation. The decrease was mainly due to losses in the professional and business and local government sectors. Tennessee lost 15,100 jobs in August, offsetting July's gains. Job losses were also significant in the leisure and hospitality sectors for Alabama and Florida. The nation as a whole lost 216,000 jobs in August.
July employment figures for the District were revised upward by 1,400 to –18,700.
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Payroll Employment Momentum
In August, employment momentum was little changed in most Sixth District States, with most states remaining in Quadrant 3. Short-term employment growth improved slightly in Florida, Tennessee, Alabama, and the United States (less the Sixth District States). Improvements in short-term employment growth reflect a decline in the pace of job losses in recent months.
Both short-term and long-term employment momentum deteriorated in Georgia, moving the state further into the southwest corner of Quadrant 3. Employment momentum picked up slightly in Mississippi, and the state moved up into Quadrant 4.
The overall unemployment rate for the Sixth District states decreased to 10.2 percent in August, above the national rate of 9.7 percent (on a seasonally adjusted basis). Louisiana's and Mississippi's unemployment rates remained below the national level but are still seen as high for these states.
After declining in July, average weekly initial claims ticked up in August for Florida and Georgia; further indication that much of the decline in July was due to seasonal distortions. Initial claims also increased in Tennessee and Alabama, before easing in early September. Initial claims picked up significantly in Louisiana. The state has added over 1,500 claims since the first week of August. Although claims have either come down or leveled off from their recessionary peaks in most Sixth District states, current levels still reflect a weak labor market.
Average weekly continuing claims remained elevated in all District states but have declined from their recessionary peaks in all states except Louisiana and Georgia. Elevated levels of continuing claims are indicative of weak hiring rates.
- Data Sources
- Month-over-Month Change in Employment: August 2009
- Payroll Employment Growth
- Payroll Employment Growth by State
- Payroll Employment Momentum: August 2009
- Payroll Employment Momentum: July 2009
- Unemployment Rates
- Unemployment Rates: August 2009
Month-over-Month Change in Employment: August 2009Source: BLS data:labor_mkts_0909c.xls chart:labor_mkts_0909c.jpg
Payroll Employment GrowthSource: BLS, FRBA data:labor_mkts_0909a.xls chart:labor_mkts_0909a.jpg
Payroll Employment Growth by StateSource: BLS, FRBA data:labor_mkts_0909b.xls chart:labor_mkts_0909b.jpg
Payroll Employment Momentum: August 2009Source: BLS,FRBA chart:labor_mkts_0909d.jpg
Payroll Employment Momentum: July 2009Source: BLS,FRBA chart:labor_mkts_0909e.jpg
Unemployment RatesSource: BLS data:labor_mkts_0909f.xls chart:labor_mkts_0909f.jpg showOnHome
Unemployment Rates: August 2009Source: BLS data:labor_mkts_0909g.xls chart:labor_mkts_0909g.jpg