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Entries in Jobless Rate (8)

Tuesday
Sep042012

Unemployment Rates Showcased in Convention States

iStockphoto/Thinkstock(WASHINGTON) -- As the Democratic National Convention kicks off today in Charlotte, N.C.,  President Obama must make his case for a second term against a backdrop of 8.3 percent national unemployment, and the rate in the state that is hosting the DNC, where an even higher percentage are looking for work.

North Carolina’s unemployment rate was as high as 11.4 percent in January and February 2011, according to the Bureau of Labor Statistics. The state’s unemployment rate is still well above average at 9.6 percent and remains above pre-recession levels.

Here’s an economic snapshot of states where recent political conventions took place, including the conventions for the last presidential election using the most recent monthly unemployment data from the Bureau of Labor Statistics and foreclosure data from RealtyTrac.

The Democratic National Convention was held in Denver in August 2008 and the Republican National Convention took place in St. Paul, Minn., the following month.

North Carolina
Unemployment rate
July 2012: 9.6 percent
July 2008: 6.6 percent
Foreclosures
July 2008: 4,303
July 2012: 2,957 (1 in every 1,463 homes)
Case-Shiller Home Price Index, Charlotte
June 2008: 131.92
June 2012: 112.95

Florida
Unemployment rate
July 2012: 8.8 percent
July 2008: 6.2 percent
Foreclosures
July 2008: 45,884
July 2012: 25,534 (1 in every 352 homes)
Case-Shiller Home Price Index, Tampa
June 2008: 175.13
June 2012: 132.25

Colorado
Unemployment rate
July 2008: 5.2 percent
July 2012: 8.3 percent
Foreclosures
July 2008: 5,376
July 2012:  2,875 (1 in every 770 homes)
Case-Shiller Home Price Index, Denver
June 2008: 130.16
June 2012: 129.03

Minnesota
Unemployment rate
July 2008: 5.8 percent
July 2012: 5.8 percent
Foreclosures
July 2008: 1, 671
July 2012: 2,278 (1 in every 1,030 homes)
Case-Shiller Home Price Index, Minneapolis
June 2008: 141.96
June 2012: 118.34

Copyright 2012 ABC News Radio

Friday
Jun012012

Latest Unemployment Report: By the Numbers

Stockbyte/Thinkstock(WASHINGTON) -- Here are eight key figures from the Labor Department’s jobs report for May:

12.7 Million: The number of people currently unemployed in the United States.

Out of the 155 million people in the civilian labor force, this figure has not changed significantly from the beginning of this year, when it was 12.8 million.

5.4 Million: The number of long-term unemployed in May (those who’ve been jobless for 27 weeks or more), which rose from 5.1 million, accounting for 42.8 percent of the unemployed.

28,000: Number of construction jobs lost in May.

The construction industry has shrunk since the start of the job market recovery, said Gary Burtless, a senior fellow in economic studies at the Brookings Institute, and has continued to shrink in the past four months. Job losses in the construction sector occurred in specialty trade contractors, which can include plumbing, electrical work, site prep (-18,000) and in heavy and civil engineering construction (-11,000). Since reaching a low in January 2011, employment in construction has shown little change on net, the Labor Department reported.

13,000: Government jobs lost

While there had been hope that the layoffs in the government sector were over, the state and federal sectors each lost 5,000 jobs. Included in the latter were 2,900 U.S. Postal Service jobs lost. Local government lost 3,000 jobs.

33,000: People hired to work in health care.

The health care sector was one of three industries that saw relatively notable job gains. In May, those hired to work in doctor’s offices, emergency rooms, among other health settings, accounted for more than half of jobs added. Since December 2009, payroll increases in this sector have accounted for almost a quarter of all private-sector employment gains, said Burtless.  Over the year, health care employment has risen by 340,000.

36,000: Transportation and warehousing jobs added over the month.

Employment gains in transit and ground passenger transportation (+20,000) and in couriers and messengers (+5,000) followed job losses in those industries in April. But employment in both industries has shown little net change over the year. In May, truck transportation added 7,000 jobs.

16,000: Jobs added in wholesale trade.

Defined as business sales and inventories to governments and institutions by Investopedia, wholesale trade includes durable and nondurable goods. The industry is the other side of retail trade, which includes sales of cars and other consumer products. Since reaching an employment low in May 2010, wholesale trade has added 184,000 jobs.

12,000: Manufacturing jobs added.

Employment in this sector continued to trend up in May following a similar change in April (+9,000). Job gains averaged 41,000 per month in the first quarter of this year. Since its most recent low in January 2010, manufacturing employment has increased by 495,000. Since December 2009, manufacturing has accounted for 12 percent of private sector job gains.

Copyright 2012 ABC News Radio

Friday
Jun012012

Employers Added 69,000 Jobs in May; Unemployment Rate Up to 8.2%

Tim Boyle/Getty Images(WASHINGTON) -- The nation's jobs picture dimmed in May as employers added just 69,000 jobs and the unemployment rate ticked up to 8.2 percent. The latest numbers are a continuation of a long, slow employment recovery that began 33 months ago.

Economists had expected 150,000 new jobs and the jobless rate to stay at 8.1 percent, according to Bloomberg. Stocks, which had their worst month in two years in May, fell on the news with the Dow Jones industrials set to open down nearly 190 points.

Last month, the Labor Department reported 77,000 jobs were added in April, revised down Friday from 115,000 for an unemployment rate of 8.1 percent, a drop of one-tenth of a point from the previous month.

Economists generally agree that a healthy economy must create at least 200,000 jobs a month and the unemployment rate needs to fall to six percent or below -- something the U.S. hasn't seen since before the financial meltdown of 2007-2008.

Copyright 2012 ABC News Radio

Friday
Dec022011

Unemployment Rate Falls to 8.6%; 120,000 New Jobs Added

Tim Boyle/Getty Images(WASHINGTON) -- Employers increased their payrolls by 120,000 in November, bringing the national unemployment rate to 8.6 percent from the previous month’s rate of 9.0 percent.

The unemployment rate is now the lowest it has been since March 2009 -- however, the sharp drop in the unemployment rate could likely be attributed to thousands of job-seekers giving up on looking for jobs until the first of the year.

Earlier this week, the claims for unemployment actually rose, inching back up over the 400,000 mark.

Copyright 2011 ABC News Radio

Friday
Sep022011

Zero: US Employers Added No New Jobs In August

Peter Poulides/Getty Images(WASHINGTON) -- Wall Street and Main Street will be waking up to some devastating economic news this morning: U.S. employers didn't add a single job to employment rolls in August.

While the unemployment rate was unchanged in August, according to the latest figures from the Department of Labor, a more accurate portrait of jobless America may be 16 percent to 20 percent unemployment, according to some experts.

Economists had been expecting 93,000 new jobs last month, down from 117,000 in July. The unemployment rate was expected to stay at 9.1 percent. The fact that no net new jobs were added in August was another in a string of disappointments for the economy.

On Thursday, the Department of Labor released a bit of good news ahead of the monthly jobs report. The number of first-time unemployment claims dropped by 12,000, to the adjusted rate of 409,000, from the previous week's revised figure of 421,000 for the week ending Aug. 27, according to the Department of Labor.

But a report from the White House announced the unemployment rate would not fall to 6 percent until 2016. "In sum, economic growth and job creation, while positive, have not been strong enough to bring down the unemployment rate to an acceptable level," according report from the Office of Management and Budget.

The unemployment rate when President Obama took office was 7.8 percent, according to Forbes.

Obama is scheduled to lay out his jobs plan before a joint session of Congress the evening of Sept. 8.

Copyright 2011 ABC News Radio

Thursday
Sep012011

White House Estimates 9% Unemployment, Slow Growth, Deficit Decline

Official White House Photo by Pete Souza(WASHINGTON) -- The White House on Thursday predicted unemployment will likely stay above nine percent through next year’s election as President Obama vies for a second term, and will not drop below six percent until 2016.

“In sum, economic growth and job creation, while positive, have not been strong enough to bring down the unemployment rate to an acceptable level,” according to the Mid-Session Review released by the Office of Management and Budget.

The administration Thursday cut its deficit forecast for 2011 to $1.3 trillion, 20 percent lower than the $1.6 trillion deficit projected in February. Long-term deficit reduction is also projected to be lower than previously expected, with a total reduction of $1.45 trillion over the next 10 years. This reduction reflects primarily the impact of the Budget Control Act, which lawmakers signed to avoid a default earlier this summer.

As a percentage of GDP, the deficit is projected to equal 8.8 percent, down from 10.9 percent predicted in February.

While the economy grew by just 0.7 percent in the first half of this year, the White House insisted Thursday that the economy is not headed toward a double-dip recession. “We are still seeing sustained and steady growth so we are not forecasting a double dip recession,” Council of Economic Advisers member Katharine Abraham told reporters on a conference call.

As the president readies to deliver his jobs proposal next week, Office of Management and Budget Director Jack Lew said that the Mid-Session Review “underscores that we need to get back on a sustainable fiscal path and we also need to invest in long-term economic growth and job creation.”

Copyright 2011 ABC News Radio

Friday
Mar112011

Jobless Rate Higher Among Americans Without Degrees

Jeffrey Hamilton/Photodisc/Thinkstock(NEW YORK) -- Call it the education employment gap.  For Americans with a high school diploma the jobless rate is nearly 14 percent, but for those with a bachelors degree, it's just over four percent

"We need to be more educated, we need to work harder," says John Challenger, CEO of the jobs placement firm Challenger Gray & Christmas.  "We need to be more skilled in the kinds of jobs and industries that are going to drive future growth."

Those industries, Challenger says, include energy, health care, and the international sector.

"People with skills and know how in those areas are going to have a leg up on the rest of the market," he says.´╗┐

Copyright 2011 ABC News Radio

Friday
Jan072011

Unemployment Plummets; US Employers Add 103K Jobs in December

Photo Courtesy - Getty Images(WASHINGTON) -- The nation’s employers increased payrolls by 103,000 during December, worse than the 150,000 economists were expecting.

The unemployment rate dropped from 9.8 to 9.4 percent, the biggest one-month drop since April 1998 and takes the economy to the lowest level since May 2009.

Despite the jobs loss in the government sector, companies in the private sector added 113,000 workers during December. Economists expected the private sector to add 162,000 jobs.

There have been a net of 7.2 million jobs lost since Dec. 2007, the first month of the recession.

Copyright 2011 ABC News Radio´╗┐







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