Tuesday, September 20, 2016

Mining Losses Grow During August

More Medicaid and tourism, less mining. Same sectors did the same things during the year from August 2015 to August 2016.
Our unemployment rate change from July to August is considered statistically significant by the Bureau of Labor Statistics, which prepares the numbers and sends then to the Department of Workforce Solutions, which sent the news release this afternoon. The seasonally unadjusted unemployment rate went to 6.6% in August from 6.4% in July. We added 2,651 people to the unemployed rolls between August 2015 and August 2016. The August unemployment was 63,970, seasonally unadjusted, and the labor force was 924,095.
Adjust for the seasons and unemployment was up 178, year over year, to 61,292, with employment at 927,810.
Back to being unadjusted, we added 1,800 wage jobs over the year, a rockin’ 0.2% growth rate.
Ming and logging (pretty much oil and gas) dropped 6,800 jobs year over year, 200 greater annual loss than from July 2015 to July 2016 with 400 jobs gone between July and August. DWS somehow couldn’t mention the July to July performance, instead calling attention to the 7,500-job decline in February. Right!
Increases came with the usual suspects: Education and health services (Medicaid, mostly) +9,900; Leisure and hospitality, +2,500; professional and business services, +1,500.
Manufacturing dropped 1,700 jobs over the year, but sector job total held at 26,500 from July to August. Retail trade dropped 1,600 jobs.

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