Friday, January 6, 2012

"Interesting Facts from Today's Employment Report "

We have referred to the writer, U. Mich Econ/Finance prof Mark Perry, as "The Happy Economist".
During the depths of the downturn he was always there with a positive datapoint or factoid.
From Carpe Diem:
A few interesting items from today's BLS Employment Report for December:

1. The unemployment rate for workers with a college degree fell to 4.1% in December, which  is the lowest jobless rate for that group since January 2009, almost three years ago.   The number of employed college graduates is at an all-time high of 45.2 million, and more than 1.6 million above the December 2007 level when the recession started.  In contrast, the jobless rate for workers with less than a high school degree jumped to 13.8% in December from 13.3% in November, and the employment level for those workers remains 1.24 million jobs below the December 2007 level. This contrast suggests that educational level might be an important factor in the labor market improvements and the drop in the jobless rate to 8.5%, with college-educated workers being the group that is gaining jobs during the recovery, while the least educated workers are the group finding it hardest to find jobs. 

2. The manufacturing sector added 225,000 jobs in 2011, following an increase of 109,000 factory jobs in 2010, bringing manufacturing employment to 11.79 million at year-end.  That's the first time since 1996-1997 of two consecutive annual increases in employment by U.S. manufacturing companies...MORE