Auto sector keeping local job growth in black

Thank goodness for Nissan and General Motors.

The latest batch of Nashville MSA employment growth numbers shows that the region's job base grew by 0.5 percent in 2011. December's year-over-year growth rate was the slowest of 2011 and was dragged down by losses in the information, transportation and government sectors, among others. On the positive side was manufacturing, where the region's auto giants have been ramping up in recent months. Also contributing strongly were the amorphous professional services and other services groups.

Jan 31, 2012 10:17 AM

'The recovery of downward revisions'

Bank of America Merrill Lynch's economic team says upcoming government statistics on the labor market will make for some grisly reading because of revisions to key baseline numbers. Mind you, this is not economist-geek stuff. It will contribute to some important policy debates.
The firm expects unemployment to keep rising, in fact, pushing the monthly rate above 10 percent, giving rise to another batch of quantitative easing from the Fed. “We remain of the view that there is unlikely to be a material improvement in the employment data between now and the second half of next year,” economists Michelle Meyer and Neil Dutta tell clients. “The economy will manage to cobble together employment gains but not enough to keep the unemployment rate from rising.”
Oct 4, 2010 7:06 AM

Meanwhile, over in the real world...

The Bureau of Labor Statistics has conducted its latest detailed survey of how U.S. civilians spend their days. Turns out we shop for 45 minutes a day and have more than five hours of leisure time.
Jun 23, 2010 9:49 AM

Still no turn in jobless claims

Sigh. The latest set of initial unemployment numbers from the Bureau of Labor Statistics are up from last week's number, which was itself revised upward.
Did companies receive the memo to fire, yet miss the other one, with the much more critical rhyming verb? Never fear - the BLS has an explanation for everything, and the surge in claims was presumably not only predictable, it was expected, and was blamed on the fact that there was a federal holiday in the prior week.
Bespoke says the claims trend doesn't bode well for stocks, but another indicator suggests the receovery is indeed taking hold.
Jun 17, 2010 9:56 AM

20 weeks

That's the likely median time a Tennessean who is jobless now has been out of work. Bureau of Labor Statistics data from last year put that number at 15.3 weeks — right in line with the national average — but the latter has since risen by more than five weeks.
Jun 7, 2010 7:10 AM

Waiting for the proof in the pay pudding

A new survey of companies' hiring plans shows that a quarter of companies and recruiters expect that pay for financial, technology and health care workers will rise in the second half. That's better than three months ago, but still only half the number of companies who won't be paying more than they did a year ago. (Service-industry wages rose just 0.4 percent in the fourth quarter.)
Jun 2, 2010 7:31 AM

Small but welcome

The much-anticipated March employment numbers from the Bureau of Labor Statistics show that the economy added 123,000 private-sector jobs last month, the most in almost three years. That was lower than analysts had expected, but there are some positive nuggets inside the headline number.
The average work week increased to 34 hours from 33.9, a positive sign. Most employers are likely to work current employees longer before they hire new workers. The department also revised January's job total to show a gain of 14,000, up from a previously reported loss of 26,000. February's job numbers were also revised higher by 22,000 to show a loss of 14,000. The economy has now added jobs in three separate months since the recession began.
SEE ALSO: Reactions via NPR and the Journal as well as this chart from Calculated Risk showing just how freakin' far we still have to go.
Apr 2, 2010 11:44 AM

Rutherford wage drop fastest in nation

File under: Not a list you want to lead. The Bureau of Labor Statistics this morning released third-quarter statistics on county-level employment and wages that showed Rutherford County had the biggest drop in pay of any large county in the country. It was the only county to see weekly wages fall more than $100. Not far behind is Williamson, while Davidson (along with Tennessee as a whole) checks in with a drop only slightly below the national average.
Apr 1, 2010 10:40 AM

Crunching the labor numbers

There are a number of different ways to interpret Friday's release of the latest labor data, which showed a 0.3 percentage point drop in the national unemployment rate. Here are a few. From Barry Ritholtz: 'A closer look suggests that many people may be underestimating the recovery.' From Planet Yelnick: 'It appears we are rapidly creating a huge chunk of the workforce that will be chronically unemployed.' From David Altig at the Atlanta Fed: 'Have businesses in the United States found ways to permanently enhance efficiency, locking relatively high productivity growth?' From Donald Marron: 'The most encouraging item in today's jobs report was the sharp drop in underemployment.' From Andrea Coombes at MarketWatch: 'Talk about mixed signals. The construction industry lost 75,000 jobs in January, while the manufacturing sector grew for the first time since January 2007.'
Feb 8, 2010 7:46 AM

'The message appears to be sinking in'

Statistical revisions at the Bureau of Labor Statistics have added more than 800,000 jobs to those lost from April 2008 to March 2009. Bloomberg explains the biggest such adjustment in almost two decades.
That leaves economists and the rest of us to wonder what the error rate is from April 2009 onward — numbers that won't be revised until February of 2011. What we do know is that the birth/death model has generated hundreds of thousands of jobs since April of last year — jobs that may get revised away in the final analysis.
Tom Lindmark chips in with related commentary on Monday's ISM report and Thursday's Labor Department numbers.
The employment component increased a percentage point to 44.6%. Remember, anything under 50 represents contraction. In other words, companies are still cutting. By the way, the service sector represents 70% or so of the economy. I don’t know why the markets didn’t pick up on this on Wednesday, maybe they just needed the DOL report to confirm that all still isn’t well. At any rate, the message appears to be sinking in.
Feb 5, 2010 9:28 AM