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29 of 36 Industries Saw Declines in Corporate Job Listings In December
As we anticipated, the jobs report released this morning by the Department of Labor was far worse than the consensus estimates. According to the DOL report, U.S. employers shed 85,000 jobs in December yet most economists expected to see a net increase in jobs. As the New York Times indicated:
The United States economy lost more jobs than expected in December, tempering hopes for a swift and sustained recovery from the Great Recession. The government reported on Friday that the economy lost another 85,000 jobs last month, but that the unemployment rate held steady at 10 percent. And in a surprise that highlighted the erratic nature of economic renewal, the Labor Department reported that 4,000 jobs were actually created in November — rather than a loss of 11,000 the government originally projected — the first gain in nearly two years. Another 16,000 job losses were added to October’s tally.
There are two interesting aspects to the data that was released. The first is that an additional 660,000 people stopped looking for work in December, most likely due to the combination of growing discouragement and the holiday season. This is precisely why the unemployment rate stayed at 10%. As absurd as it may seem, those people who are classified as not actively looking for work are not counted in the unemployment figures. So as bad as the numbers are,
The second interesting aspect of the DOL report was that November’s jobs figures were revised and showed that 4,000 jobs were actually created in November, far better than the 11,000 job losses that were initially reported last month and the first actual monthly increase in jobs since December of 2007. While this is certainly something to celebrate, it also more closely matches the LinkUp data from November in which we reported that new job listings from company websites rose by 39,496 (9%) and total job listings on company websites rose by 33,208 (4%).
In a continuation of yesterday’s jobs report from LinkUp, we also are releasing December jobs data by industry. Not surprisingly, the data by industry is just as grim as it is by state. New job listings on company sites dropped by 37,658 (-10%) and total jobs by industry dropped by 36,452 (-5%). (as an aside, not all jobs indexed in LinkUp’s search engine are categorized by industry, so the numbers do not square up with the state by state data). Just as alarming as the overall declines, 25 of 36 industries showed declines in new job listings, and 29 of 36 showed declines in total job listings.
In terms of specific industries, Engineering & Architecture, Sales, and Consulting added the most job listings in December, while Health & Medical, Restaurant & Food Service, and Supply Chain & logistics lost the most job listings.