The Dow Jones, S&P, and NASDAQ rallied recently when the April unemployment numbers were "better than expected.’Äù
The United States Department of Labor and many economists predicted 620,000 job losses in April. The recently released data showed a loss of only 539,000 jobs. The number of jobs lost in February and March were higher than originally reported so some believe the April figure may yet be revised somewhat higher.
Some experts believe much of the decline in job losses can be attributed to the temporary hiring program by the federal government as we ramp up for the 2010 Census. The self employed tally is also growing as unemployed workers are creating their own home-based employment opportunities. Canada actually showed an employment increase last month because of a strong increase in self employment.
Nonetheless, the national economy has lost 5.7 million jobs since August 2008.
On another front, the U-6 unemployment rate came in at 15.8% in April, up .2% from March and up 6.9% over April 2008. The U-3 unemployment number has risen from 7.2% in December of 2008, while the U-6 number has risen from 13.5% in December.
The U-6 unemployment rate is an "alternative" form of measuring unemployment in the United States and includes people that the U-3 number (which is the "official" number) does not. Some people consider the U-6 to be the ’Äútrue’Äù unemployment number.
Future reports will demonstrate if the slowdown in job losses holds and if the economic recession is reaching the bottom of the trough. There remains a significant sentiment that the recovery may still not result in strong job gains to equal the losses experienced over the past twenty one months.
In New York, the health and education jobs continue to grow while the other sectors decline. This is even in light of more than 2,000 registered nurses that have lost jobs in New York City because of two hospitals closing.
Industries with Job Gains: |
|
Educational & Health Services |
+30,100 |
Other Services |
+1,300 |
Industries with Job Losses: |
|
Trade, Transportation & Utilities |
-51,300 |
Manufacturing |
-37,000 |
Professional & Business Services |
-36,400 |
Financial Activities |
-30,200 |
Construction |
-24,300 |
Information |
-9,300 |
Government |
-4,300 |
Leisure & Hospitality |
-4,300 |
Natural Resources & Mining |
-20 |
In Clinton County, the unemployment rate decreased for the first time since July 2008, dropping .4% from 10.9% to 10.5%.
March 2009 |
February 2009 |
March 2008 |
|
Clinton |
10.5% |
10.9% |
7.0% |
New York State |
7.8% |
7.8% |
4.6% |
United States |
8.5% |
8.1% |
4.8% |
The number of unemployed New Yorkers climbed to 765,900 in March, its highest level since September 1992.
As reported by New York State's Department of Labor (NYSDOL), New York State’Äôs seasonally adjusted private sector job count decreased over the month by 33,000 or 0.5 percent, to 7,138,100 in March 2009. The state's private sector job count has dropped for seven consecutive months. Since the state’Äôs private sector job count peaked in August 2008, New York has lost 176,100 private sector jobs, erasing more than 40 percent of the 400,000 jobs added during the state’Äôs last economic expansion from 2003-2008.
Some expect that the economic stimulus plans will absorb some of the unemployed in Clinton County. Other regions of the state have been quicker to mobilize to take advantage of these funds. As the stimulus packages begin to disperse in Clinton County and as some major new local employers begin to ramp up, construction and manufacturing worker hiring should increase.