The Economics Group for Wells Fargo Securities released two reports today discussing the April 2010 National Employment and Unemployment statistics that were announced earlier today. These reports offer greater detail than the basic summary discussed in the media. Specific points presented in these reports include:
- The Service Sector has almost rebounded to prior-year levels, though is still below levels prior to late-2008. Employment shrinkage is lessening in manufacturing and construction employment, yet is still not show net improvement.
- Actual work hours increased 2.1% for Feb-Apr, compared to last year. Economists believe that this measure is applicable to trending economic health.
- Nonfarm employment did increase by near 300,000 positions during April. However, the return of nearly 900,000 people to the labor pool led to a statistical increase of the unemployment rate to 9.9%.
- The mean duration of unemployment per person has almost doubled in the past year from 18 to 34 weeks.
- More than 9 million people remain employed part-time for economic reasons (a.k.a., underemployed). This is the highest point in history, and double the level in early-2008.
Click on the links below to review the Wells Fargo reports:
Original unemployment data and report announcements are provided by the Bureau of Labor Statistics.