U.S. Job Losses Approach Half a Million
The U.S. Bureau of Labor Statistics recently reported that 51,000 more jobs were lost in July 2008. There have been month-to-month job losses in each of the past seven months, beginning with January of this year. The cumulative decline in employment (463,000) is now approaching half a million.

Furthermore, the unemployment rate is on the rise, climbing to 5.7% in July. There is no way to sugar coat what has been happening in U.S. labor markets.

U.S. total employment peaked in December 2007. It has now dipped back to almost exactly the same level as in July 2007. In other words, the year-over-year employment “growth” rate is now 0.0%.

Trend in almost all Industrial Sub-sectors is Down
The trend of year-over-year employment change is downward in almost all industrial sub-sectors. The major distinguishing factor is whether or not the percentage change is negative or still positive.

There is a long list of sectors where the trend is both down and negative. This includes:  construction (-6.0%); manufacturing (-2.8%); information services (-1.5%); financial activities (-1.4%); and retail trade (-1.2%);

There are two sectors where the trend is down, but the year-over-year percentage change is essentially flat: transportation & warehousing (-0.5%) and professional & business services (-0.2%)

There is one sector where the trend is down, but continues to be positive: leisure and hospitality (+1.6%).

Two Public-service Sectors are still Performing Well
There is one sector where the trend is flat and the year-over-year figure is solidly positive: education and health (+3.0%).

And there is one sector where the trend is both upward and positive: government service (+1.6%).

All of these patterns are readily apparent in the graphs that accompany this report.

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