Economic Data Reveals Positive Outlook in Jobs and Unemployment

- Economic Data Reveals Positive Outlook in Jobs and Unemployment



Jul 7, 2011

Exciting news in economic data today....

The Labor Department reported that people applying for unemployment benefits fell last week to the lowest level in seven weeks. Applications for benefits dropped by 14,000 to a seasonally adjusted 418,000.

Claims for the prior week were revised up to 432,000 from an original reading of 428,000. Economists had expected new requests for jobless benefits to drop to 424,000. The average of new claims over the past four weeks fell by 3,000 to 424,750.

Continuing claims fell 43,000 to 3.68 million in the week ended June 25. Overall, 7.46 million people received some form of state or federal benefit in the week of June 18, down 61,327 from the prior week.

Not only were jobless claims down in the month but private sector jobs were up.

Private sector companies in the U.S. increased adding 157,000 jobs in the month of June, according to the Automatic Data Processing Inc. (ADP) report.

The job reading in June is higher than what analysts had expected of a increase of 70,000. The ADP announced that the goods-price sector totaled 27,000 jobs in June along with 24,000 in manufacturing. As for the service sector, it added 130,000 jobs.

Oil & Gas Post

Promote Your Page Too

U.S. Employment Rose Far Less than Expected

- U.S. Employment Rose Far Less than Expected



Jun 3, 2011

Reuters reported that the US employment climbed less than expected in May to record its weakest reading since September. The unemployment rate increased 9.1 percent as cost of energy prices are higher and the impact of the Japan earthquake and tsunami bogged down the economy.
In a poll conducted by Reuters, economists had expected payrolls to increase 150,000 and private hiring to improve. The government even adjusted employment figures for March and April to confirm that 39,000 fewer jobs were created than previously estimated.

Oil & Gas Post

Promote Your Page Too

Unemployment Rates Decrease in Odessa, Midland

- Unemployment Rates Decrease in Odessa, Midland

Tuesday, May 24, 2011
Odessa American, Texas
by Jon Vanderlaan

The unemployment rate in the Permian Basin continued to fall last month as oilfield and service jobs have seen yet more increases in employees.

Willie Taylor, the executive director of the Permian Basin Texas Workforce Development Board, said as long as the oil and gas industry stays strong, the unemployment numbers will continue to drop.

"We don't want to use the 'boom' word right now, but our market is really great," he said.

Employment in the goods producing industry in Odessa, including mining (which includes oil) and manufacturing, increased by 1,300 jobs from April 2010 to April 2011, with service providing employment rising by 1,400 jobs.

Midland numbers reflect a similar increase with 1,200 service providing jobs added and 1,500 goods producing jobs added.

Taylor said as long as the oil and gas industry continues to do well, the unemployment rate will continue to lower. Forecasters predict the good market in those industries could last another three years, he said.

"We will continue to see (unemployment rates) drop as long as we got people coming in and going into the job market," he said. "We're looking at a strong economy and it's going to be around for quite some time."

Unemployment in the Odessa metropolitan statistical area dropped to 6.1 percent in April after a 6.3 percent unemployment rate in March. There was a 7.9 percent unemployment rate in April 2010.

The number of those employed has increased more than the 1,000 people that joined the workforce in Odessa, growing 2,350 from April 2010 to April 2011.The number of unemployed dropped by almost 1,300 people in the area to 4,466 people.

The Midland metropolitan statistical area saw a drop in unemployment during the past year from 5.3 percent to 4.4 percent, retaining its grip on the state's lowest unemployment for cities.

The Midland area had 2,221 people join the employment ranks from April 2010 to the same time this year to bring the total up to 75,202 people. The number of unemployed in the area dropped from 4,055 to 3,441, despite an increase of almost 1,600 people in the workforce.

The Texas Workforce Commission said Friday the state added 32,900 jobs, the seventh consecutive month of job growth in Texas.

The jobless rate dropped to 8.0 percent from 8.1 percent in March and 8.2 percent a year ago. The Texas unemployment rate remained well below the national rate of 9.0 percent.

The unemployment rate fell last month in more than three-quarters of nation's states, evidence that companies are feeling more confident in the U.S. economy.

The Labor Department said Friday that the unemployment rate dropped in 39 states in April. That's an improvement from March when 34 states had reported decreases. The rate rose in three states and the District of Columbia. It was unchanged in eight states.


Copyright (c) 2011, Odessa American, Texas

Oil & Gas Post

Promote Your Page Too

Unemployment Rate Jumps to 9% In April, Economy Adds 244,000 Jobs

Unemployment Rate Jumps to 9% In April, Economy Adds 244,000 Jobs



May 6, 2011

The American economy added 244,000 jobs in April, the largest increase in almost a year, but the unemployment rate actually rose to 9% from the reported 8.8% in March, as more people actively looked for work, the U.S. Bureau of Labor Statistics reported today.

The private sector added 268,000 jobs, with state and local governments continuing to make cuts in an effort to balance their budgets.

Economists had expected just 175,000 jobs to be added in the month. The change in total nonfarm payroll employment for February was revised up to a gain of 235,000 from 194,000 and the change for March was also revised up, from 216,000 to 221,000.

Since the low in February 2010, total payroll employment has grown by 1.8 million in the U.S. Private sector employment has increased by 2.1 million over the same period.

Employment gains for the month were led by hiring in the retail (57,000), professional and business services (51,000), health care (37,000), and leisure and hospitality (46,000). Manufacturing employment grew 29,000, and mining grew 11,000 in the month.

Oil & Gas Post

Promote Your Page Too

The Labor Department Reported Jobless Claims Rose 27,000 To 412,000, Wholesale Costs Up 0.7%

The Labor Department Reported Jobless Claims Rose 27,000 To 412,000, Wholesale Costs Up 0.7%



Apr 14, 2011

The Labor Department reported that applications for jobless benefits rose 27,000 in the week ended April 9 to 412,000. Economists had expected that claims would be little changed at 380,000, according to a Bloomberg News survey.

The labor market is showing signs of strengthening as payrolls increase, which could help to sustain gains in consumer spending.

The average of new claims over the past four weeks rose by 5,500 to 395,750. The Labor Department also reported that wholesale costs in the U.S. rose 0.7% in March, led by higher prices for energy, light trucks and passenger cars. Economists had expected a 1% gain on average for the producer price index.

The increase was smaller than forecast as food prices unexpectedly dropped. The core measure, excluding food and energy costs, rose 0.3%.