Saturday, June 8, 2024

US Jobs Report May 2024

By BLS 5/7/24 

This report is preliminary and will be revised.  This report counts the additions to payroll on ADP and others that offer payrolling services. These numbers will be compared with payroll tax receipts received in 30 days from all employers and revised.

https://www.bls.gov/news.release/empsit.nr0.htm

The average work week remains at 34.3 hours in May 2024.

Job openings decreased in May 2024 from 8.1 million to 8.06 million.

Job openings decreased in April from 8.75 million to 8.1 million.

Job openings decreased in March 2024 from 8.86 million to 8.75 million.

https://fred.stlouisfed.org/series/JTSJOL

 

Jobs restored in 2021 from the Covid years were 7.2 million.

Jobs created in 2022 were 4.5 million.

Jobs created in 2023 were 3.1 million..

https://apnews.com/article/jobs-hiring-unemployment-economy-inflation-federal-reserve-96162ff805670eb19a44cdf67fa20e3e

 

The report shows jobs added in 2021, 2022, 2023 and 2024 by month

 

272,000 in May 2024

175,000 in April 2024 rev to 165,000

303,000 in March 2024 rev to 310,000

275,000 in February 2024 rev to 270000

353,000 in January 2024 rev to 229000

 

158,000 in December 2023 rev to 290000

199,000 in November 2023

150,000 in October 2023

336,000 in September 2023

187,000 in August 2023

187,000 in July 2023

185,000 in June 2023 rev dn 24000

314,000 in May 2023 rev dn 25000

253,000 in April 2023

236,000 in March 2023

311,000 in February 2023

517,000 in January 2023

3,033,000 in 2023

-1,700,000 layoffs

1,333,000 jobs

 

223,000 in December 2022

263,000 in November 2022

261,000 in October 2022

263,000 in September 2022

315,000 in August 2022

528,000 in July 2022

372,000 in June 2022

390,000 in May 2022

428,000 in April 2022

431,000 in March 2022

678,000 in February 2022

467,000 in January 2022

4,620,000 in 2022

-1,760,000 layoffs

2,860,000 jobs

 

199,000 in December 2021

210,000 in November 2021

531,000 in October 2021

194,000 in September 2021

235,000 in August 2021

943,000 in July 2021

850,000 in June 2021

559,000 in May 2021

278,000 in April 2021 

785,000 in March 2021

379,000 in February 2021

49,000 in January 2021

5,212,000 in 2021

-1,300,000 layoffs

3,912,000 jobs

 

12,855,000 total 2021-2023

-19,430,000 layoffs

-6,575,000 jobs

https://www.google.com/search?q=us+layoffs+in+us+by+year+2021&sca_esv=b51f433a1d832308&ei=reY0ZuygNbHDp84PrtezmAo&ved=0ahUKEwisq4qny_GFAxWx4ckDHa7rDKMQ4dUDCBA&uact=5&oq=us+layoffs+in+us+by+year+2021&gs_lp=Egxnd3Mtd2l6LXNlcnAiHXVzIGxheW9mZnMgaW4gdXMgYnkgeWVhciAyMDIxMgUQIRigATIFECEYoAEyBRAhGKABMgUQIRigATIFECEYoAFI4iJQjghYwAxwAXgBkAEAmAFMoAGWAaoBATK4AQPIAQD4AQGYAgOgAqUBwgIKEAAYsAMY1gQYR8ICBRAhGJ8FmAMAiAYBkAYIkgcBM6AHrws&sclient=gws-wiz-serp

 

BLS Jobs Report May 2024 

Total nonfarm payroll employment increased by 272,000 in May 2024 and the unemployment moved from 3.9% to 4.0%. The number of unemployed persons moved from 6.5 million to 6.6 million. Long Term Unemployment moved to 1.4 million. The Labor Participation rate decreased from 62.7% to 62.5%.

There were 5.7 million actively seeking jobs.

Health care jobs increased by 68,000 in May and is above February 2020 levels.

Government jobs increased by 43,000 in May and is above February 2020 levels.

Leisure and hospitality food and drink service jobs increased by 42,000 in May. Jobs are down by 121,000 since February 2020

Professional and business services jobs increased by 32,000 in May and is above February 2020 levels by 1,000,000 jobs.

Social Assistance jobs increased by 15,000 in May.

Retail jobs increased by 13,000 in May. Retail jobs are down by 100,000 since February 2020

Construction jobs did not increase in May.

Other Services jobs did not increase in May.

Transportation and Warehouse jobs did not increase in May.

Manufacturing jobs did not increase in May.

Information jobs did not increase in May.

Mining, Oil and Gas Extraction jobs did not increase in May.

Financial jobs did not increase in May.  Employment in financial activities is 200,000 jobs above its February 2020 level.

Wholesale jobs did not increase in May.

https://www.bls.gov/news.release/pdf/empsit.pdf

In February 2020 the US Jobs Deficit was 9.5 million.  

US Unemployment by industry had deficits from February 2020.

                    2020                       2021

Industry      June   Sept   Oct     Feb    Apr    May   Aug   Dec

Hospitality  2.2M  1.6M  1.4M  1.5M 1.4M   1.3M  -1.1m -1m

Prof & Bus 632K  385K  215K+596k+738k +821k+1.1m +1m

Mfg            481K  353K  270K  178k   56k    17k     0k       0k

Construct   238K  201K  150K  11k   +8k   +40k   +40k   +59k

Mining       110K   93K    87K    62k  +73k  +80k   +96k   +102

Healthcare 508K  524K  460K  306k  250k  223k  -37k   +0k

Public Sch 582K  504K  575K  306k  306k  308k  -555k -555k

Pvt Schls   255K  172K  148K  148k  148k  115k  +115k +115k

SocialAsst 236K  204K  204K  152k  126k  126k   -53k    -40k

Media/Info 193K  108K  122K  122k  122k  122k  +117k +101k

Tran Whse 94K  +75K +149K+584k +674k+709k +759k +751k

Wholesale 192K  159K  158K  113k  1 57k   41k     -3k   +0k

Other Svc  297K  189K  169K   317k 317k  317k   -317k  -300k

Retail         303K  202K  140K  104k  284k+159k  -208k  -200k

Totals        6.3M   4.6M   4.9M  3.8M  2.9M 2.6M  -1.34k - 0k

Industries with deficits as of 2/28/23 included Hospitality, Public Schools, Retail and Other Services.

https://www.bls.gov/news.release/pdf/empsit.pdf

https://www.bls.gov/news.release/empsit.nr0.htm

The Employment Situation-August 2021 (bls.gov)

https://www.bls.gov/news.release/pdf/empsit.pdf

US Job Cuts

Scores of Americans had to brush up their CVs last year. In 2023, companies planned 721,677 job cuts, a 98% jump from 2022, according to a new report from professional outplacement firm Challenger, Gray, and Christmas. The number marks the highest annual total since 2020. Jan 4, 2024

https://www.google.com/search?q=us+layoffs+in+us+by+year+2023&sca_esv=f73e6ca5e1446b75&ei=ZGc3ZtmxGIzJkPIPyPSVgAg&ved=0ahUKEwjZ846rrvaFAxWMJEQIHUh6BYAQ4dUDCBA&uact=5&oq=us+layoffs+in+us+by+year+2023&gs_lp=Egxnd3Mtd2l6LXNlcnAiHXVzIGxheW9mZnMgaW4gdXMgYnkgeWVhciAyMDIzMgUQIRigATIFECEYoAEyBRAhGKABMgUQIRigATIFECEYoAFI2k1QzydYmz9wAXgAkAEAmAFioAHvAaoBATO4AQPIAQD4AQGYAgOgAskBwgIKEAAYsAMY1gQYR8ICBRAhGJ8FmAMAiAYBkAYIkgcDMi4xoAejEQ&sclient=gws-wiz-serp

The tech layoff wave is still going strong in 2024. Following significant workforce reductions in 2022 and 2023, this year has already seen 60,000 job cuts across 254 companies, according to independent layoffs tracker Layoffs.fyi.

https://www.businessinsider.com/layoffs-sweeping-us-these-are-companies-making-cuts-2024

Comments

The US Jobs deficit was 9.5 million in January 2021. This is the shortfall between jobs held in February 2020.

Over 10 million illegal immigrants entered the US since January 2021. I expect they will take government welfare in addition to jobs where they can be supervised by bi-lingual illegals in jobs that don’t require English and drug cartel jobs. Over 2 million legal immigrants arrive each year and 2 million US students graduate each year.

The US Labor Force Participation Rate 2021-2024

62.5 May 2024

62.7 April 2024

62.7 March 2024

62.5 February 2024

62.5 January 2024

62.5 December 2023

62.8 November 2023

62.7 October 2023

62.8 September 2023

62.8 August 2023

62.6 July 2023

62.6 June 2023

62.6 May 2023

62.6 April 2023

62.6 March 2023

62.5 February 2023

62.4 January 2023

60.1 December 2022

62.1 November 2022

62.2 October 2022

62.3 September 2022

62.4 August 2022

62.1 July 2022

62.2 June 2022

62.3 May 2022

62.2 April 2022

62.4 March 2022

62.3 February

62.2 January 2022

61.9 December 2021

61.8 November 2021

61.6 October 2021

61.6 September 2021

61.7 August 2021

61.7 July 2021

61.6 June 2021

61.6 May 2021

61.7 April 2021

61.5 March 2021

61.4 February 2021

61.4 January 2021

https://tradingeconomics.com/united-states/labor-force-participation-rate

US Layoffs by Year

2023  194,000

2022   93,000

2021  10,353,000

Total 10.640.000

https://www.forbes.com/sites/brianbushard/2023/06/30/nearly-194000-laid-off-in-2023-so-far-as-us-layoffs-surge/?sh=3a3a2ce5777c

https://www.bls.gov/opub/mlr/2022/article/job-openings-and-quits-reach-record-highs-i

Jobs 2021-2023

Jobs restored 12,686,000

Job Lay-offs   10,640,000

Jobs created    2,046,000

Comments

The 12,686,000 Jobs restored are off-set by the 10.640,000 Job Lay-offs to have 2.046.000 Jobs created in 2021 to 2023.

The US population is 335.9 million. The Labor Participation rate is 62.5%. The US Labor force is 209.9375 million.

The BLS Jobs Data is released monthly to report job starts but doesn’t report job lay-offs. It is quietly adjusted later and recorded unintelligibly in tables near the bottom of the report.

The average work week remained at 34.3 hours in May 2024. The Labor Participation rate decreased from 62.7 to 62.5 in May 2024. These are clues that US citizen employment is flat. The increase is likely due to job gains by illegal immigrants.

US Lay-offs 2023-2024

By Trading Economics 2-24-24

Feb 2024  1.72K

Jan 2024  1.60K

Dec 2023 1.61K

Nov 2023 1.55K

Oct 2023  1.65K

Sep 2023 1.61K

Aug 2023 1.68K

Jul 2023   1.68K

Jun 2023 1.55K

May 2023 1.55K

Apr  2023 1.59K

Mar 2023 1.84K

Total      19.63K

https://tradingeconomics.com/united-states/job-layoffs-and-discharges

Comments

If I applied the data above on US layoffs to the US Jobs Report, the data shows jobs lost from 2021 to Feb 2024 were 6,944,000.

Jobs 2021-2023                  Revised Feb 2024

Jobs restored 12,686,000   12,686,000

Job Lay-offs   10,640,000   19,630,000

Jobs created    2,046,000   -6,944,000 jobs lost

Comments

By 2021, most large companies required job seekers to apply via painfully complex company job websites. They hired mostly Black and LGBTQ applicants to comply with DEI edicts. White Conservatives were not welcome and many quit their Woke companies. Company website applications were too much hassle for lower paid workers who used to show up with a resume to get a job. 

The 11 million jobs open reported in 2021, was a fishing trip for Engineers with specific skills in AI, EV, Cyber abatement and advanced chip design and manufacturing. At the same time these companies were in the process of deciding what new fad they would continue to fund. Apple was going to make EVs and dropped it. Bezos bought Twitter, found corruption and laid off 75% of his workforce. AI companies did find Engineers who had been studying AI since 2000. Engineers can now work from home as consultants.

As job postings fell from 2022 to 2023, non-engineering jobs were posted “in case they needed employees”, but applicants were ignored as companies continued to question future demand for their services. Applicants stopped applying through company websites and turned to finding their own jobs.

The 8 million jobs open reported in 2024 reflects the bubbles in job postings that arose from “ready, fire, aim” tactics used by big companies as they assessed what fads would succeed. Low EV sales reflected prohibitive costs, design flaws and limitations. EV mandates continue to be ignored.

Covid vaccine edicts by Woke Companies resulted in forced terminations from 2021 to 2023. Small “non-essential” businesses closed in Democrat States. On-line sales spiked as retail stores closed. Big Box grocery stores gained business as restaurant and fast-food sales declined. Covid taught consumers to eat at home. Work from home became popular and employees are hesitant to go back to the office. Big City office space is being converted to apartment units.

Open Borders from 2021 has resulted in the invasion of illegal migrants to big cities. Illegal gangs have added to the crime and employees are even more hesitant to go to the office.

65% of the 10.434M Illegals are working in the US. 35% (3.65M) of Illegal migrants are working for Drug Cartels, collecting welfare and awaiting work permits. The 65% (6.8M) who are working are working illegally in the US at familiar companies in construction (1.4M), food service (1.1M), waste management (946k) manufacturing (694K) retail (547K) They also work processing animal parts, landscaping and working in on-line retail in warehouse jobs.

https://www.migrationpolicy.org/data/unauthorized-immigrant-population/state/US

Norb Leahy, Dunwoody GA Tea Party Leader

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