Kansas City’s unemployment rate edged up from 8.3 percent to 8.5 percent in between May and June. This is still better than the 8.9 percent rate we had one year ago.
We typically see a boost in employment and labor force during the summer months as students are looking for work. This is clearly the case this summer, as the labor force (the number of people who are employed or are actively looking for work) increased by nearly 11,500. Employment also increased, but by less than 9,000, thus leading to a higher unemployment rate.
Historically, June is the high point of the year for employment rates because of seasonal summer jobs. Hopefully that will not be the case this year. If the economic recovery gains some traction and we begin to see some real employment increases we can look forward to higher employment levels in the months to come.
Friday, July 30, 2010
Friday, July 2, 2010
May Unemployment Rates Released
As much as we want the recession to be over and to be on a solid road to recovery, the sad fact is we are still a ways away from a strong economy, at least in terms of employment. Sure, April gave us reason to hope when the regional unemployment rate dropped from 9.3 percent to 8.3 percent. The number of people who were unemployed dropped by nearly 10,000 and actual number of people working climbed by nearly 12,000.
May’s numbers were released this week, and they were not bad, but they were not particularly good either. All variables (Labor Force, Employment, Unemployment and Unemployment Rate) leveled off instead of showing continued signs of improvement. The labor force increased by 213, unemployment decreased by 714, while employment grew by just 927. The unemployment rate remained unchanged at 8.3 percent.
Adding to this lackluster news is today’s release of the national employment numbers for June (remember the state and local figures will lag the national) indicating a net loss of 125,000 jobs. The loss of 225,000 temporary census jobs is largely to blame for the net decline. Were it not for the loss of these census jobs, the country would have added roughly 100,000 jobs. The bulk of these jobs (83,000) were in the private sector, but economy-wide, this increase barely makes a dent.
May’s numbers were released this week, and they were not bad, but they were not particularly good either. All variables (Labor Force, Employment, Unemployment and Unemployment Rate) leveled off instead of showing continued signs of improvement. The labor force increased by 213, unemployment decreased by 714, while employment grew by just 927. The unemployment rate remained unchanged at 8.3 percent.
Adding to this lackluster news is today’s release of the national employment numbers for June (remember the state and local figures will lag the national) indicating a net loss of 125,000 jobs. The loss of 225,000 temporary census jobs is largely to blame for the net decline. Were it not for the loss of these census jobs, the country would have added roughly 100,000 jobs. The bulk of these jobs (83,000) were in the private sector, but economy-wide, this increase barely makes a dent.
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