Nicholas Colas (Chief Market Strategist): 212 448 6095 or firstname.lastname@example.orgChristine Clark: 212 448 6085 or email@example.comBeth Reed: 212 448 6096 or firstname.lastname@example.org
We have 2 items to report in terms of positive (or less negative) news :
Total net jobs in June equaled a positive 120,000 excluding the 217,000 government workers (mostly temporary census hires) who were let go.
The 12-month rolling average of net employment (total hires – total separations) declined to -197,000 in June from -554,000 the prior month and its cyclicaltrough of -6.8 million in July 2009. In fact, 197,000 jobs lost is the best net employment number since 139,000 positions were eliminated in May 2008. The lastmonthly job gain was in April 2008, when employers added 231,000 payrolls.
Lastly, from a regional standpoint, the Midwest, Northeast and West continued to add jobs in June, while the South saw a decline of 80,000 positions after 3months of solid gains.
Though it is improving, the West still appears to be the region with the toughest job prospects. For the first half of the year, Californians andother Westerners lost 45,000 payroll positions, while the Midwest added 948,000 with the Northeast (+198,000) and South (+198,000) also posting net employment gains.
Job Openings and Labor Turnover Survey (JOLTS) Data
Hires Openings Layoffs and Discharges Quits Total Separations-825-625-425-225-25175375
Net Jobs Added to the Economy (Hires -Total Separations): Jan 2008-June2010
Total Net Jobs Net Jobs Excluding Government