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The Employment Situation
 
1555 NorthPark Drive #102Weston, Florida 33326www.horowitzandcompany.com
p 954-349-0800 f 954-349-1414
November 3, 2010
 
024681012
Unemployment
Unemployment Rate (%)
Source: Bloomberg/Horowitz & Company 
9.8%
4%5%6%7%8%9%10%11%
Unemployment
Unemployment Rate (%)
Source: Bloomberg/Horowitz & Company 
-800-700-600-500-400-300-200-1000100200300400500
   N   o   n  -   F   a   r   m    P   a   y   r   o    l    l   s    (   0   0   0    '   s    )
Change in Payrolls
Non-Farm MoM (000's)Manufacturing MoM (000's)Private MoM (000's)
Source: Bloomberg/Horowitz & Company 
3333.233.433.633.83434.234.434.634.835
Average Hourly Work Week
Avg. Weekly Hours
Source: Bloomberg/Horowitz & Company 
-0.2%-0.1%0.0%0.1%0.2%0.3%0.4%0.5%0.6%0.7%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%
   Y   o   Y   %
   M   o   M    %
Average Hourly Earnings
Avg. Hourly Earnings (YoY%)Avg. Hourly Earnings (MoM%)
Source: Bloomberg/Horowitz & Company 
-10%-8%-6%-4%-2%0%2%4%6%8%10%
Jun-08Sep-08Dec-08Mar-09Jun-09Sep-09Dec-09Mar-10Jun-10Sep-10
Productivity and Costs
Unit Labor Costs QoQ%Non-Farm Productivity QoQ%
Source: Bloomberg/Horowitz & Company 
12/3/2010Employment Charts
 
400420440460480500520
Unemployment Claims
Initial Claims (Thousands)
Source: Bloomberg/Horowitz & Company 
20002500300035004000450050005500600065007000200250300350400450500550600650700
   I   n   i   t   i   a    l   C    l   a   i   m   s   C   o   n   t   i   n   u   i   n   g   C    l   a   i   m   s
Unemployment Claims
Initial Claims (Thousands)Continuing Claims (Thousands)
Source: Bloomberg/Horowitz & Company 
54565860626466
   1   9   9   8   1   9   9   9   1   9   9   9   2   0   0   0   2   0   0   0   2   0   0   0   2   0   0   1   2   0   0   1   2   0   0   2   2   0   0   2   2   0   0   3   2   0   0   3   2   0   0   3   2   0   0   4   2   0   0   4   2   0   0   5   2   0   0   5   2   0   0   5   2   0   0   6   2   0   0   6   2   0   0   7   2   0   0   7   2   0   0   8   2   0   0   8   2   0   0   8   2   0   0   9   2   0   0   9   2   0   1   0   2   0   1   0
Employment / Population Ratio
Employment / Population Ratio (%)
Source: Bloomberg/Horowitz & Company 
01020304050607080
   1   9   9   8   1   9   9   9   1   9   9   9   2   0   0   0   2   0   0   0   2   0   0   0   2   0   0   1   2   0   0   1   2   0   0   2   2   0   0   2   2   0   0   3   2   0   0   3   2   0   0   3   2   0   0   4   2   0   0   4   2   0   0   5   2   0   0   5   2   0   0   5   2   0   0   6   2   0   0   6   2   0   0   7   2   0   0   7   2   0   0   8   2   0   0   8   2   0   0   8   2   0   0   9   2   0   0   9   2   0   1   0   2   0   1   0
Non-Farm Payroll Diffusion
Non-Farm Diffusion
Source: Bloomberg/Horowitz & Company 
-800-600-400-2000200400
ADP's Change in Private Payrolls
ADP Payrolls
Source: Bloomberg/Horowitz & Company 
-800-600-400-2000200400
   T    h   o   u   s   a   n   d   s
Change in Payrolls (MoM)
BLS - Non-Farm PayrollsADP Payrolls
Source: Bloomberg/Horowitz & Company 
12/3/2010Employment Charts
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