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Unemployment Rate By Industry

Tyler Durden's picture




 

With the market focus at the NFP number release will be on one simple statistic: did the March Payrolls number beat or miss the nice round number expected of 200K (after all algos can't process more than that in 1 nanosecond), the real story in the past several years has been not about the headline establishment survey trend but everything else, especially the labor force participation (plunging), average weekly hours (plunging) average weekly compensation (plunging), and the demographic change in the labor force (will workers aged 55 and over hit a new record high? Why yes). All these are metrics and dynamics we, unlike the vacuum tubes, follow closely and will summarize after today's number.

In fact, perhaps the least important metric of all is, paradoxically enough, the unemployment rate itself, which even the humiliated Fed was forced to admit no longer reflects the true level of workforce "slack" as it is mostly for propaganda purposes, resulting in an end in the Fed's forward guidance.

Yet one aspect of the jobs data we haven't shown before, and which BofA focuses on this morning, is the unemployment rate by industry. For all those curious what the data looks like, here is the summary.

Unemployed by industry: The trends by industry show that a shrinking share of the unemployed is in the goods-producing sector. Unemployed workers in manufacturing and mining only make up 9.8% of the unemployed compared to 13.6% in 2000. The construction sector left a large number of unemployed workers, but it has since dwindled and the share is back to 2000 levels. This could reflect the fact that construction workers dropped out of the labor force. As housing recovers, at least some of these workers should come back. Meanwhile, there is a growing portion of unemployed in sectors such as health care and business services.

 

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Fri, 04/04/2014 - 08:14 | 4624280 Sudden Debt
Sudden Debt's picture

government industry...

what do they produce again?...

 

education industry... a never ending cluncker programm...

 

leizure... we need moar I guess...

 

agricultural... weed production is down? WTF??

Fri, 04/04/2014 - 08:15 | 4624286 GetZeeGold
GetZeeGold's picture

 

 

Education industry - Common Core

 

Producing drones for the future comrades.

Fri, 04/04/2014 - 08:16 | 4624292 negative rates
negative rates's picture

And just think, the year is young.

Fri, 04/04/2014 - 08:23 | 4624306 daxtonbrown
daxtonbrown's picture

"As housing recovers,"

 

Bwahaha! Hee hee hee. Chortle.

Fri, 04/04/2014 - 08:27 | 4624311 Sudden Debt
Sudden Debt's picture

well, even the spanish 5yr bonds went below the US 5yr bond rates today so go fish... even Spain is doing better than the US and the spanish economy is death. Detroyed. Droned.

Fri, 04/04/2014 - 08:28 | 4624315 Sudden Debt
Sudden Debt's picture

yeah... still needs to grow into those 5 downward revisions...

Fri, 04/04/2014 - 08:39 | 4624364 Oldwood
Oldwood's picture

Commerce was a human attempt to satisfy demand. Government and big business are intent on creating demand, not satisfying it. A content or satisfied public would be death to government and big business, as we currently know it. The primary product of government is to produce discontent.

Fri, 04/04/2014 - 10:07 | 4624697 Stuck on Zero
Stuck on Zero's picture

The unemployment share in the goods producing sector is down because there is almost no-one left in that industry.  Only paper shuffling jobs are left.

Fri, 04/04/2014 - 08:14 | 4624285 Max Damage
Max Damage's picture

Let the Algos read this quote and fuck everything up

 

How long can America continue to
burn up wealth? How long can this nation continue to consume far more
wealth than it produces? The trade deficit is one of the biggest reasons
for the steady decline of the U.S. economy, but many Americans don't even
understand what it is. Basically, we are buying far more stuff from the
rest of the world than they are buying from us. That means that far more
money is constantly leaving the country than is coming into the country. 
In order to keep the game going, we have to go to the people that we bought all
of that stuff from and ask them to lend our money back to us. Or lately,
we just have the Federal Reserve create new money out of thin air. This
is called "quantitative easing". Our current debt-fueled
lifestyle is dependent on this cycle continuing. In order to live like we
do, we must consume far more wealth than we produce. If someday we are
forced to only live on the wealth that we create, it will require a massive adjustment in our
standard of living. We have become great at consuming wealth but not so
great at creating it. But as a result of running gigantic trade deficits
year after year, we have lost tens of thousands of businesses, millions upon
millions of jobs, and America is being deindustrialized at a staggering pace.

Most Americans won't even notice,
but the latest monthly trade deficit increased to 42.3 billion
dollars...

The U.S. trade deficit climbed to
the highest level in five months in February as demand for American exports
fell while imports increased slightly.

The deficit increased to $42.3
billion, which was 7.7% above the January imbalance of $39.3 billion, the
Commerce Department reported Thursday.

When the trade deficit increases, it
means that even more wealth, even more jobs and even more businesses have left
the United States.

In essence, we have gotten poorer as
a nation.

Have you ever wondered how China has
gotten so wealthy?

Just a few decades ago, they were
basically a joke economically.

So how in the world did they get so
powerful?

Well, one of the primary ways that
they did it was by selling us far more stuff than we sold to them. If we
had refused to do business with communist China, they never would have become
what they have become today. It was our decisions that allowed China to
become an economic powerhouse.

Last year, we sold 122 billion
dollars of stuff to China.

That sounds like a lot until you
learn that China sold 440 billion
dollars of stuff to us.

We fill up our shopping carts with
lots of cheap plastic trinkets that are "made in China", and they
pile up gigantic mountains of our money which we beg them to lend back to us so
that we can pay our bills.

Who is winning that game and who is
losing that game?

Below, I have posted our yearly
trade deficits with China since 1990. 
Let's see if you can spot the trend...

1990: 10 billion dollars

1991: 12 billion dollars

1992: 18 billion dollars

1993: 22 billion dollars

1994: 29 billion dollars

1995: 33 billion dollars

1996: 39 billion dollars

1997: 49 billion dollars

1998: 56 billion dollars

1999: 68 billion dollars

2000: 83 billion dollars

2001: 83 billion dollars

2002: 103 billion dollars

2003: 124 billion dollars

2004: 162 billion dollars

2005: 202 billion dollars

2006: 234 billion dollars

2007: 258 billion dollars

2008: 268 billion dollars

2009: 226 billion dollars

2010: 273 billion dollars

2011: 295 billion dollars

2012: 315 billion dollars

2013: 318 billion dollars

Yikes!

It has been estimated that the U.S.
economy loses approximately
9,000 jobs for every 1 billion dollars of goods that are
imported from overseas, and according to the Economic Policy Institute, America
is losing about half a million jobs
to China every single year.

Considering the high level of
unemployment that we now have in this country, can we really
afford to be doing that?

Overall, the United States has
accumulated a total trade deficit with the rest of the world of more than 8
trillion dollars since 1975.

As a result, we have lost tens of
thousands of businesses, millions of jobs and our economic infrastructure has
been absolutely gutted.

Just look at what has happened to
manufacturing jobs in America. Back in the 1980s, more than 20 percent of
the jobs in the United States were manufacturing jobs. Today, only about 9 percent of the
jobs in the United States are manufacturing jobs.

And we have fewer Americans working
in manufacturing today than we did in 1950 even though our population has more
than doubled since then...

Fri, 04/04/2014 - 08:17 | 4624294 negative rates
negative rates's picture

Far longer than your post.

Fri, 04/04/2014 - 08:37 | 4624349 _ConanTheLibert...
_ConanTheLibertarian_'s picture

The US sells debt to China to make up the difference.

Fri, 04/04/2014 - 08:55 | 4624424 hootowl
hootowl's picture

Thank you Repugnicans for this "Free Trade" B.S.  We are being governed by evil NWO morons.

The American voting booths are filled with cartoon characters, recent, massively dumbed-down, progressive graduates/teachers/dupes, felons, illegal aliens, dual Babylonian/American citizens, dead Demoncraps, multiple-voting Demoncraps, Ebonic Demoncraps, zombies, dead Repubnicans, drunks, druggies, potheads, non-taxpayers, tax deadbeats, welfare breeder-whores and pimps, Demoncrap dogs, dead Demoncrap dogs, soulless, unionized, government bureaucrap/sociopaths, and myriad other categories of brain-damaged parasites too numerous to mention.

And against this horror, we try to fight back using truth, justice, the work ethic, honor, and The American Way.  It is too late to save ourselves politically.  We must look elsewhere, outside of faulty/fallen humanity to redeem what we once had been gifted.......The fallen nature of Man is the problem.

Fri, 04/04/2014 - 09:23 | 4624495 Vendetta
Vendetta's picture

Exactly.  As Nixon cuddled up to the chinese in the 70's, we got a couple of panda bears and they got our industrial manufacturing sector. Dad was warning me about the entire US trade deficit being $30 billion annually in the late 70's but then again he was just an international trade rep for the US dept of commerce but actually wanted the US to prosper unlike globalist shills.

Fri, 04/04/2014 - 08:16 | 4624291 Cattender
Cattender's picture

Walmart is where it's at Bitches! Begin your Career TODAY!

Fri, 04/04/2014 - 08:22 | 4624304 Haus-Targaryen
Haus-Targaryen's picture

Protip: Don't get your oil changed there.

Fri, 04/04/2014 - 08:53 | 4624417 GMadScientist
GMadScientist's picture

Amateur tip: change your own.

Fri, 04/04/2014 - 08:27 | 4624308 SheepDog-One
SheepDog-One's picture

Is it free money friendly? That's all that matters anymore.

Fri, 04/04/2014 - 08:29 | 4624318 AdvancingTime
AdvancingTime's picture

We must differentiate the kinds of economic growth and understand that all growth is not created equal. If you spend money but afterwards have little to show for it you have wasted it.

Sadly, much of the money America "invests in itself" each year through government spending and programs falls into this category. We need the right kind of economic growth to propel us forward. It must be sustainable, with a purpose, well directed, and have long lasting benefits. QE tends not to promote quality growth. More on this subject in the article below.

http://brucewilds.blogspot.com/2014/01/false-demand-fuels-wrong-kind-of-...

Fri, 04/04/2014 - 08:59 | 4624428 chistletoe
chistletoe's picture

I know its considered to be kind of obscene to point out good news on this site.

I'm fully aware that there ain't much of it these days that's real.

But I believe that it would be appropriate for the BLS to break out a different category of jobs

under the general header of "energy production"

which would include everything from appalachian coal miners to the people who produce fine white sand for mixing into fracking fluids to the people who determine the routing for new pipelines to carry natural gas from the Marcellus to Manhatten to the people who build multibeam seismic drumming equipment for surveying the deep ocean bottom for possible oil fields ...

 

because this is one arena where jobs growth, including well-paying high tech engineering has been, if not spectacular, at least impressive and steady,

and the Federal Reseve's low interest policies have had a strong influence in this regard ....

 

 

Fri, 04/04/2014 - 09:14 | 4624477 sessinpo
sessinpo's picture

I believe energy production is considered manufacturing. Thus if you remove it from manufacturing to put it under its own category, then the actual manufacturing  figures would be even worse.

Fri, 04/04/2014 - 09:04 | 4624452 StupidEarthlings
StupidEarthlings's picture

 But the real question is.....Do todays supercomputers still use vacuum tubes?

Fri, 04/04/2014 - 09:25 | 4624499 MFLTucson
MFLTucson's picture

The construction industry numbers continues to slide and not a mention by the state run media!

Fri, 04/04/2014 - 09:47 | 4624601 Chump
Chump's picture

My maths are bad, but how do these numbers get us to 6.7% overall?  Is the government, like, fudging something??

Fri, 04/04/2014 - 09:55 | 4624648 Chump
Chump's picture

Ah, whoops, forgot to carry a few 1's and sacrifice a chicken.

Fri, 04/04/2014 - 09:51 | 4624630 taketheredpill
taketheredpill's picture

 

 

ER, IF THE OVERALL UNEMPLOYMENT RATE DATA IS MEANINGLESS, WHY ISN'T SECTOR DATA MEANINGLESS AS WELL?

 

 

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