Rightfully yours

U.S. Bureau of Labor statistics:

Employment Situation:Economic News release

The Civilian Non-institutional population represents all citizens over age 16 eligible to be employed. This measures the flow of workers entering the job market and those retiring.

–Current: 239.67 million; up 182,000 from last month; up 1.78 million in the last 12 months (from 237.89 million).

Employment is a moving target. In a healthy economy, around 60% of those newly eligible look for employment, so about 116,000 jobs a month or 1.4 million new jobs per year must be filled just to keep the unemployment rate stable.

The Civilian labor force represents employed and unemployed workers actively looking for work.

–Current: 153.42 million; down 193,000 from last month; down 400,000 in the last 12 months (from 153.63 million).

–Employed workers: 139.30 million; down 38,000 from last month; up 305,000 in the last 12 months (138.99 million).

–Unemployed workers: 13.93 million;down 156,000 from last month; down 706,000 in the last 12 months(14.64 million).

–Civilian population not in the labor force: 86.44 million; up 374,000 from last month; up 2.18 million in the last 12 months (84.26 million).

At the start of the recession, 62.7% of the population was employed. Currently it is 58.2%.

–Unemployment rate (Civilian labor force unemployed workers) was basically unchanged at 9.1 (9.09) percent due to a combination of the significant drops in both the Civilian labor force (-193,000) and those unemployed (-156,000). This is almost the same number of workers (+349,000) that are no longer in the labor force (perhaps retiring) and not replaced.

Nonfarm payroll employment represents the Civilian labor force in selected industries (does not count farm workers).

–Current: 131.19 million; up 117,000 jobs from last month; up 1.26 millionin the last 12 months (129.93), increased by 1.944 million since the February 2010 low (129.246 million).

Private sector employment represents nonfarm payroll employment (not counting government workers).

–Current: 109.156 million; up 154,000 jobs from last month; up 1.805 millionin the last 12 months (107.35).

Government employment represents federal, state and local government employment.

–Current: 22.034 million; down 37,000 jobs from last month; down 547,000in the last 12 months (22.581).

Bottom Line:

July added 117,000 jobs, certainly a lot better than the 46,000 and 53,000 added in the previous two months. The job additions are net changes, counting all workers losing and leaving their jobs, leaving the 117,000 as a net gain.

If we look at the bigger picture, 1.78 million people who are eligible to be employed have been added to the Civilian non-institutional population in the last 12 months, but those who are not in or were dropped from the Civilian Labor force rose more, by 2.18 million, meaning there was a drop of 400,000 in those working or looking for work.

Unemployment has also declined by 706,000 in the last 12 months. That sounds good until we subtract the 400,000 dropped from the Civilian Labor force, leaving unemployment about equal to employment, up by 305,000 in the same period.

The total unemployment rate is 9.07 percent, arrived at by comparing Civilian labor force unemployed against the total looking for work.

The BLS also looks at nonfarm private employment by taking out government jobs and those in the agriculture industry (approx 200,000), commonly known as farm workers.

When comparing nonfarm private sector employment with the total, we see that the employment rate is 83.5 percent. Flipping that number shows us that nonfarm private sector employment is really 16.5 percent.

It is no wonder, the BLS doesn’t want us focusing on that number.

What happened to those 400,000 workers dropped from the Civilian labor force? The data doesn’t go down that far, but the ‘age wave’ theory says that since 2011 is the first year baby boomers (born 1946 to 1964) will start retiring, we can expect a massive slowdown in workforce growth, a slowdown in product sales as retirees carefully watch their money, a growth in product emphasis to products for the mature consumer, and an increasing burden on families, communities and governments as an aging population lives longer and strains entitlements and pensions, and healthcare.

The 400,000 is only the first drop of the flood of 76 million baby boomers nearing retirement.

The 58.2 percent of the Civilian labor force that is working is the lowest ratio of employed-to-unemployed civilians since January 1984.

Additionally, many of those 400,000 have combined resources under a single breadwinner as unemployment benefits and job prospects ran out, and perhaps many started a business where no one could fire them again.

Studies indicate to track progress toward a modest 8.5 percent unemployment by Election Day 2012 would require the creation of 220,000 jobs every month going forward.

One of the big problems is that workers who find jobs cannot count on keeping them for a long time. We are becoming a nation of temps. Workers may land temporary jobs advertised as permanent jobs, but dependent on the tides of business fortunes, with shifting schedules making it difficult to get a second job to supplement family income.

Another roadblock to employment that has surfaced is the job advertisements that require applicants to be currently employed before applying for a job. The intent is obvious. Companies who need to hire want to save lost production time training workers in the job.

It is an outgrowth of the flood of applications that come in every time a job is posted.

Investigations into the source of the ad writer have resulted in a uniform “it wasn’t me” response. Companies blame the agency performing the advertising. The agencies performing the hiring blame their clients intents for the wording. Each respondent said they were totally unaware that such wording was used.

When Congress returns they will consider a bill making discrimination for employment of any type including being unemployed a federal crime. It already has a version in the Senate and the House and is known as ‘Fair Employment Opportunity Act of 2011.’

The act prohibits employers and employment agencies from refusing to consider job applicants solely on the basis of unemployment. Since that discrimination is difficult to prove, employers would still covertly discriminate against the unemployed.

So on we go, approaching the end of unemployment benefits and chasing jobs that are filled internally, require exact training, geographically unavailable or are not available to those without a job. Employers will continue to squeeze more work out of their existing workers, who put up with it because they are fearful they can be replaced, and half the jobs available are in lower paying industries with variable schedules that make holding a second job difficult.

And Congress? They don’t care about the unemployed, as much as they spout about job creation. The unemployed are a relatively small constituency, who tend not to vote anyway. in both the 2008 and 2010 elections, only 35 percent of the eligible unemployed chose to vote.

An example of political manipulation of unemployment is the FAA funding bill. Just before the FAA bill left the House Transportation and Infrastructure committee, the chairman, Rep. John Mica (R-FL) attached an anti-labor provision to overturn the National Mediation Board ruling that made it easier for airport and railroad workers to unionize by counting votes actually cast.

The Republican-controlled House quickly moved for a passing vote, and dispersed to their home states for their month-long vacation, leaving 74,000 FAA workers without funding for their salaries.

Following an urgent request from the president for these workers having no income for a month, two remaining Democratic Senators passed the House bill under the “unanimous consent” (all voting members present, no objections) rule and the president signed the bill less than two hours later, allowing the workers to return to their jobs and provide for their families.

The message here was clear. Republicans are actively pro-big business, and anti-labor. Democrats are for the people and their welfare. Republicans continue to harp that the federal debt is primarily responsible for the persistent joblessness even though there has never been any evidence to support that stance.

Steps that will help American workers are funding to repair infrastructure buildings, roads and bridges, building new American industries and providing subsidies to technical schools to train workers in fields that are available now, reducing the skill mismatch gap. Republicans are against those types of funding that have no immediate benefit to big business.

The number of Americans who think that big business will take care of them is shrinking. It is evidenced by the number of people on food stamp programs. Currently, there are more than 44 million people on food stamps, a rise of 62% from October 2007. Republicans have targeted the food stamp program as a problem to be cut to reduce the deficit.

To represent the common American in Congress the rise of a third party of Independents is needed. We need enough Independents running for and winning in Congress to form their own caucus and party. Republicans have proven themselves arrogant enough to vote for bills that keep the average worker ‘in his place’ and then lie to their voter base, hoping there are enough voters with either blind loyal to their party, with short memories, or with belief in promises that have never been kept.

None of the freshman Tea Party House representatives deserve to be re-elected until they understand how to reduce our deficit without destroying our nation, without simple bull-headed adherence to a principle of debt reduction without considering consequences.

Independents are needed to provide the balance in Congress, since any one party in majority provides a danger.

My personal idea to help employment is to tie unemployment benefits to a job intern program. Encourage businesses needing help of any kind to accept interns who will work and learn on the job. Pay and health care benefits will come from unemployment funding.

Participating businesses can have tax breaks for learning interns (not just floor sweepers). Technical school education with government funding will be offered to promising interns as they learn a trade on the job.

Businesses will hire trained workers they know as needed with job performances they have witnessed. 

American workers in the past have proven themselves resilient and adaptable in the face of adversity, figuring out financial ways to care for their families by providing products and services that are better than are available today and that people are willing to pay for. They will do the same in the future.

Consumer Confidence Survey

For this month, the Conference Board shows that the:

• Consumer Confidence Index^® (short-term outlook) increased to 59.5 from last month’s 57.6 (1985=100).
• Present Situation Index (optimism or pessimism about current conditions such as unemployment) decreased to 35.7 from last month’s 36.6 rating.
• Expectations Index (optimism or pessimism about future conditions) increased to 75.4 from last month’s level of 71.6 on American optimism.

Household Survey Data

Nonfarm payroll employment gained 117,000 jobs in July. Previous month changes were: June (+46,000); May (+53,000); April (+217,000); March (+194,000); February (+235,000); January (+68,000); December (+121,000); November (+93,000); October (+210,000); September (-24,000; Census workers -136,000; net -112,000); August (-57,000; Census workers -114,000; net +57,000); July (-66,000; Census workers -143,000; net +77,000).

Census workers peaked at 564,000 workers in May 2010.

The quarterly average nonfarm payroll job data has three-month averages at: May through July (+72,000); February through April(+215,333); November through January (+94,000).

Between January 2007 and December 2009, 6.9 million workers were displaced from jobs they had held for 3 years or more. By January 2010, 49 percent of them were reemployed, but not necessarily in the same industries they had worked before.

Average weekly hours and overtime

The average workweek for production and non-supervisory employees employees remained consistent at 33.6 hours;average hourly and weekly earnings increased slightly to $19.52 with weekly earnings at $655.87.

These figures closely correlate with overall output and when workweek hours increase give clues when firms will start hiring.

*Over the past 12 months from June 2010, average hourly earnings have risen by 2.6 percent while the Consumer Price Index for All Urban Consumers (CPI-U) increased by 3.4 percent.

The number of persons working part time for economic reasons in non-agriculture industries (sometimes referred to as involuntary part-time workers) decreased by 156,000 to 8.4 million. These persons had their hours cut back to 34 hours or less (-119,000) or could only find part-time work (+116,000).

The number of persons not in the labor force but marginally attached to the labor forceincreased by 105,000 to 2.785 million).These are workers who wanted and were available for work, and had looked for work sometime in the last 12 months. They had not looked for work in the last 4 weeks and so were not considered part of the labor force. This number is up from 2.62 million a year ago.

Among the marginally attached workers, the number of discouraged workersincreased by 137,000 in the current month to1.1 million. These are persons no longer looking for work. This number has decreased by 66,000 from a year earlier.

Long-term unemployed persons (jobless for 27 weeks and more) decreased by 104,000 to 6.185 million this month. This is more than 4.7 times the number at the start of the recession in December 2007 (1.3 million). 44.4% unemployed persons are in this category or nearly 4.1% of the work force. In 2009 alone, 3.5 million were added to that number.

The average duration of unemployment has increased to 40.4 weeks. A year ago it was 33.9 weeks. At the start of the recession the average length of unemployment was 16.6 weeks. Half of the unemployed regain employment in 21.2 weeks, 1.3 less than last month.

The long-term unemployed number is down by 525,000 workers since the May 2010 high of 6.71 million.

Unemployment spreads stayed relatively the same with the highest among teenagers (25.0%), followed down by African-Americans, then Hispanics. The lowest unemployment started with Asians (7.7%), followed up by Adult women (7.9%), Whites then Adult men (9.0%).

Establishment Survey Data

Construction gained 8,000 jobs in July. Previous month changes were June (-5,000); May (+3,000); April (+4,000); March (+5,000); February (+30,000); January (-32,000); December (-16,000); November (-2,000); October (+4,000); September (-11,000); August (+34,000) reflecting 10,000 workers on strike in July who returned to work; July (-2,000).

The quarterly average construction job datahas three-month averages at: May through July (+2,000); February through April (+13,000); November through January (-16,667).

Currently, there are 5.532 million construction jobs, an increase of 3,200 from a year ago (5.500 million). In December 2007, there were 7.5 million.

Manufacturing gained 24,000 jobs in July). Previous month changes were June (+11,000);May (-2,000); April (+28,000), March (+20,000);February (+33,000); January (+49,000);December (+14,000); November (+15,000); October (-4,000); September (-6,000); August (-26,000); July (+32,000).

The quarterly average manufacturing job data has three-month averages at: May through July(+11,000); February through April(+27,000); November through January (+26,000).

Currently, there are 11.745 million manufacturing jobs, an increase of 165,000 from a year ago (11.580 million). In December 2007, there were 13.73 million.

The Institute for Supply Management said manufacturing activity expanded for the 24^th consecutive month with new orders and production modestly up. The ISM manufacturing index (PMI) read 50.9, the third reading below 60 for 2011 and the past 12 months. A reading above 50 indicates growth, and a PMI above 42 percent over a period of time indicates an expansion of the overall economy.

Of the 18 manufacturing industries, 10 are reporting growth led by Paper Products; Furniture & Related Products; Computer & Electronic Products; Transportation Equipment.

Retail trade gained 25,900 jobs in July. Previous month changes were June (+11,200);May (+2,800), April (+64,100); March (-5,600);February (-8,100); January (+27,500);December (+2,800); November(-15,600); October (+38,200); September (-3,900); August (+6,400); July (+11,100).

The quarterly average retail job data has three-month averages at: May through July (+13,300); February through April(+16,800); November through January (+4,900).

Currently, there are 14.576 million retail trade jobs, an increase of 156,900 from a year ago (14.419 million). In December 2007, there were 15.57 million.

Employment in retail trade has increased by 228,000 since a recent low in December 2009.

Professional and Business Services gained 34,000 jobs in July. Previous month changes were June (+4,000); May (+44,000); April (+45,000); March (+75,000);February (+44,000); January (+31,000); December (+54,000); November (+85,000); October (+40,000); September (+28,000); August (+38,000); July (-5,000).

This industry has added 246,000 jobs since the recent low in March 2010.

Professional and Business services consist of legal, accounting, management consulting, administrative and support services. In hard times, they are the first to be trimmed. In recovery, the jobs grow in these fields, as employers emerge from survival mode.

The quarterly professional business services job data has three-month averages at: May through July(+27,333); February through April(+54,667); November through January (+56,667).

Currently, there are 17.193 million professional business servicesjobs, an increase of 512,000 from a year ago (16.681 million). In December 2007, there were 18.05 million.

This is one of the largest job growth fields.

Temporary help services (a subset of Professional and Business Services) gained 300 jobs in July.Previous month changes were June (-11,600); May (-1,000); April (-5,400); March (+30,000); February (+22,700); January (-11,400); December (+38,100); November (+26,800); October (+27,200); September (+27,300); August (+22,500); July (-6,700).

The quarterly temporary help services job data has three-month averages at: May through July (-4,100); February through April(+15,767); November through January (+17,833).

Currently, there are 2.230 million temporary help services jobs, an increase of 156,600 from a year ago (2.073 million). In December 2007, there were 2.56 million.

Temporary hiring is the first step to permanent hiring as employers see if revenues justify the extra help.

Educational Services gained 1,600 jobs in July. Previous month changes were June (-1,400);May (-4,900); April (+6,200); March (-2,500);February (+4,000); January (-100); December (+5,400); November (+6,800); October (+25,000); September (-7,900); August (+9,700); July (-1,600).

The quarterly average educational services job data has three-month averages at: May through July(-1,567); February through April(+25,667); November through January (+4,033).

Currently, there are 3.204 million educational servicesjobs, an increase of 49,700 from a year ago (3.155 million). In December 2007, there were 2.98 million.

Health care and Social Assistance gained 36,700 jobs in July. Previous month changes were June (+12,600);May (+26,000), April (+34,000); March(+36,000);February (+36,200); January (+12,900);December (+27,900); November (+30,900); October (+42,100); September (+34,200); August (+31,300); July (+27,800).

Health care employment grew by 31,000 in July. Ambulatory health care services and hospitals each added 14,000 jobs over the month. Over the past 12 months, health care employment has grown by 299,000.

The quarterly average health care and social assistance job data has three-month averages at: May through July(+25,100); February through April(+35,400); November through January (+23,900).

This is one of the largest job growth fields.

Currently, there are 16.771 million health care and social assistancejobs, an increase of 355,000 from a year ago (16.416 million). In December 2007, there were 15.58 million.

Government employment (federal, state, local, U.S. Postal Service) lost 37,000 jobs in July. Previous month changes were June (-34,000); May (-46,000); April (-24,000); March (-25,000); February (-30,000); January (-14,000); December (-18,000); November (-35,000); October (+17,000); September (-136,000); August (-144,000); July (-183,000).

The quarterly average government employment (federal, state, local, U.S. Postal Service) jobs have been dropping (except for the Census bubble) over the last nine months and has three-month averages at: May through July(-39,000); February through April(-20,667); November through January (-22,333).

Currently, there are 22.034 million jobs, a decrease of 547,000jobs from a year ago (22.581 million). In December 2007, there were 22.38 million.Federal government (except U.S. Postal Service): Currently, there are 2.207 million jobs, an decrease of 181,000 jobs from a year ago (2.388 million). In December 2007, there were 1.97 million.

U.S. Postal Service: Currently, there are 626,600 jobs, a decrease of 25,800jobs from a year ago (652,400). In December 2007, there were 781,300.

Even with their labor reductions, the USPS reported August 5 that it had sustained a loss of $5.7 billion so far this year, with a $3.1 billion loss in the April through June period alone.

State governments education: Currently, there are 2.390 million jobs, a decrease of 3,500 from a year ago (2.393million). In December 2007, there were 2.33 million.

State governments (excluding education): Currently, there are 2.674 million jobs, a decrease of 86,700 from a year ago (2.761 million). In December 2007, there were 2.81 million.

Employment in state government decreased by 23,000 over the month. The decline was almost entirely due to the partial government shutdown in Minnesota.

Local governments education: Currently, there are 7.874 million jobs, a decrease of 156,000 from a year ago (8.03 million). In December 2007, there were 8.05 million.

Local governments (excluding education): Currently, there are 6.262 million jobs, a decrease of 93,700 from a year ago (6.356 million). In December 2007, there were 6.43 million.

Employment explained

To restore employment to the 5.5% level, 5.5 million workers will have to regain their job or start new a job.

The government and economists foretell that the “normal” unemployment rate will move up to 8% from its current 5.5% level.

To get to the 8% level, 1.67 million workers need jobs. 12.258 million workers will still be unemployed under the new standard.

The Civilian labor force has decreased in the past 12 months by 400,000, but normally grows at the rate of 1.5 million new workers per year. At 8%, 120,000 workers each year will be added to the unemployed, driving that number constantly higher.

Unemployment is a moving target that can only be battled with new industries and local jobs.

Our recession history of unemployment: 

Over the last 12 months, net 305,000 jobs were filled in the Civilian labor force, but if you are unemployed, the rate is 100%.

Where are the jobs?

It comes as no surprise that the occupations with the largest job growth in 2008 and projected to 2018 are in the fields of network systems and data communication and all aspects of the medical field, followed closely by financial examiners (accountants, auditors, etc.).

The largest job growth fields also include office and administrative support jobs, sales and service jobs, teachers and jobs in construction and transportation.

Education and employment go hand in hand.

The following table shows that unemployment is consistently greater for those with less education. It also shows that workers over 55 (women more than men) are more likely to remain employed). 

Data collection:

The Census Bureau surveys 72,000 households from 754 sample areas across the country to insure an accurate demographic survey. This translates into about 110,000 individuals. All the counties and county-equivalent cities are grouped into 2,007 geographic sampling units, each totally within their state borders and 754 of these units are selected to accurately represent the entire population of the United States. For a detailed explanation, see the BLS Handbook of Methods.

Each month, one-fourth of the interviewed households are rotated out. They rejoin the sample after eight months, are interviewed for another four months, and then are rotated out forever.

Each month, during the week containing the 19th day, 2,200 highly trained Census Bureau employees conduct interviews in the sample households for information on labor force activities (job holding and job seeking) or non-labor force status of household members.

This sampling method results in a 90+ percent probability that the results will be within 0.2 percent (30,000) of the 153.23 million workers in the Civilian labor force. A monthly total census would be cost-prohibitive.

Questions are specifically formulated so that neither the interviewer nor the persons interviewed decide their labor force classification. This prevents the sample from being distorted by respondents providing answers based on their opinion or what a “right” answer should be.

The basic concepts of employment are:

The unemployment rates are extrapolated from the survey results.

The quoted unemployment rate excludes people who have stopped looking for work because they believe no jobs are available (discouraged workers) and others outside the labor force. They are counted separately.

Stimulus (Recovery Act):

The president credits his $787 billion stimulus package of tax cuts and increased government spending with improving employment. He hopes to create about 3.5 million jobs. Lower estimates put that figure at 2 to 2.5 million jobs by the end of 2010, reducing the unemployment rate to 8%.

The Fed’s record-low interest rates, along with other moves to drive down loan rates and stimulate borrowing, have supported the economic rebound.

The president sent The Small Business Jobs and Wages Tax Cut to Congress on January 10, 2010 to try to stimulate more hiring. It focused on small businesses, because as the president stated, “Over the past fifteen years, small businesses have created roughly 65 percent of all new jobs in America.” The proposal included:

• Businesses will receive a $5,000 tax credit for every “net” new employee that they employ in 2010, capping at $500,000 per firm (and $250,000 for new firms) to ensure that the majority of the benefit goes to small businesses.

• Small businesses will be reimbursed for the Social Security payroll taxes they pay on real increases in their payrolls. Specifically, firms that increase wages, expand hours or hire new workers would get a credit against the added payroll taxes that result. This bonus would be based on Social Security payrolls, up to the individual taxable maximum of $106,800.

• Firms can claim the credit on a quarterly basis, returning money quickly to businesses, providing an early incentive to hire and increase payrolls.

• The Recovery Act tax incentives will be extended for depreciation of capital spending.

• There will be increased loan guarantees from the Small Business Administration (SBA), and an elimination of SBA fees.

• There will be increased investments in roads, highways, bridges and other construction, and grants to state and local governments to create jobs and avoid layoffs

President Obama noted that this proposal would be worked into the various other proposals that have already advanced in Congress, such as The HIRING Act of 2010 and The Jobs for Main Street Bill of 2010.

Because the Troubled Asset Relief Program (TARP) program (signed into law by President George W. Bush on October 3, 2008) cost much less than expected. Originally expected to exceed $300 billion, the Congressional Budget Office (CBO), as of December 10, 2010 estimates the program will cost only $25 billion, freeing up more than $200 billion to pay for other parts of the jobs program, without increasing projected federal deficits.

Stimulus spending by state

As of Jun 29, 2011,
$486,897,030,284has been awarded
$405,987,653,142 (83.38%) has been paid out to the states

Read: How the Stimulus Is Changing America

Recession histories:

Total unemployment peaked at 15.7 million (10.1%) in October 2009 rising from 7.7 million (5.0%) in December 2007 and from 11.6 million (7.6%) in January 2009.

Payroll employment decreased by 4.5 million jobs in 2009, wiping out all the jobs created in the private sector over the last decade.

With Nov 1982 unemployment at 10.2%, and the government taking aggressive action, it was still more than five years (April 1988) from the peak before unemployment receded to 5.4%. 

The approach that time, however, was to fix the economy at the expense of the worker.

Some compare the fall in employment to 1974-1975 and 1981-1982. If the comparison is accurate, the peak in unemployment may be reached within the next four to five months (past performance is no guarantee of the future).

Economist William Polley made a chart that includes every recession since World War II.  It makes the chart pretty hard to read, so he simplified it with selected post-WWII recessions.

William Polley’s chart shows how the recovery from the 2001 recession took four years for employment to return to its February 2001 peak. 

Using the Department of Labor unemployment tables of unemployment rates and 5.5% as the “normal” rate of unemployment, I have analyzed things a little differently. Of course, along the way, the Civilian labor force increases, so the percentages represent ever more workers.

The following table shows unemployment start dates, peaks and returns to the normal rate of 5.5%, Civilian labor force in millions of workers for that year, and the lengths of times from the start date in months:

Recession peaks 1974-2011:

Note that the unemployment peak period that started in 1974 and ended in 1979 (lasting nearly five years) was followed immediately by another peak period ending nearly nine years later. By the end of that period, the work force had increased by more than 32%, meaning overall, almost 30 million new jobs had to be created.

The aggressive increase in the Civilian labor force in that period can likely be attributed to post-World War II babies reaching adulthood, with some entering the labor force after secondary school and the rest entering the workforce after further education.

The periods from 1988 to 1990 and 1995 to 2008 were periods of prosperity, with low unemployment (but a building bubble). Here is the same data in graphic form:

Unemployment rates:
It is interesting to recognize that in most cases, unemployment peaks roughly one-third of the timeline for unemployment to return to its “normal” rate, so we can double the number of months from the Start to the Peak to expect to arrive at an approximate return to “normal.”

We live in hope (past performance is no guarantee of the future).

The next Economic Jobs report will be found at:
Economic Picture: August 2011 released September 2, 2011

The last Economic Jobs report will be found at:
Economic Picture: June 2011