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DRAFT
0 0 Filename/RPS Number Office of the Chief Economist 0
The Labor Market Situation June 10, 2013
Dr. Jennifer Hunt Chief Economist
US Department of Labor
Office of the Chief Economist
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1 1 Filename/RPS Number Office of the Chief Economist 1
Steady job growth since February 2010
Source: Bureau of Labor Statistics, Current Employment Statistics Program
Over-the-month change, in thousands
• May: 178
• April: 157
• March: 154
12-month change, in thousands
• May 2012 to May 2013: 2,173
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2 2 Filename/RPS Number Office of the Chief Economist 2
Steady unemployment decline since end 2009
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3 3 Filename/RPS Number Office of the Chief Economist 3
Professional & Business Services led job growth (again) this month
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4 4 Filename/RPS Number Office of the Chief Economist 4
Since the end of the recession, many industries have not recovered their employment losses
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5 5 Filename/RPS Number Office of the Chief Economist 5
Long-term unemployed share falling
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6 6 Filename/RPS Number Office of the Chief Economist 6
Problem is not layoffs, but low hiring rate
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7 7 Filename/RPS Number Office of the Chief Economist 7
A Quick look at Consumption Trends Post-Recession
Office of the Chief Economist
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8 8 Filename/RPS Number Office of the Chief Economist 8
Consumption and disposable income both fell, but they were offset (slightly) by government transfers
Source: Petev, Ivaylo D., & Pistaferri, Luigi. 2012. Consumption in the Great
Recession. Stanford, CA: Stanford Center on Poverty and Inequality.
BEA, NIPA tables 2.1, 2.3.4, and 2.3.5.
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9 9 Filename/RPS Number Office of the Chief Economist 9
All components of consumption fell in this recession, and were slow to recover
Source: Petev, Ivaylo D., & Pistaferri, Luigi. 2012. Consumption in the Great
Recession. Stanford, CA: Stanford Center on Poverty and Inequality.
BEA, NIPA tables 2.1, 2.3.4, and 2.3.5.
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10 10 Filename/RPS Number Office of the Chief Economist 10
Unlike previous cycles, consumption has not returned to the previous peak, especially for services
Source: Petev, Ivaylo D., & Pistaferri, Luigi. 2012. Consumption in the Great
Recession. Stanford, CA: Stanford Center on Poverty and Inequality.
BEA, NIPA tables 2.1, 2.3.4, and 2.3.5.
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11 11 Filename/RPS Number Office of the Chief Economist 11
Widespread financial difficulties in 2009, but poor job market and rising prices main issues for low-income.
Source: Petev, Ivaylo D., & Pistaferri, Luigi. 2012. Consumption in the Great
Recession. Stanford, CA: Stanford Center on Poverty and Inequality.
University of Michigan Survey of Consumer Sentiment
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12 12 Filename/RPS Number Office of the Chief Economist 12
Thank you!