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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (336)	8/1/2003 9:06:07 AM
From: Ramsey Su	Read Replies (1) \| Respond to of 110194

No defaults? Jobless recovery? Pass that pipe to Greenspan, he needs another puff. stats.bls.gov Industry Payroll Employment (Establishment Survey Data) Total nonfarm payroll employment in July was 129.9 million (-44,000 over the month). The number of jobs has declined by 486,000 since January. Over the month, manufacturing and transportation shed jobs, but these losses were partially offset by gains in administrative services, notably in temporary help. (See table B-1.) Manufacturing employment fell by 71,000 in July. Employment in this sector has declined continuously since July 2000. Most manufacturing industries posted job losses over the month. Within durable goods manufacturing, the largest employment decline occurred in transportation equipment, where seasonal layoffs of auto workers were larger than usual. Employment also decreased in computer and electronic products (-11,000) and in fabricated metal products (-8,000). In nondurable goods manufacturing, 9,000 apparel and 7,000 textile mill jobs were lost over the month. Transportation and warehousing employment fell by 16,000 in July. Job losses were concentrated in air transportation, where employment fell by 9,000. This industry has lost 136,000 jobs since its recent peak in March 2001. Employment continued to decline in wholesale trade; job losses were widespread throughout the industry. Within retail trade, employment fell by 12,000 in food stores. Over the year, food stores have shed 60,000 jobs. Within the information sector, employment continued to trend down in telecommunications and in publishing. Both industries have been losing jobs for over 2 years. Employment in professional and technical services declined by 20,000, largely due to an employment loss of 12,000 in computer systems design and related services. Employment in administrative and support services rose by 85,000 over the month. Within its component industries, employment in temporary help increased for the third consecutive month, adding 42,000 jobs in July. Employment in this industry has grown by 122,000 since April. Employment also rose in building and dwelling services (11,000) over the month. Employment in the leisure and hospitality sector edged up in July (13,000). Most of this gain took place in accommodations, which added 11,000 jobs. Financial activities continued to add jobs, but at a slower pace. For the past 2 months, job gains averaged about 7,000 per month, compared with 16,000 per month from August 2002 to May 2003. Employment growth also slowed over the past 2 months in the construction sector. Employment in health care and social assistance was essentially unchanged over the month. 4 Government employment edged lower in July. This was the fifth consecutive decline; the number of government jobs has fallen by 115,000 over this period.