Bunn,+Dr.+M.

Will talk about this file in class:



THE EMPLOYMENT SITUATION -- DECEMBER 2009 Nonfarm payroll employment edged down (-85,000) in December, and the unem- ployment rate was unchanged at 10.0 percent, the U.S. Bureau of Labor Statis- tics reported today. Employment fell in construction, manufacturing, and wholesale trade, while temporary help services and health care added jobs

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YEARS WITH JOB LOSSES Total nonfarm payroll employment edged down in December (-85,000). Job losses continued in construction, manufacturing, and wholesale trade, while temporary help services and health care continued to add jobs. During 2009, monthly job losses moderated substantially. Employment losses in the first quarter of 2009 averaged 691,000 per month, compared with an average loss of 69,000 per month in the fourth quarter. Construction employment declined by 53,000 in December, with job losses throughout the industry. Employment in construction has fallen by 1.6 mil- lion since the recession began

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MONTHLY CHANGE IN EMPLOYMENT: In December, employment in manufacturing decreased by 27,000. The average monthly decline for the last 6 months of 2009 (-41,000) was much lower than the average monthly decline for the first half of the year (-171,000). Since the recession began, manufacturing employment has fallen by 2.1 million; three- fourths of this drop occurred in the durable goods component (-1.6 million).

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UNDERWRITING GAIN/LOSS 2009 In the past 34 years, only twice has the p-c insurance industry earned an underwriting profit of over $1.7 billion. In contrast, in that span it’s

had underwriting losses of $20 billion or more in 14 years.

[] - III Document The most recent update of the slide: