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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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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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Steady unemployment decline since end 2009

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Professional & Business Services led job growth
(again) this month

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Since the end of the recession, many industries have
not recovered their employment losses

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Long-term unemployed share falling

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Problem is not layoffs, but low hiring rate

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A Quick look at Consumption
Trends Post-Recession
Office of the Chief Economist

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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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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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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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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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Thank you!