RSS Feed by Calculated Risk on 2/09/2024 01:20:00 PM
Friday, February 09, 2024
Poor Weather Reduced Employment by About 50,000 in January
The BLS reported 353 thousand non-farm jobs were added in January. During the Winter months, I like to look at the weather impact on the report.
The BLS reported 553 thousand people were employed in non-agriculture industries, with a job, but not at work due to bad weather. The average for January over the previous 10 years was 257 thousand (median 248 thousand), so more people than normal were impacted by bad weather.
The BLS also reported 1.794 million people that are usually full-time employees were working part time in January due to bad weather. The average for January over the previous 10 years was 835 thousand (the median was 645 thousand). This series suggests weather negatively impacted employment more than usual.
The San Francisco Fed estimates Weather-Adjusted Change in Total Nonfarm Employment (monthly change, seasonally adjusted). They use local area weather to estimate the impact on employment. For January, the San Francisco Fed estimated that weather reduced employment by 40 to 60 thousand jobs.
It appears weather adjusted job gains were around 400 thousand in January (seasonally adjusted)
The BLS also reported 1.794 million people that are usually full-time employees were working part time in January due to bad weather. The average for January over the previous 10 years was 835 thousand (the median was 645 thousand). This series suggests weather negatively impacted employment more than usual.
The San Francisco Fed estimates Weather-Adjusted Change in Total Nonfarm Employment (monthly change, seasonally adjusted). They use local area weather to estimate the impact on employment. For January, the San Francisco Fed estimated that weather reduced employment by 40 to 60 thousand jobs.
It appears weather adjusted job gains were around 400 thousand in January (seasonally adjusted)
