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prchovanec's profile
Patrick Chovanec
Patrick Chovanec
Patrick Chovanec
@prchovanec

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Patrick Chovanec

@prchovanec

Private sector economic advisor.

New York, NY
Joined August 2009

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    1. Patrick Chovanec‏ @prchovanec 7 Aug 2020

      The US economy added back +1.8 million jobs in July, and the unemployment rate fell to 10.2%. The total number of unemployed Americans fell by -1.4 million to 16.3 million.

      2 replies 1 retweet 7 likes
      Show this thread
    2. Patrick Chovanec‏ @prchovanec 7 Aug 2020

      Despite declines over the past 3 months, the unemployment rate is up +6.7 percentage points, and the number of unemployed is up +10.6 million, since February.

      1 reply 1 retweet 1 like
      Show this thread
    3. Patrick Chovanec‏ @prchovanec 7 Aug 2020

      Most of the improvement came from a reduction in the number of people temporarily laid off. This number fell by -1.3 million In July, down to 9.2 million, about half its April level.

      2 replies 0 retweets 1 like
      Show this thread
    4. Patrick Chovanec‏ @prchovanec 7 Aug 2020

      The labor force participation rate, at 61.4%, changed little in July, following increases in May and June. It remains well below its pre-COVID levels.pic.twitter.com/pmwv3S5Hz1

      1 reply 1 retweet 3 likes
      Show this thread
    5. Patrick Chovanec‏ @prchovanec 7 Aug 2020

      Total non-farm employment looks like this, up +9.8 million from its April low, but down -12.9 million from its February high.pic.twitter.com/GorwjphqlL

      3 replies 2 retweets 6 likes
      Show this thread
    6. Patrick Chovanec‏ @prchovanec 7 Aug 2020

      Employment in leisure and hospitality increased by +592k, accounting for about 1/3 of total job gains in July. Of this, +502k came from food services and drinking places. Despite the gains over the last 3 months, restaurant/bar jobs are down by -2.6 million since February.

      1 reply 0 retweets 1 like
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    7. Patrick Chovanec‏ @prchovanec 7 Aug 2020

      Government employment rose by +301k in July but is -1.1 million below its February level. Of this, +215k come from local government education, +30k from state government education, and +27k were temporary workers for the 2020 Census.

      1 reply 0 retweets 3 likes
      Show this thread
    8. Patrick Chovanec‏ @prchovanec 7 Aug 2020

      Retail trade added +258k jobs in July, which is still -913k lower than in February. Nearly half of that job gain occurred in clothing and clothing accessories stores (+121k), but general merchandisers, including superstores, lost -64k.

      1 reply 1 retweet 2 likes
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    9. Patrick Chovanec‏ @prchovanec 7 Aug 2020

      Employment in professional and business services rose +170k in July, but remains -1.6 million below its February level. The majority of July's gain occurred in temporary help services (+144k).

      1 reply 0 retweets 0 likes
      Show this thread
    10. Patrick Chovanec‏ @prchovanec 7 Aug 2020

      Other services industry added +149k jobs, but remains down -627k since February. Most of the increase occurred in personal and laundry services (+119k).

      1 reply 0 retweets 1 like
      Show this thread
      Patrick Chovanec‏ @prchovanec 7 Aug 2020

      Health care added +126k jobs in July, but remains down -797k since February.

      7:49 AM - 7 Aug 2020
      1 reply 0 retweets 2 likes
        1. New conversation
        2. Patrick Chovanec‏ @prchovanec 7 Aug 2020

          Employment in social assistance increased by +66k, but remains -460k lower than in February. Most of the gain came from child day care services (+45k).

          1 reply 1 retweet 1 like
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        3. Patrick Chovanec‏ @prchovanec 7 Aug 2020

          Manufacturing jobs rose by +26k in July, but remain -740k lower than in February.

          1 reply 0 retweets 1 like
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        4. Patrick Chovanec‏ @prchovanec 7 Aug 2020

          Mining (including oil drilling) lost -7k jobs in July, and is down -127k jobs from its peak in January 2019, though 3/4 of these losses have taken place since February.

          0 replies 1 retweet 0 likes
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        5. End of conversation

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