February 2012 Employment Release

February 2012 U.S. employment situation: Labor market coming back to life

733,000 jobs added over the last three months; unemployment rate stable at 8.3 percent in February

Source: Jones Lang LaSalle, Bureau of Labor Statistics

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

-1000

-800

-600

-400

-200

0

200

400

600

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Monthly employment changeUnemployment rate

Job growth positive for last 17 months


220,000

121,000 120,000110,000

220,000

246,000 251,000

54,000

84,00096,000

85,000

202,000

112,000

157,000

223,000

284,000

227,000

0

50,000

100,000

150,000

200,000

250,000

300,000Oc

t-10

Nov-1

0

Dec-1

1

Jan-

11

Feb-

11

Mar-1

1

Apr-1

1

May-1

1

Jun-

11

Jul-1

1

Aug-

11

Sep-

11

Oct-1

1

Nov-1

1

Dec-1

1

Jan-

12

Feb-

12

Total non-farm monthly employment change

92

94

96

98

100

102

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52

Number of months after start of recession

1973 1981 1990 2001 2007

Recessions:

Perce

nt

Past 40 years

However, we are still two to three “good” years away from “normal” and previous peak levels


Jobs lost during recession…

Jobs gained during recovery…

Hiring is improving, yet only a third of jobs recovered from the recession so far


-1,000

-800

-600

-400

-200

0

200

400

2008 2009 2010 2011 2012

Change in '000s jobs

Private Sector Public Sector

Private sector hiring gaining momentum; public sector remains a drag


Private sector hiring up 3.7 million since March 2010

Public sector shed 506,000 workers since March 2010

Job growth positive in both service industries (office jobs) and production industries

-1000

-800

-600

-400

-200

0

200

400

600

Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012

Goods-producing Service-producing


Office-using (PBS) jobs lost during recession…

Office-using (PBS) jobs gained during recovery…

Office-using job performance outweighing overall growth by considerable amount as productivity levels snap


Where the jobs are coming from…PBS leads job growth in February, helping future office gains

-13-7.4

-6-6

-10

5.666

8.410.6

243131

4445.2

61.171

82

-20 0 20 40 60 80 100

ConstructionRetail trade

Other servicesGovernmentInformation

Nondurable goodsMotor vehicles and parts.

Mining and loggingFinancial activities

Wholesale tradeTransportation and warehousing

Goods-producingManufacturingDurable goods

Leisure and hospitalityTemporary help services

Health care and social assistanceEducation and health services

Professional and business services

February 2012 - One month net change (ths)Source: Jones Lang LaSalle, Bureau of Labor Statistics

PBS hiring continues to drive office job growth

-300

-250

-200

-150

-100

-50

0

50

100

150

2009 2010 2011 2012

Information Professional and Business Services Financial Services

P&BS represented 75.0 percent of office jobs lost in February 2010by February 2012, it represented 94.3 percent of office growth


Temporary employment grew rapidly in February, an indicator of future office employment growth (this time around)…

1,500

1,600

1,700

1,800

1,900

2,000

2,100

2,200

2,300

2,400

2,500

-100

-80

-60

-40

-20

0

20

40

60

80

2009 2010 2011 2012

Month

ly ne

t cha

nge i

n job

s (ths

)

Temporary employment monthly net change Temporary employment


Temporary employment (ths)

Industry segmentation: It is all about jobs and tech and energy are kings

Source: Jones Lang LaSalle

Energy, high-tech and office using sectors outperform overall economy since 2011

-11.0

-9.0

-7.0

-5.0

-3.0

-1.0

1.0

3.0

5.0

7.0

2008 2009 2010 2011 2012

Year over Year % change

High-tech Energy, Mining, and Utilities Office-using industries Total non-farm

Note: Due to inconsistencies and data lags, January and February 2012 do not have all high-tech subsections aggregated.Source: Jones Lang LaSalle, economy.com

Initial unemployment insurance claims rose slightly March 3rd, yet still 10.6 percent lower than a year ago

250,000

300,000

350,000

400,000

450,000

500,000

550,000

600,000

650,000

1-Mar-08 1-Mar-09 1-Mar-10 1-Mar-11 1-Mar-12

Initial claims 4-week moving average

4 week moving average below 400,000 claims (consistently) means economy is adding jobs

Source: Jones Lang LaSalle, US Department of Labor

Total unemployment beginning to decline, still well above long-term average

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Total unemployment U-6 Ten year average


0

2

4

6

8

10

12

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Bachelor's degree and higher High school graduates, no college

White collar unemployment far below overall levels

4.2%

8.3%


75.5

76

76.5

77

77.5

78

78.5

79

Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-1259

59.5

60

60.5

61

61.5

62

62.5

63

63.5College graduatesHigh school grads no college

Labor force participation for college grads improved in February, yet rates still low

College graduates High school graduates


Bay Area2.6%

Tech, energy and Sunbelt markets leading metro markets in total non-farm employment

Houston3.0%

Tampa2.6%

Pittsburgh2.4%

Seattle2.3%

San Diego2.2%


Philadelphia-0.2%

Larger Midwest and East coast markets lagging

Cleveland-0.2%

Atlanta0.0%

Chicago0.4%

DC0.4%

New York0.6%


Atlanta

Boston

ChicagoDallas

DenverDetroit

Houston

Las Vegas

Los Angeles

Miami

New York

PhiladelphiaPhoenix

Pittsburgh

SF SeattleSt. Louis

DC

050

100150200250300350400450

2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00%

Regionally, the West and South will lead employment growth through 2014

Bubble size represents total employment

Adding jobs

Addi

ng jo

bs

Job growth Q1 2012-Q4 2014

% job growth

Numb

er of

jobs

(tho

usan

ds)

Source: Jones Lang LaSalle, Global Insight

February 2012 Employment Release

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