Solid Job Growth in June

2025-07-03T11:17:21-05:00

The U.S. labor market continued to show resilience in June, with steady job gains led by state/local government and health care sectors. The unemployment rate edged down to 4.1%, signaling ongoing strength in hiring despite persistent economic uncertainty. However, there were some indications that the headline number overstated the health of the labor market, including slowing wage growth and much of the job gains concentrated in state/local government. In June, wage growth slowed. Year-over-year, wages grew at a 3.7% rate, down 0.1 percentage point from the previous month. Wage growth has been outpacing inflation for nearly two years, which typically occurs as productivity increases. National Employment According to the Employment Situation Summary reported by the Bureau of Labor Statistics (BLS), total nonfarm payroll employment rose by 147,000 in June, following an upwardly revised increase of 144,000 jobs in May. Since January 2021, the U.S. job market has seen 54 consecutive months of job growth, making the third-longest period of employment expansion on record. In 2025, monthly employment growth has averaged 124,000, compared with the 168,000 monthly average gain for 2024. The estimates for the previous two months were revised upward. The monthly change in total nonfarm payroll employment for April was revised up by 11,000 from +147,000 to +158,000, while the change for May was revised up by 30,000 from +139,000 to +144,000. Combined, the revisions were 16,000 higher than previously reported. The unemployment rate declined to 4.1% in June. The June decrease in the unemployment rate reflected the decrease in the number of persons unemployed (-222,000) and the increase in the number of persons employed (93,000). Meanwhile, the labor force participation rate—the proportion of the population either looking for a job or already holding a job—decreased by one percentage point to 62.3%. This remains below its pre-pandemic level of 63.3% recorded at the beginning of 2020. Among individuals aged 25 to 54, the participation rate rose by one percentage point to 83.5%. However, the rate for the prime working-age group (25 to 54) has been trending downward since reaching a peak of 83.9% last summer. In June, job gains occurred in state/local government and health care. State/local government posted a large 80,000 combined net job gain for June, while the health care sector added 39,000 jobs, with the largest increases occurring in hospitals and in nursing and residential care facilities. In contrast, the federal government continued to experience job losses, shedding 7,000 positions in June and a total of 69,000 since January 2025, reflecting the effects of government cutbacks. The BLS notes that “employees on paid leave or receiving ongoing severance pay are counted as employed in the establishment survey.” Construction Employment Employment in the overall construction sector rose by 15,000 in June, following an upwardly revised gain of 6,000 in May. While residential construction gained 5,500 jobs, non-residential construction employment added 9,200 jobs during the month. Residential construction employment now stands at 3.3 million in June, broken down as 959,000 builders and 2.4 million residential specialty trade contractors. The six-month moving average of job gains for residential construction was -1,833 a month, reflecting the three months of job losses recorded over the past six months, specifically in January, March, and May of 2025. Over the last 12 months, home builders and remodelers experienced a net loss of 1,400 jobs, marking the second annual decline since September 2020. Since the low point following the Great Recession, residential construction has gained 1,360,600 positions. In June, the unemployment rate for construction workers declined to 3.5% on a seasonally adjusted basis. The unemployment rate for construction workers has remained at a relatively lower level, after reaching 15.3% in April 2020 due to the housing demand impact of the COVID-19 pandemic. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Solid Job Growth in June2025-07-03T11:17:21-05:00

U.S. Economy Added 139,000 Jobs in May

2025-06-06T11:18:07-05:00

Despite ongoing economic and policy uncertainty, the labor market remains resilient, though early signs of softening are beginning to emerge. Job growth moderated in May, and employment figures for March and April were notably revised downward. The unemployment rate remained at 4.2%. In May, wage growth remained unchanged. Year-over-year, wages grew at a 3.9% rate. Wage growth has been outpacing inflation for nearly two years, which typically occurs as productivity increases. National Employment According to the Employment Situation Summary reported by the Bureau of Labor Statistics (BLS), total nonfarm payroll employment rose by 139,000 in May, following a downwardly revised increase of 147,000 jobs in April. Since January 2021, the U.S. job market has added jobs for 53 consecutive months, making it the third-longest period of employment expansion on record. Monthly employment growth has averaged 124,000 per month in 2025, compared with the 168,000 monthly average gain for 2024. The estimates for the previous two months were revised down. The monthly change in total nonfarm payroll employment for March was revised down by 65,000 from +185,000 to +120,000, while the change for April was revised down by 30,000 from +177,000 to +147,000. Combined, the revisions were 95,000 lower than previously reported. The unemployment rate remained unchanged at 4.2% in May. Despite this stability, the overall labor force shrank with notable shifts. The number of employed persons decreased by 696,000, while the number of unemployed persons increased by 71,000. Meanwhile, the labor force participation rate—the proportion of the population either looking for a job or already holding a job—decreased two percentage points to 62.4%. The overall labor force participation rate remains below its pre-pandemic levels of 63.3% at the beginning of 2020. Among individuals aged 25 to 54, the participation rate declined two percentage points to 83.4%. The rate for the prime working-age group (25 to 54) has been trending downward since peaking at 83.9% last summer. In May, industries like health care (+62,000), leisure and hospitality (+48,000), and social assistance (+16,000) continued to see gains. Meanwhile, federal government lost 22,000 jobs in May and has shed 59,000 jobs since January 2025, reflecting the effects of government cutbacks. The BLS notes that “employees on paid leave or receiving ongoing severance pay are counted as employed in the establishment survey.” Construction Employment Employment in the overall construction sector rose by 4,000 in May, following a downwardly revised gain of 7,000 in April. While residential construction lost 7,400 jobs, non-residential construction employment added 11,300 jobs during the month. Residential construction employment now stands at 3.3 million in May, broken down as 963,000 builders and 2.4 million residential specialty trade contractors. The six-month moving average of job gains for residential construction was -2,617 a month, reflecting job losses recorded in three of the past six months, specifically in January, March, and May of 2025. Over the last 12 months, home builders and remodelers experienced a net loss of 1,000 jobs, marking the first annual decline since September 2020. Since the low point following the Great Recession, residential construction has gained 1,360,600 positions. In May, the unemployment rate for construction workers declined to 3.8% on a seasonally adjusted basis. The unemployment rate for construction workers has remained at a relatively lower level, after reaching 15.3% in April 2020 due to the housing demand impact of the COVID-19 pandemic. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

U.S. Economy Added 139,000 Jobs in May2025-06-06T11:18:07-05:00

Job Growth Slows Slightly in April

2025-05-02T11:17:14-05:00

The U.S. job market slowed slightly in April, with notable downward revisions to February and March figures. The unemployment rate held steady at 4.2%. The labor market remains resilient despite growing economic uncertainty, though early signs of softening are beginning to emerge. In April, wage growth remained unchanged. Year-over-year, wages grew at a 3.8% rate. Wage growth has been outpacing inflation for nearly two years, which typically occurs as productivity increases. National Employment According to the Employment Situation Summary reported by the Bureau of Labor Statistics (BLS), total nonfarm payroll employment rose by 177,000 in April, following a downwardly revised increase of 185,000 jobs in March. Since January 2021, the U.S. job market has added jobs for 52 consecutive months, making it the third-longest period of employment expansion on record. Monthly employment growth has averaged 144,000 per month in 2025, compared with the 168,000 monthly average gain for 2024. The estimates for the previous two months were revised down. The monthly change in total nonfarm payroll employment for February was revised down by 15,000 from +117,000 to +102,000, while the change for March was revised down by 43,000 from +228,000 to +185,000. Combined, the revisions were 58,000 lower than previously reported. The unemployment rate remained unchanged at 4.2% in April. While the number of employed persons increased by 436,000, the number of unemployed persons increased by 82,000. Meanwhile, the labor force participation rate—the proportion of the population either looking for a job or already holding a job—rose one percentage point to 62.6%. Among individuals aged 25 to 54, the participation rate rose three percentage points to 83.6%, marking the highest rate since September 2024. Despite these gains, the overall labor force participation rate remains below its pre-pandemic levels of 63.3% at the beginning of 2020. Additionally, the rate for the prime working-age group (25 to 54) has been trending downward since peaking at 83.9% last summer. In April, industries like health care (+51,000), transportation and warehousing (+29,000), and financial activities (+14,000) continued to see gains. Meanwhile, federal government employment lost 9,000 jobs in April and has shed 26,000 since January 2025, reflecting the effects of government cutbacks. The BLS notes that “employees on paid leave or receiving ongoing severance pay are counted as employed in the establishment survey.” Construction Employment Employment in the overall construction sector increased by 11,000 in April, following a downwardly revised gain of 7,000 in March. While residential construction gained 3,400 jobs, non-residential construction employment added 8,000 jobs for the month. Residential construction employment now stands at 3.3 million in April, broken down as 956,000 builders and 2.4 million residential specialty trade contractors. The six-month moving average of job gains for residential construction was -1,583 a month, mainly reflecting the three months’ job loss over the past six months (October 2024, January 2025, and March 2025). Over the last 12 months, home builders and remodelers added 5,000 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,367,000 positions. In April, the unemployment rate for construction workers rose to 5.2% on a seasonally adjusted basis. The unemployment rate for construction workers has remained at a relatively lower level, after reaching 15.3% in April 2020 due to the housing demand impact of the COVID-19 pandemic. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Job Growth Slows Slightly in April2025-05-02T11:17:14-05:00

The Power of Women in the Workforce

2025-04-22T09:18:11-05:00

Over the past 125 years, women have played a crucial and multifaceted role in the labor force. Increasing women’s participation in the workforce is not only essential for individual and family well-being, but also contributes significantly to overall labor force participation rates and economic growth by adding more workers and enhancing overall productivity1.    Historically, women’s labor force participation rate rose rapidly between 1948 and 2000, peaking around 60% in 1999. During the same period, men’s participation rates declined. However, since 2000, the growth in women’s labor force participation has flattened and then declined. According to the March 2025 Employment Situation Summary reported by the Bureau of Labor Statistics (BLS), women’s labor force participation rate held steady at 57.5%, and women now represent nearly half (47%) of the total U.S. labor force. Selected Categories Prime-age women (ages 25-54) represent a significant and growing segment of the U.S. labor force. As of 2024, they accounted for nearly 30% of the civilian labor force, compared to 34% for prime-age men. According to the latest data from the Current Population Survey (CPS), prime-age women had a labor force participation rate of 78%, the highest among all female age groups. This rate has fully recovered from the COVID-19 pandemic, surpassing its previous peak recorded in February 2020. As discussed in the previous blog, higher levels of educational attainment are strongly associated with higher labor force participation and lower unemployment. Women with a bachelor’s degree or higher have played a vital role in shaping the labor market. In 2024, about 70% of women with this level of educational attainment were active in the labor force, compared to only 34% of women who had not completed high school. The CPS data also reveals notable differences in women’s labor force participation based on parental status.  Women with older children (ages 6 to 17) and no children under 6 years old had a higher labor force participation rate than those with younger children. Interestingly, women without children had a relatively lower labor force participation rate compared to those with children. Further research from the Brookings Institution and The Hamilton Project2 highlights a significant shift: women with young children (under 5 years), especially those who are highly educated, married, or foreign-born, are more likely to be in the labor force now than they were before the pandemic. Women’s labor force participation also varies by race and ethnicity. Among women ages 16 and over, Black women had the highest participation rate at 61%, followed by Hispanic women (59%), Asian women (59%), and White women (57%). The figure below reflects the diversity and complexity of women’s roles in the workforce. Women in Industry As more women enter the labor force, they are increasingly shaping a broad range of industries–from healthcare and education to leisure and hospitality, retail, technology, and construction. In 1964, women were primarily employed in a narrower set of sectors. The top four industries employing the most women at that time were: manufacturing; trade, transportation, and utilities; local government; and education and health services3. By 2024, however, women’s participation in the workforce has expanded significantly, both in scope and impact. According to the latest CPS data, women dominated the education and health services sector, where they hold approximately 27.6 million jobs. That means seven in every ten workers in this field are women. Moreover, women now make up more than half of the workforce in several other key industries, including other services, leisure and hospitality, and financial activities. Despite their growing role in the workforce, they remain underrepresented in certain sectors, most notably, construction. Although women now make up a significant portion of the overall labor force, they account for just 11% of total employment in the construction industry. Of those, only 2.8% of women work in actual trade roles, while most women in the industry are employed in: Office and administrative support Management Business Financial operations Gender Pay Gap by Occupation While the gender pay gap in the U.S. has narrowed significantly over the past few decades, it remains a persistent issue in the labor market. According to a study4 by the Pew Research Center, women earned about 65 cents for every dollar earned by men in 1982. By 2023, that figure had risen to approximately 82 cents on the dollar—a clear sign of progress. However, the pace of change has slowed considerably in recent years. In 2024, the CPS data shows that women working full time earned a median weekly wage of $1,043, compared to $1,261 for men. This means women earned 83 cents for every dollar earned by men—a 17% gender wage gap. At the occupational level, women earn less than men across all major occupational groups, even ones dominated by women. The smallest gender pay gap was found in community and social services occupations. In contrast, occupations in legal, sales and related, protective services, and production display larger disparities in earnings between women and men. The Future of Women in the Workforce Looking ahead to 2033, the number of women in the labor force is expected to continue growing, driven primarily by the prime-age women (ages 25 to 54). BLS employment projections estimate that roughly 3.2 million prime-age women will join the workforce between 2023 and 2033. During this period, their participation rate is projected to increase slightly, reflecting continued momentum in women’s economic engagement. Meanwhile, the U.S. labor market is experiencing a critical shortage of skilled workers, especially in fields like STEM (science, technology, engineering, and math) and skilled trades. As the NAHB Chief Economist stated, “The ultimate solution for the persistent, national labor shortage will be found…by recruiting, training and retaining skilled workers.” This applies equally to the women’s labor force. Women’s participation is closely tied to their access to education and skills development. As more women pursue higher education and specialized training, their career opportunities expand, particularly in fields previously dominated by men. This progress can help narrow the gender pay gap over time. However, women often shoulder disproportionate family and caregiving responsibilities, not only during their reproductive years, but throughout their lives. According to the American Time Use Survey (ATUS), on a typical weekday, prime-age working women spent about four hours on caregiving and household tasks, such as household activities, caring for and helping household members, and purchasing goods and services. This is nearly twice the time men spent on the same activities. Many women face a tough decision between career advancement and family caregiving responsibilities, often leading to reduced work hours or even complete withdrawal from the labor force. To support and increase women’s labor force participation, it may be beneficial to consider a range of policies and workplace reforms. For example, promoting flexible work arrangements can help women better balance professional and personal responsibilities. Narrowing the gender pay gap would also play a critical role in ensuring fair compensation and financial security. Furthermore, expanding access to affordable and high-quality childcare could remove a major barrier for many working mothers. In addition, continued investment in education and training programs would enable women to advance in their careers and contribute to broader, long-term economic growth. To conclude, empowering women to succeed in the workforce not only improves individual and family well-being, but also strengthens the entire economy. Note: “Changing Business Cycles: The Role of Women’s Employment,” Stefania Albanesi, NBER Working Paper, No. 25655, March 2019. ↩︎https://www.brookings.edu/articles/prime-age-women-labor-market-recovery/ ↩︎“Women At Work”, Spotlight on Statistics, U.S. Bureau of Labor Statistics, March 2017.https://www.bls.gov/spotlight/2017/women-at-work/pdf/women-at-work.pdf ↩︎“Gender Pay Gap in U.S. Has Narrowed Slightly Over 2 Decades,” Richard Fry and Carolina Aragão, Pew Research Center, March 4, 2025. ↩︎ Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

The Power of Women in the Workforce2025-04-22T09:18:11-05:00

U.S. Economy Added 228,000 Jobs in March

2025-04-04T10:21:20-05:00

The U.S. job market unexpectedly accelerated in March, while the figures for January and February were revised downward substantially. The unemployment rate ticked up slightly to 4.2% in March, from 4.1% the previous month. This month’s jobs report highlights the continued resilience of the labor market despite sticky inflation, a drop in consumer confidence, mass federal government layoffs, and growing economic uncertainty. Noticeably, residential construction employment has shown signs of weakness in recent months. In March, the six-month moving average of job gains for residential construction turned negative for the first time since August 2020. It reflects three significant drops in employment: 8,400 jobs in October 2024, 6,700 jobs in January 2025, and 9,800 jobs in March 2025. Additionally, the construction job openings rate has returned to 2019 levels, driven by a slowdown in construction activity. In March, wage growth slowed. Year-over-year, wages grew at a 3.8% rate, down 0.3 percentage points from a year ago. Wage growth has been outpacing inflation for nearly two years, which typically occurs as productivity increases. National Employment According to the Employment Situation Summary reported by the Bureau of Labor Statistics (BLS), total nonfarm payroll employment rose by 228,000 in March, following a downwardly revised increase of 117,000 jobs in February. Since January 2021, the U.S. job market has added jobs for 51 consecutive months, making it the third-longest period of employment expansion on record. The estimates for the previous two months were revised down. The monthly change in total nonfarm payroll employment for January was revised down by 14,000 from +125,000 to +111,000, while the change for February was revised down by 34,000 from +151,000 to +117,000. Combined, the revisions were 48,000 lower than previously reported. The unemployment rate rose to 4.2% in March. While the number of employed persons increased by 201,000, the number of unemployed persons increased by 31,000. Meanwhile, the labor force participation rate—the proportion of the population either looking for a job or already holding a job—rose one percentage point to 62.5%. For people aged between 25 and 54, the participation rate decreased two percentage points to 83.3%. While the overall labor force participation rate remains below its pre-pandemic levels of 63.3% at the beginning of 2020, the rate for people aged between 25 and 54 has been trending down since it peaked at 83.9% last summer. In March, employment rose in health care (+54,000), social assistance (+24,000), and transportation and warehousing (+23,000). Employment in retail trade also added 24,000 jobs in March, partially reflecting the return of workers from a strike. However, within the government sector, federal government employment saw a decline of 4,000, following a loss of 11,000 jobs in February. The BLS notes that “employees on paid leave or receiving ongoing severance pay are counted as employed in the establishment survey.” Construction Employment Employment in the overall construction sector increased by 13,000 in March, following a gain of 14,000 in February. While residential construction saw a decline of 9,800 jobs, non-residential construction employment added 22,300 jobs for the month. Residential construction employment now stands at 3.4 million in March, broken down as 958,000 builders and 2.4 million residential specialty trade contractors. The six-month moving average of job gains for residential construction was -2,883 a month, mainly reflecting the three months’ job loss over the past six months (October 2024, January 2025 and March 2025). Over the last 12 months, home builders and remodelers added 14,000 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,367,600 positions. In March, the unemployment rate for construction workers declined to 4.3% on a seasonally adjusted basis. The unemployment rate for construction workers has remained at a relatively lower level, after reaching 15.3% in April 2020 due to the housing demand impact of the COVID-19 pandemic. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

U.S. Economy Added 228,000 Jobs in March2025-04-04T10:21:20-05:00

Solid Job Gains in February

2025-03-07T11:16:44-06:00

The U.S. job market continued to grow at a solid pace in February, with the unemployment rate edging up slightly to 4.1%. The labor market remains healthy overall, but there are signs of potential weakness in the coming months, driven by mass federal government layoffs and ongoing policy uncertainty. This month’s jobs report may not fully reflect the impact of these layoffs in both the federal government and private sector, as the reference period for the monthly jobs report only covers the pay period that includes the 12th of the month. In fact, government job losses totaled only 10,000 workers for the February report. In February, wage growth accelerated. Year-over-year, wages grew at a 4.0% rate, down 0.1 percentage points from a year ago. Wage growth has been outpacing inflation for nearly two years, which typically occurs as productivity increases. National Employment According to the Employment Situation Summary reported by the Bureau of Labor Statistics (BLS), total nonfarm payroll employment rose by 151,000 in February, following a downwardly revised increase of 125,000 jobs in January. Since January 2021, the U.S. job market has added jobs for 50 consecutive months, making it the third-longest period of employment expansion on record. The estimates for the previous two months were revised. The monthly change in total nonfarm payroll employment for December was revised up by 16,000 from +307,000 to +323,000, while the change for January was revised down by 18,000 from +143,000 to +125,000. Combined, the revisions were 2,000 lower than previously reported. The unemployment rate rose to 4.1% in February. While the number of employed persons decreased by 588,000, the number of unemployed persons increased by 203,000. Meanwhile, the labor force participation rate—the proportion of the population either looking for a job or already holding a job—decreased two percentage points to 62.4%. For people aged between 25 and 54, the participation rate remained unchanged, at 83.5%. While the overall labor force participation rate remains below its pre-pandemic levels of 63.3% at the beginning of 2020, the rate for people aged between 25 and 54 exceeds the pre-pandemic level of 83.1%. In February, employment rose in several sectors, including health care (+52,000), financial activities (+21,000), transportation and warehousing (+18,000), and social assistance (+11,000). However, within the government sector, federal government employment saw a decline of 10,000, marking the worst month of federal government net hiring since June 2022. Construction Employment Employment in the overall construction sector increased by 19,000 in February, after a 2,000 gain in January. While residential construction gained 12,700 jobs, non-residential construction employment added 6,200 jobs for the month. Residential construction employment now stands at 3.4 million in February, broken down as 955,000 builders and 2.4 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 2,600 a month. Over the last 12 months, home builders and remodelers added 50,500 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,387,000 positions. In February, the unemployment rate for construction workers rose to 5.3% on a seasonally adjusted basis. The unemployment rate for construction workers has remained at a relatively lower level, after reaching 15.3% in April 2020 due to the housing demand impact of the COVID-19 pandemic. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Solid Job Gains in February2025-03-07T11:16:44-06:00

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