Solid Job Gains in April

2022-05-06T11:21:50-05:00

Total nonfarm payroll employment increased by 428,000 in April, and the unemployment rate was unchanged at 3.6%. The April’s data indicate that the labor market remained healthy despite surging inflation, tighter financial conditions, and the war in Ukraine. Construction industry employment (both residential and non-residential) totaled 7.6 million and has returned to its February 2020 level. Non-residential construction lost 2,000 positions in April, reflecting a decline in nonresidential specialty trade contractors (-6,400). Meanwhile, residential construction employment added 3,800 jobs, after an increase of 10,600 jobs in March. Residential construction employment currently exceeds its level in February 2020, while 75% of non-residential construction jobs lost in March and April have now been recovered. Total nonfarm payroll employment increased by 428,000 in April, the same gain as in March, as reported in the Employment Situation Summary. Job gains for February and March were revised downward. The February estimate was revised down by 36,000 from +750,000 to +714,000, while the March increase was revised down by 3,000 to +428,000. In the first four months of 2022, nearly 2.1 million jobs were created, and monthly employment growth averaged 519,000 per month. As of February 2022, total nonfarm employment is 1.2 million lower than its pre-pandemic level in February 2020, almost fully recovered from the COVID-19 pandemic. Meanwhile, the unemployment rate was unchanged, at 3.6% in April. It was 11.1 percentage points lower than its recent high of 14.7% in April 2020 and 0.1 percentage point higher than the rate in February 2020. The labor force participation rate, the proportion of the population either looking for a job or already with a job, decreased 0.2 percentage points to 62.2% in April. It marks the lowest rate in the past three months. The number of persons unemployed was little changed, while the number of persons employed decreased by 353,000. The labor force participation rate for people who aged between 25 and 54 decreased to 82.4% in April. Additionally, according to the Household Survey supplemental data, which come from questions added to the Current Population Survey (CPS) since May 2020, 7.7% of employed persons teleworked or worked at home in the last 4 weeks specifically because of the coronavirus pandemic in April, down from 10.0% in the previous month. The share of the employed who teleworked has declined for the past three months. A year ago, in April 2021, 18.3% of employed persons teleworked because of the coronavirus pandemic. Job gains in April were widespread, led by gains in leisure and hospitality, manufacturing, and transportation and warehousing. Employment in the overall construction sector was barely changed (+2,000) in April, following a gain of 20,000 in March. Residential construction added 3,800 jobs, while non-residential construction employment lost 2,000 positions in April. Residential construction employment now stands at 3.1 million in March, broken down as 897,000 builders and 2.2 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 11,267 a month. Over the last 12 months, home builders and remodelers added 113,200 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,157,300 positions. In April, the unemployment rate for construction workers declined by 0.9 percentage points to 3.9% on a seasonally adjusted basis. The unemployment rate for construction workers has been trending lower, after reaching 14.2% in April 2020, due to the housing demand impact of the COVID-19 pandemic. Related ‹ The Fed Commits to Aggressive Tightening of Monetary PolicyTags: employment, labor force, labor force participation rate, residential construction employment

Solid Job Gains in April2022-05-06T11:21:50-05:00

Job Growth Continued in March

2022-04-01T11:20:40-05:00

Total nonfarm payroll employment increased by 431,000 in March, and the unemployment rate fell to 3.6% from 3.8%. The labor market recovery is continuing, as employment in some sectors, such as professional and business services, financial activities, and retail sectors, is now above pre-pandemic levels. Construction industry employment (both residential and non-residential) totaled 7.6 million and has returned to its February 2020 level. Residential construction gained 7,600 jobs, while non-residential construction added 11,300 jobs for the month. Residential construction employment currently exceeds its level in February 2020, while 76% of non-residential construction jobs lost in March and April have now been recovered. Total nonfarm payroll employment increased by 431,000 in March, following a gain of 750,000 in February, as reported in the Employment Situation Summary. Job gains for January and February were revised upward. The January estimate was revised up by 23,000 from +481,000 to +504,000, while the February increase was revised up by 72,000 to 750,000. In the first quarter of 2022, nearly 1.7 million jobs were created, and monthly employment growth averaged 562,000 per month, the same as the average monthly gain for 2021. As of February 2022, total nonfarm employment is 1.6 million lower than its pre-pandemic level in February 2020. Meanwhile, the unemployment rate decreased by 0.2 percentage points to 3.6% in March. It was 11.1 percentage points lower than its recent high of 14.7% in April 2020 and 0.1 percentage point higher than the rate in February 2020. The labor force participation rate, the proportion of the population either looking for a job or already with a job, increased 0.1 percentage point to 62.4% in March, as the number of persons unemployed decrease and the number of persons employed increased. It marks the highest level since March 2020, as more people are reentering the labor force. Additionally, according to the Household Survey supplemental data, which come from questions added to the Current Population Survey (CPS) since May 2020, 10.0% of employed persons teleworked or worked at home in the last 4 weeks specifically because of the coronavirus pandemic in March, down from 13.0% in the previous month. The share of the employed who teleworked has declined over the past two months. A year ago, in March 2021, 21.0% of employed persons teleworked because of the coronavirus pandemic. Job gains in leisure and hospitality, professional and business services, retail trade, and manufacturing continued in March, while employment in mining, wholesale trade, information, other services, and government changed little. Employment in the overall construction sector increased by 19,000 in March, following a gain of 57,000 in February. Residential construction added 7,600 jobs, and non-residential construction employment rose by 11,300 in March. Residential construction employment now stands at 3.1 million in March, broken down as 889,000 builders and 2.2 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 11,783 a month. Over the last 12 months, home builders and remodelers added 103,000 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,153,000 positions. In March, the unemployment rate for construction workers declined by 0.2 percentage points to 4.8% on a seasonally adjusted basis. The unemployment rate for construction workers has been trending lower, after reaching 14.2% in April 2020, due to the housing demand impact of the COVID-19 pandemic. Related ‹ 2021 State-Level GDP Data: ReboundingTags: employment, labor force, labor force participation rate, residential construction employment

Job Growth Continued in March2022-04-01T11:20:40-05:00

Surprising Job Growth in February

2022-03-04T10:23:44-06:00

Job growth accelerated in February with widespread gains across industries. Total nonfarm payroll employment increased by 678,000 in February, and the unemployment rate edged down to 3.8%. Construction industry employment (both residential and non-residential) totaled 7.6 million. Residential construction gained 31,000 jobs, while non-residential construction added 29,400 jobs for the month. Residential construction employment currently exceeds its level in February 2020, while 73% of non-residential construction jobs lost in March and April have now been recovered. Total nonfarm payroll employment increased by 678,000 in February, following a gain of 481,000 in January, as reported in the Employment Situation Summary. Job gains for December and January were revised upward. The December estimate was revised up by 78,000 from +510,000 to +588,000, while the January increase was revised up by 14,000 to +481,000. In the first two months of 2022, nearly 1.2 million jobs were created, and monthly employment growth has averaged 580,000 per month. As of February 2022, total nonfarm employment is still 2.1 million lower than its pre-pandemic level in February 2020. Meanwhile, the unemployment rate decreased by 0.2 percentage point to 3.8% in February. It was 10.9 percentage points lower than its recent high of 14.7% in April 2020 and 0.3 percentage points higher than the rate in February 2020. While the number of persons unemployed decreased to 6.3 million, the number of persons employed increased by 548,000 in February. The labor force participation rate, the proportion of the population either looking for a job or already with a job, increased 0.1 percentage points to 62.3% in February, showing more people are reentering the labor force. It is the highest level since March 2020. Job growth was widespread across industries in February, led by gains in leisure and hospitality, professional and business services, health care, and construction. Employment in the overall construction sector increased by 60,000 in February, following a gain of 7,000 in January. It marks the largest gain in the past 20 months. Residential construction added 31,000 jobs, and non-residential construction employment rose by 29,400 in February. Residential construction employment now stands at 3.1 million in February, broken down as 891,000 builders and 2.2 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 12,800 a month. Over the last 12 months, home builders and remodelers added 135,400 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,152,200 positions. In February, the unemployment rate for construction workers declined by 0.5 percentage points to 5.1% on a seasonally adjusted basis. The unemployment rate for construction workers has been trending lower, after reaching 14.2% in April 2020, due to the housing demand impact of the COVID-19 pandemic. Related ‹ January Private Residential Spending Up 1.3%Tags: employment, labor force, labor force participation rate, residential construction employment

Surprising Job Growth in February2022-03-04T10:23:44-06:00

Strong Job Gains in January

2022-02-04T12:20:10-06:00

Despite the omicron surge, the U.S. job market experienced solid gains. Total nonfarm payroll employment increased by 467,000 in January, and the unemployment rate ticked up slightly to 4.0%. Additionally, job gains in December and November were much stronger than initially estimated, according to revisions of the establishment survey data. Construction industry employment (both residential and non-residential) totaled 7.5 million, with 5,000 construction jobs shed in January. Residential construction gained 4,400 jobs, while non-residential construction employment lost 9,000 for the month. Residential construction employment currently exceeds its level in February 2020, while 67% of nonresidential construction jobs lost in March and April have now been recovered. Total nonfarm payroll employment increased by 467,000 in January, following a gain of 510,000 in December, as reported in the Employment Situation Summary. Total nonfarm employment data from January to December 2021 have been revised because of the annual benchmarking process and updated models. Job gains for November and December were revised upward. The November estimate was revised up by 398,000 from +249,000 to +647,000, while the December increase was revised up by 311,000 to +510,000. Overall, the 2021 over-the-year change is 217,000 higher than previously reported. In 2021, about 6.7 million jobs were created and monthly employment growth has averaged 555,000 per month. As of January 2022, total nonfarm employment is still 2.9 million lower than its pre-pandemic level in February 2020 level. Meanwhile, the unemployment rate rose slightly by 0.1 percentage point to 4.0% in January. It was 10.7 percentage points lower than its recent high of 14.7% in April 2020 and 0.5 percentage points higher than the rate in February 2020. Both the number of persons unemployed (+194,000) and the number of persons employed (+1,199,000) increased in January. The labor force participation rate, the proportion of the population either looking for a job or already with a job, increased 0.3 percentage pints to 62.2% in January, showing more people are reentering the labor force. It is the highest level since March 2020. Employment in leisure and hospitality, professional and business services, retail trade, and transportation and warehousing continued to increase, while employment in mining and logging and construction declined over the month. Employment in the overall construction sector declined by 5,000 in January, after six consecutive monthly increases. Residential construction rose by 4,400 jobs in January, while nonresidential construction employment lost 9,000 jobs. Residential construction employment now stands at 3.1 million in January, broken down as 883,000 builders and 2.2 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 6,417 a month. Over the last 12 months, home builders and remodelers added 88,000 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,104,200 positions. In January, the unemployment rate for construction workers rose by 0.7 percentage points to 5.6% on a seasonally adjusted basis. The unemployment rate for construction workers has been trending lower, after reaching 14.2% in April 2020, due to the housing demand impact of the COVID-19 pandemic. Related ‹ Apartment and Multifamily Real Estate Price Levels: 3Q2021Tags: employment, labor force, labor force participation rate, residential construction employment

Strong Job Gains in January2022-02-04T12:20:10-06:00

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