Job Gains Slow in December

2022-01-07T10:17:54-06:00

Job gains slowed sharply for the second straight month in December as the Omicron variant began to spread. Nonfarm payrolls increased by 199,000 in December, and the unemployment rate fell to 3.9%. Construction industry employment (both residential and non-residential) totaled 7.6 million, with 22,000 construction jobs added in December. Residential construction lost 4,100 jobs while non-residential construction employment rose by 27,000 for the month. Residential construction employment exceeds its level in February 2020, while 74% of nonresidential construction jobs lost in March and April have now been recovered. Total nonfarm payroll employment increased by 199,000 in December, following a gain of 249,000 in November, as reported in the Employment Situation Summary. It is the smallest monthly gain since January 2021. Job gains for October and November were revised upward. The November increase was revised up by 39,000 from +210,000 to +249,000, while the October increase was revised up by 102,000. Over 6.4 million jobs have been created in the past twelve months of 2021 and monthly employment growth has averaged 537,000 per month. Total nonfarm employment in December 2021 is still 3.6 million lower than its pre-pandemic level in February 2020 level. Meanwhile, the unemployment rate fell by 0.3 percentage points to 3.9% in December, the lowest rate since the pandemic. It was 10.8 percentage points lower than its recent high of 14.7% in April 2020 and 0.4 percentage points higher than the rate in February 2020. The December decrease in the unemployment rate reflected a decrease in the number of persons unemployed (-483,000) and an increase in the number of persons employed (651,000). The labor force participation rate, the proportion of the population either looking for a job or already with a job, remained unchanged at 61.9% in December. It is the highest level since March 2020. In December, employments in leisure and hospitality, professional and business services, manufacturing, construction, and transportation and warehousing continued to increase, while employments in retail trade and government declined over the month. Employment in the overall construction sector rose by 22,000 in December. After seven consecutive monthly increases, residential construction lost 4,100 jobs in December, while nonresidential construction employment rose by 27,000 jobs. Residential construction employment now stands at 3.1 million in December, broken down as 886,000 builders and 2.2 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 4,783 a month. Over the last 12 months, home builders and remodelers added 74,700 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,080,300 positions. In December, the unemployment rate for construction workers declined by 1.0 percentage points to 4.7% on a seasonally adjusted basis. It is the lowest rate since February 2020. The unemployment rate for construction workers has been trending lower, after reaching 14.1% in April 2020, due to the housing demand impact of the COVID-19 pandemic. Related ‹ Domestic Sawmill Output Continues to Lag Home ConstructionTags: employment, labor force, labor force participation rate, residential construction employment

Job Gains Slow in December2022-01-07T10:17:54-06:00

Job Gains Decelerate in November

2021-12-03T11:17:32-06:00

While job gains decelerated in November, the unemployment rate dropped to 4.2% and the labor force participation rate increased to 61.8%, the highest reading since March 2020. The increase in the labor force participation rate indicates that more people are returning to the labor force, a necessary requirement for additional hiring. Construction industry employment (both residential and non-residential) totaled 7.5 million, with 31,000 construction jobs added in November. Both residential construction (+10,300) and non-residential construction (+20,800) had job gains for the month. Residential construction employment 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 210,000 in November, following a gain of 546,000 in October, as reported in the Employment Situation Summary. It is the smallest monthly gain since January 2021. Job gains for September and October were revised upward. The October increase was revised up by 15,000 from +531,000 to +546,000, while the September increase was revised up by 67,000. Over 6.1 million jobs have been created during the first eleven months of 2021 and monthly employment growth has averaged 555,000 per month. Total nonfarm employment in November 2021 is still 3.9 million lower than its pre-pandemic level in February 2020 level. In November, professional and business services, transportation and warehousing, construction, and manufacturing had notable job gains, while employments in retail trade declined over the month. Meanwhile, the unemployment rate fell by 0.4 percentage points to 4.2% in November, the lowest rate since the pandemic. It was 10.6 percentage points lower than its recent high of 14.8% in April 2020 and 0.7 percentage points higher than the rate in February 2020. The November decrease in the unemployment rate reflected a decrease in the number of persons unemployed (-542,000) and an increase in the number of persons employed (1,136,000). The labor force participation rate, the proportion of the population either looking for a job or already with a job, increased to 61.8% in November. It is the highest level since March 2020. The increase in the labor force participation rate reflected a 594,000 increase in the number of the civilian labor force and a  473,000 decrease in the number of persons not in the labor force. Moreover, the labor force participation rate for people who aged between 25 and 54 increased to 81.8% in November. Employment in the overall construction sector rose by 31,000 in November. Over the month, residential construction added 10,300 jobs, and nonresidential construction employment rose by 20,800 jobs. Residential construction employment now stands at 3.1 million in November, 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 9,733 a month. Over the last 12 months, home builders and remodelers added 107,100 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,093,600 positions. In November, the unemployment rate for construction workers rose by 0.6 percentage points to 5.7% on a seasonally adjusted basis. The unemployment rate for construction workers has been trending lower, after reaching 14.1% in April 2020, due to the housing demand impact of the COVID-19 pandemic. Related ‹ Employment Situation in October: State-Level AnalysisTags: employment, labor force, labor force participation rate, residential construction employment

Job Gains Decelerate in November2021-12-03T11:17:32-06:00

Job Gains Accelerate in October

2021-11-05T10:17:45-05:00

Job gains picked up in October after two consecutive months of a slowdown. Total payroll employment rose by 531,000 and the unemployment rate dropped to 4.6% in October. Construction industry employment (both residential and non-residential) totaled 7.5 million, with 44,000 construction jobs added in October. Both residential construction (+10,900) and non-residential construction (+33,000) had job gains for the month. Residential construction employment exceeds its level in February 2020, while 63% of nonresidential construction jobs lost in March and April have been recovered. Total nonfarm payroll employment increased by 531,000 in October, faster than the previous two months, as reported in the Employment Situation Summary. Job gains for August and September were revised upward. The August increase was revised up by 117,000, while the September increase was revised up by 118,000 from +194,000 to +312,000. Over 5.8 million jobs have been created during the first ten months of 2021 and monthly employment growth has averaged 582,000 per month. Total nonfarm employment in October 2021 is still 4.2 million lower than its pre-pandemic level in February 2020 level. Meanwhile, the unemployment rate declined by 0.2 percentage points to 4.6% in October, the lowest rate since the pandemic. It was 10.2 percentage points lower than its recent high of 14.8% in April 2020 and 1.1 percentage points higher than the rate in February 2020. The October decrease in the unemployment rate reflected a decrease in the number of persons unemployed (-255,000) and an increase in the number of persons employed (359,000). The labor force participation rate, the proportion of the population either looking for a job or already with a job, remained unchanged at 61.6% in October. Job gains in October were widespread. Leisure and hospitality, professional and business services, education and health services, manufacturing, transportation and warehousing, and construction all had notable job gains in October, while employments in local government education, and in state government education have declined for the second consecutive month. Employment in the overall construction sector rose by 44,000 in October. Over the month, residential construction added 10,900 jobs, and nonresidential construction employment rose by 33,000 jobs. Residential construction employment now stands at 3.1 million in October, broken down as 885,000 builders and 2.2 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 8,917 a month. Over the last 12 months, home builders and remodelers added 122,800 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,087,600 positions. In October, the unemployment rate for construction workers declined by 0.7 percentage points to 5.1% on a seasonally adjusted basis. The unemployment rate for construction workers has been trending lower, after reaching 14.1% in April 2020, due to the housing demand impact of the COVID-19 pandemic. Related ‹ Bidding Wars Jump as Top Reason Buyers Can’t Make PurchaseTags: COVID-19, employment, labor force, labor force participation rate, residential construction employment

Job Gains Accelerate in October2021-11-05T10:17:45-05:00

Job Gains Slow Sharply in September

2021-10-08T13:17:18-05:00

Job gains slowed for the second straight month amid the resurgence of COVID-19 cases. Total payroll employment rose by 194,000 in September and the unemployment rate dropped to 4.8%. For the coming months, job gains are expected to accelerate as COVID-19 cases began to subside. Despite the slowdown in total nonfarm payroll employment, aggregate construction industry (both residential and non-residential) added 22,000 jobs in September and totaled 7.4 million. Both residential construction (+3,400) and non-residential construction (+18,600) had job gains over the month. Currently, residential construction employment exceeds its level in February 2020, while only 56% of nonresidential construction jobs lost in March and April have been recovered. In September, total nonfarm payroll employment increased by 194,000, reported in the Employment Situation Summary. It is the smallest monthly gain in the past nine months of 2021. The previous two months’ gains were revised higher. The July increase was revised up by 38,000, while the August increase was revised up by 131,000 from 235,000 to 366,000. During the first nine months of 2021, 5.1 million jobs have been created and monthly employment growth has averaged 561,000 per month. Total nonfarm employment in September 2021 is still 5.0 million lower than its pre-pandemic level in February 2020 level. Meanwhile, the unemployment rate declined by 0.4 percentage points to 4.8% in September, the lowest rate since the pandemic. It was 10.0 percentage points lower than its recent high of 14.8% in April 2020 and 1.3 percentage points higher than the rate in February 2020. The September decrease in the unemployment rate reflected a decrease in the number of persons unemployed (-710,000) and a large increase in the number of persons employed (526,000). The labor force participation rate, the proportion of the population either looking for a job or already with a job, decreased 0.1 percentage points to 61.6% in September. Leisure and hospitality, professional and business services, retail trade, and transportation and warehousing had job gains in September, while employment in local government education declined by 144,000 and employment in state government education declined by 17,000 over the month. Employment in the overall construction sector rose by 22,000 in September. Over the month, residential construction added 3,400 jobs, and nonresidential construction employment rose by 18,600 jobs after five consecutive months of declines. Residential construction employment now stands at 3.1 million in September, broken down as 882,000 builders and 2.2 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 6,033 a month. Over the last 12 months, home builders and remodelers added 136,300 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,078,400 positions. In September, the unemployment rate for construction workers declined by 0.1 percentage points to 5.8% on a seasonally adjusted basis. The unemployment rate for construction workers has been trending lower, after reaching 14.1% in April 2020, due to the housing demand impact of the COVID-19 pandemic. Related ‹ Share of New Homes with Decks Drops Below 20 PercentTags: COVID-19, employment, labor force, labor force participation rate, non-residential construction employment, residential construction employment

Job Gains Slow Sharply in September2021-10-08T13:17:18-05:00

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