LABOR MARKET


JOB GROWTH


JOBS GROWTH BY SECTOR

Job Distribution: 

  • Three sectors employ over 20 million workers each:

    • Education & Health Services - 24.3 million

    • Government - 22.6 million

    • Professional & Business Services - 21.5 million

    • Total 68 million, or 45 percent of all non-farm employees.

  • Three other sectors employ over 10 million workers: Leisure & Hospitality, Retail Trade and Manufacturing.

Year-over-Year Job Growth: 

  • Education & Health Services - 573 thousand, up 2.4%.

  • Professional & Business Services - 449 thousand, up 2.1%.

  • Leisure & Hospitality - 317 thousand, up 1.9%

  • Construction - 177 thousand, up 2.4%

  • Manufacturing - 138 thousand, up 1.1%

Job Growth & Distribution Since Pre-recession Peak:  The three sectors showing the largest gain in share of U.S. non-farm jobs included:

  • Education & Health Services added 4.3 million and 4.5 percentage points of share

  • Professional & Business Services added 3.4 million jobs and moved up 1.7 percentage points

  • Leisure & Hospitality added 3.2 million and gained 2.1 percentage points

The largest loss in distribution of job share was Manufacturing which lost 4.7 percentage points in share and 4.5 million U.S. jobs since the pre-recession peak.

Job Growth Since Recession Trough: 

  • Three sectors added over 3 million new jobs each:

    • Professional & Business Services - 5.1 million

    • Education & Health Services - 4.3 million

    • Leisure & Hospitality - 3.8 million

  • Two sectors exceeded 1 million jobs:

    • Construction - 1.3 million

    • Financial Activities - 1.0 million


Job Growth by Firm Size

Job Growth by Firm Size: 

  • Only one size segments added over 500 thousand new jobs each YoY:

    • < 500 Employees - 1.0 million

  • Three size segments had job growth > 2%:

    • < 500 Employees - 2.3%

    • < 1,000 Employees - 3.1%

    • > 1,000 Employees - 2.3%


HIRES, QUITS, LAYOFFS, Unemployment & EMPLOYMENT COSTS

Unemployment rate remains historically low and has leveled off.

Growth in average hourly earnings shows continued strength.

 

STATE JOB GROWTH AND UNEMPLOYMENT RATES