New record highs: construction, wholesale trade, arts and entertainment, state government.
Written by Wolf Richter of Wolf Street.
Salaries in some industries have reached record highs. Some companies are laying off workers, including retail, which has been in structural decline since 2017. In other industries, such as manufacturing and professional and business services, employment has remained roughly flat at record levels for months after the pandemic surged. We look at employment in major industries and government agencies based on data from the Bureau of Labor Statistics.
On Friday, we talked about how average hourly wages jumped for the third consecutive month, growing at an annualized rate of 5.0% in November, meaning wage growth is not cooperating with a rosy scenario of labor market normalization. Discussed. And when we looked into the details of the jobs report, we found that the labor market gave the Fed no reason to cut rates at all.
private sector.
construction, for all types of construction, from single-family homes to highways. We have already been surprised by an incredible boom in factory construction spending. Salaries in the construction industry as a whole have reached a new high.
- Total number of employees: 8.03 million people, new record high
- 1 month growth rate: +2,000
- 3 month growth: +36,000
Manufacturing: After a post-pandemic economic boom, employment plateaued for several months. But in October, a strike in the auto industry took a toll on employment. Many of those jobs returned in November.
- Total employment: 13 million people
- 1 month growth rate: +28,000
- 3 month growth rate: +4,000
mining and logging: This graph goes back to 2014 (all others are 2015). That’s because the sector’s recent hiring peak was in his 2014 year. This was around the time when U.S. natural gas prices plummeted, and the largest coal mines began restructuring in bankruptcy court and laying off many workers. While causing a collapse in coal prices, power producers shifted from coal to natural gas, a trend that began in his year 2000, and more recently to renewables.
- Total employment: 644,000
- Monthly increase: 11,000
- 3 month growth rate: 0
professional and business services; The largest sectors in terms of employment include professional services, scientific services, and technical services. Management of companies and enterprises. Administration and Support, Waste Management and Remediation Services.
Some technology and social media companies are included, while others are included in the “Information” (below) or other categories.
- Total employment: 23 million people
- 1 month increase rate: -9,000
- 3 month increase: -24,000
“information” It is a small division that includes web search portals, data processing, data transmission, information services, software publishing, film and sound recording, broadcasting, including the Internet, and telecommunications. This includes some of the technology and social media companies that have announced large-scale layoffs.
- Total number of employees: 3.03 million people
- 1 month growth rate: +10,000
- 3 month increase: -15,000
medical and social assistance:
- Total number of employees: 21.8 million, new record high
- 1 month growth: +93,000
- 3 month growth: +254,000
retail industry This includes employees in retail stores such as shopping malls, car dealerships, grocery stores, gas stations, and other brick-and-mortar stores and markets. This does not include technology jobs in e-commerce operations or drivers or warehouse workers. A large part of this sector is under significant pressure from e-commerce businesses.
- Total employment: 15.5 million people
- 1 month increase: -38,000
- 3 month increase: -41,000
Leisure and hospitality Restaurants, lodging, and resorts struggle to hire workers because working conditions are often harsh, including split shifts and working weekends and nights, and wages are relatively low.
- Total employment: 16.8 million people
- 1 month growth rate: +40,000
- 3 month growth: +158,000
financial activities In addition to finance and insurance, it includes real estate (renting, renting, buying and selling, and management).
- Total employment: 9.2 million people
- 1 month growth rate: +10,000
- 3 month increase: -1,000
Transportation and warehousing:
- Total employment: 6.7 million people
- 1 month increase rate: -5,000
- 3 month increase: -5,000
Wholesale:
- Total employment: 6.1 million
- 1 month growth rate: +8,000
- 3 month growth rate: +35,000
arts, entertainment and recreation Includes sports, performing arts, entertainment, gambling, recreation, museums, historic sites, and more.
- Total number of employees: 2.5 million, new record high
- 1 month growth rate: +1,000
- 3 month growth: +36,000
government job.
federal civilian employment: A spike occurs every 10 years when the census is taken.
- Number of private sector employees: 3 million total excluding census period, new record high
- 1 month growth rate: 0
- 3 month growth rate: +9,000
state government (Including education at state universities, etc.).
- Total employment: 5.3 million people
- 1 month growth rate: +17,000
- 3 month growth: +73,000
Local government – Employment is dominated by education, including teachers. After the pandemic, school districts suffered from a massive teacher shortage. Employment has not yet returned to pre-pandemic levels, and some school districts are still struggling with teacher shortages.
- Total employment: 14.7 million people
- 1 month growth: +32,000
- 3 month growth: +95,000
Enjoy reading and supporting Wolf Street? You can donate. I appreciate it very much. Click on the beer and iced tea mugs to see how.
Would you like to receive email notifications when new articles are published on WOLFSTREET? Sign up here.