Current Employment Statistics Highlights for November 2007

Bureau of Labor Statistics Current Employment Statistics Highlights November 2007 Bureau of Labor Statistics December 7, 2007 Employment in total nonfarm 1996-2007 150,000 145,000 140,000 135,000 130,000 125,000 120,000 115,000 110,000 Jan-0 1 Jan-0 2 Jan-0 5 Jan-0 6 Jan-9 8 Jan-9 7 Jan-9 9 Jan-0 0 Jan-0 7 Jan-0 3 Jan-0 4 Jan-9 6 Seasonally adjusted in thousands 150,000 November 2007 Level: 138,467 Change: +94 145,000 140,000 135,000 130,000 125,000 120,000 115,000 110,000 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Notes: Shaded area denotes recession. Most recent two months of data are preliminary. Employment in total nonfarm Over-the-month change, 2006-07 360 320 280 240 206 200 160 120 80 40 0 Feb-0 6 Nov06 Jan-0 6 Mar-0 6 Jan-0 7 Feb-0 7 Mar-0 7 Dec-0 6 May07 May06 Aug06 Aug-0 7 Nov -07 Jul- 0 6 Sep-0 6 Apr07 Apr06 Jun-0 6 Oct-0 6 Jun07 Jul- 07 Sep-0 7 Oct07 Seasonally adjusted in thousands 300 249 222 186 144 124 103 109 90 69 44 198 196 162 175 122 93 93 94 226 188 170 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Note: Most recent two months of data are preliminary. • • Total nonfarm employment rose by 94,000 in November. November’s employment increase was in line with the average gain of 110,000 jobs for the prior 6 months, which represented slower growth than the 162,000 average gain for the previous 6-month period. 2 Employment in total nonfarm Over-the-month change, November 2007 Seasonally adjusted in thousands Natural resources and mining Construction Manufacturing Wholesale trade Retail trade Transportation and warehousing Utilities Information Financial activities Professional and business services Education and health services Leisure and hospitality Other services Government -40 -30 -20 -10 0 10 20 2 -24 -11 5 24 5 0 -6 -20 30 28 26 5 30 30 40 Total nonfarm: +94 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Note: Data are preliminary. • • • Employment in goods-producing industries fell by 33,000 in November. Service-providing industries, on the other hand, such as professional and business services and leisure and hospitality, continued to trend up. Retail trade employment, which had been flat since April, grew by 24,000. 3 Average weekly hours, total private 1996-2007 35.0 Seasonally adjusted 35.0 November 2007 34.5 Level: 33.8 Change: 0.0 34.5 34.0 34.0 33.5 33.5 33.0 Jan-0 4 Jan-0 2 Jan-0 3 Jan-0 5 Jan-9 8 Jan-9 7 Jan-9 6 Jan-9 9 Jan-0 0 Jan-0 1 Jan-0 6 Jan-0 7 33.0 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Notes: Shaded area denotes recession. Most recent two months of data are preliminary. Index of total private aggregate weekly hours 115 110 105 100 95 90 85 Jan-9 7 Jan-9 9 Jan-0 6 Jan-9 6 Jan-9 8 Jan-0 0 Jan-0 4 Jan-0 3 Jan-0 5 Jan-0 1 Jan-0 2 Jan-0 7 Seasonally adjusted, 2002=100 November 2007 Level: 108.0 Percent change: +0.1 1996-2007 115 110 105 100 95 90 85 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Notes: Shaded area denotes recession. Most recent two months of data are preliminary. Aggregate weekly hours are the product of average weekly hours and production and nonsupervisory workers. • • Average weekly hours of production and nonsupervisory workers on private nonfarm payrolls was unchanged in November at 33.8 hours. The workweek has remained essentially unchanged since 2004. The index of total private aggregate weekly hours edged up slightly in November. Since reaching a low point in August 2003, the index has increased by 10 percent. However, the rate of growth has slowed since the beginning of this year. 4 Over-the-year percent change in average hourly earnings 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 Jan-9 7 Jan-9 9 Jan-0 4 Jan-0 3 Jan-0 2 Jan-0 5 Jan-9 6 Jan-0 6 Jan-9 8 Jan-0 0 Jan-0 1 Jan-0 7 Seasonally adjusted, percent 1996-2007 5.0 4.5 4.0 3.5 3.0 2.5 November 2007 Percent Change: +3.8 2.0 1.5 1.0 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Notes: Shaded area denotes recession. Most recent two months of data are preliminary. Index of total private aggregate weekly payrolls 140 130 120 110 100 90 80 70 Jan-9 7 Jan-9 9 Jan-0 6 Jan-9 6 Jan-9 8 Jan-0 0 Jan-0 4 Jan-0 3 Jan-0 5 Jan-0 1 Jan-0 2 Jan-0 7 Seasonally adjusted, 2002=100 November 2007 Level: 127.2 Percent change: +0.5 1996-2007 140 130 120 110 100 90 80 70 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Notes: Shaded area denotes recession. Most recent two months of data are preliminary. Aggregate weekly payrolls are the product of average hourly earnings, average weekly hours, and production and nonsupervisory workers. • • Average hourly earnings for production and nonsupervisory workers on private nonfarm payrolls rose by 8 cents in November. Over the year, average hourly earnings have increased by 3.8 percent. The index of total private aggregate weekly payrolls rose 0.5 percent in November. Over the year, the index has grown by 5.4 percent, compared to 6.4 percent over the prior 12 months. 5 Employment in construction Over-the-month change Seasonally adjusted in thousands 20 16 12 8 4 0 -4 -8 -12 -16 -20 Residential building Nonresidential building Heavy and civil engineering Residential specialty trades Nonresidential specialty trades -12.8 -4.9 -7.2 -0.7 -4.5 -8.0 -0.2 0.0 1.7 3.0 November 2007 Prior 12-mo. avg. Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Note: Data are preliminary. • • Employment in construction fell by 24,000 in November. This decrease, concentrated in the residential components, is a reflection of the continuing difficulties in the housing market. Since its most recent peak in September 2006, construction employment has declined by 163,000. 6 Employment in manufacturing 1996-2007 19,000 Seasonally adjusted in thousands 19,000 November 2007 Level: 13,960 Change: -11 18,000 18,000 17,000 17,000 16,000 16,000 15,000 15,000 14,000 14,000 13,000 Jan-9 6 Jan-9 7 Jan-9 8 Jan-9 9 Jan-0 0 Jan-0 1 Jan-0 2 Jan04 Jan-0 3 Jan-0 5 Jan-0 6 Jan-0 7 13,000 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Notes: Shaded area denotes recession. Most recent two months of data are preliminary. • • Manufacturing employment declined by 11,000 in November. Over the past year, employment in the industry has fallen by 183,000. The 1-month manufacturing diffusion index of employment changes measures the breadth of job gain or loss across component industries. A value above 50 indicates a predominance of job gains, and a value below 50 indicates a predominance of job losses. In November the index stood at 45.2, and it has not risen above 50 since January. Two industries that provide products for construction—wood products and nonmetallic minerals— continued to reduce employment, while machinery manufacturers continued to add jobs. • 7 Over-the-month change, 2006-07 15 10 5 0 -5 -10 -15 -20 Feb-0 6 Dec-0 6 Mar06 May -06 Employment in building material and garden supply stores 11 Seasonally adjusted in thousands 10 4 1 4 2 0 -2 -4 -8 -7 -10 -11 -6 5 1 2 0 3 3 2 -4 -18 Feb-0 7 Jan-0 6 Jan-0 7 Nov -06 Mar07 May -07 Sep06 Aug06 Aug07 Nov -07 Apr06 Jul- 0 7 Jun06 Oct06 Apr07 Jun07 Sep07 Oct07 Jul- 0 6 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Note: Most recent two months of data are preliminary. • Employment in building material and garden supply stores dropped by 4,000 in November. Since reaching a peak in October of last year, employment in this industry has fallen by 50,000. 8 Employment in financial activities 1996-2007 9,000 Seasonally adjusted in thousands 9,000 November 2007 8,500 Level: 8,417 Change: -20 8,000 8,000 8,500 7,500 7,500 7,000 7,000 6,500 Jan-9 6 Jan-9 7 Jan-9 9 Jan-0 1 Jan-0 2 Jan-0 0 Jan-0 3 Jan-0 5 Jan-9 8 Jan-0 7 Jan-0 6 Jan-0 4 6,500 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Notes: Shaded area denotes recession. Most recent two months of data are preliminary. Employment in selected financial activities Over-the-year change, November 2007 Seasonally adjusted in thousands Credit intermediation* -69.1 Commercial banking Commercial banking 5.8 Securities and commodity Health care: +14.9 25.2 Insurance and related activities 43.1 Real estate 1.8 -80 -70 -60 -50 -40 -30 -20 -10 0 10 20 30 40 50 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Note: Data are preliminary. * Includes additional component industries not shown separately. • • From January to October 2007, employment in financial activities was essentially unchanged. In November, however, this industry shed 20,000 jobs. Credit intermediation lost 13,000 jobs over the month. The recent job losses in this industry, which includes mortgage lending and related activities, reflecting the weakness in the housing market. Real estate also lost jobs in November. 9 Employment in selected professional and business services Over-the-month change, November 2007 Professional and technical Professional and technical Accounting and bookkeeping Architectural and engineering Computer systems design Management and technical consulting Management of companies Management of companies Administrative and waste services Administrative and waste services Employment services Services to buildings -20 -5.8 -10 0 10 20 30 40 2.9 3.0 3.1 Professional and business services: +30 6.3 3.5 11.9 6.8 Seasonally adjusted in thousands 23.9 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Note: Data are preliminary. Employment in employment services 1996-2007 4,250 4,000 3,750 3,500 3,250 3,000 2,750 2,500 2,250 Jan-9 9 Jan-0 2 Jan-0 5 Jan-9 6 Jan-0 1 Jan-9 8 Jan-0 4 Jan-9 7 Jan-0 7 Jan-0 0 Jan-0 3 Jan-0 6 Seasonally adjusted in thousands 4,250 4,000 3,750 3,500 3,250 November 2007 Level: 3,526.6 Change: +3.1 3,000 2,750 2,500 2,250 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Notes: Shaded area denotes recession. Most recent two months of data are preliminary. • • In November, employment in professional and business services increased by 30,000, slightly above the average employment change for January through October of this year. Gains occurred in components such as computer systems design and management and technical consulting. Over the year, these industries experienced the largest gains in professional and business services, adding more than 150,000 jobs combined. These industries account for half of the growth in professional and business services over the year. Employment services inched up in November. An increase of 11,000 jobs in temporary help services component followed an increase of 28,000 in October. The unusual growth in temporary help services can be attributed to additional seasonal hiring for the holidays. Despite the gains in October and November 2007, temporary help employment is down 41,000 year-to-date. • 10 Employment in health care Over-the-month change, November 2007 Seasonally adjusted in thousands Ambulatory health care Ambulatory health care services* services* Offices of physicians 4.1 7.1 Outpatient care centers 1 Health care: +14.9 Home health care services -2.8 Hospitals Hospitals NursingNursing and residential and residential care facilities care facilities -5 0 7.7 3.1 5 10 15 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Note: Data are preliminary. * Includes additional component industries not shown separately. Over-the-month change, 2006-07 60 55 50 45 40 35 30 25 20 15 10 5 0 Feb-0 6 Employment in food services and drinking places Seasonally adjusted in thousands 51 41 34 30 27 23 21 21 18 27 25 23 25 24 15 26 17 24 17 40 37 32 38 Feb-0 7 Mar-0 6 Nov -06 Mar07 Dec06 Jan-0 6 Jan-0 7 May06 May -07 Aug-0 6 Aug07 Source: Bureau of Labor Statistics, Current Employment Statistics survey, December 7, 2007. Note: Most recent two months of data are preliminary. • Health care employment continued to grow, though more slowly. The increase amounted to 15,000, compared to the prior 12-month average gain of 34,000. Most of the growth in November came from physicians’ offices and hospitals. The food services industry added more jobs in November, and employment is up by 306,000 over the year. • 11 Nov -07 Jul- 0 6 Sep-0 6 Apr06 Jun06 Apr07 Oct-0 6 Jun07 Jul- 0 7 07 Sep- Oct-0 7