AFMC - Job Growth Back To Normal Pre-Covid Pace Wage Growth Still Higher: Longer-Term Employment Trends By Industry
2024-07-06 06:50:00 ET
Summary
- Job growth has slowed from the frenetic pace after the lockdowns and labor shortages, back to the normal pace of the Good Times.
- The total number of payroll jobs at employers rose to 158.6 million, a year-over-year increase of 2.61 million jobs.
- Construction employment rose to another record, with tight availability of skilled labor still a problem in some sectors.
- Employment has plateaued at high levels after a surge out of the pandemic.
Huge undercount of immigrants since 2022 messes up employment data in the household survey. Census Bureau needs to adopt Congressional Budget Office's population estimates or go home.
The jobs report data released today is based on two large surveys:
- The survey of "establishments" (employers): nonfarm jobs created (+206,000 in June), various hourly and weekly wage measures, and employment by industry.
- The survey of households : total employment, self-employment, part- and full-time employment, measures of labor force, labor-force participation rates, unemployment, six unemployment rates, employment-population rate, etc.