Decoding December’s Job Trends: Industries in Focus

In the latest employment data for December, we observe a resilient economy with wage increases despite the Fed’s 5.5% policy rates. However, beneath the surface, industries display varying trajectories. Some have reached new employment highs, while others, like Information, experienced a significant dip in mid-2022 but are now on the upswing. Additionally, certain industries face long-term declines due to structural changes. This analysis will also delve into the employment landscape of federal, state, and local governments.

Unveiling Monthly Changes: A Closer Look at Three-Month Moving Averages

To present a clearer picture, we rely on three-month moving averages (3MMA), smoothing out the monthly fluctuations that can be mere noise in the data. The data is categorized based on work location, with surveys directed to business facilities according to their addresses. The primary activity at each facility determines the industry category.

Private Sector Insights

Construction Boom: Across all construction types, from single-family housing to highways, employment has been consistently rising, reaching new all-time highs over the past two years. The construction industry is not only witnessing sustained growth but also boasts a record number of job openings.