Employment Industry outlook
What do the details of these broad figures look like? Here’s a look at the industry details of today’s jobs report.
The overall growth in employment by industry for the first 11 months of 2013 is given below. Overall, Professional and Business Services has been the strongest industry so far, up about 562K since January. Coming in Second is Trade, Transportation, and Utilities at 419K. The rest of the top five industries with businesses adding to their payrolls include Leisure and Hospitality at 351K, Education and Health Services at 315K, and Retail Trade at 294K.
Government sector employment details
On the other end of the growth spectrum are the three government sectors, Information, and Manufacturing. The two productive industries – Information and Manufacturing – are up 49K and 4K so far this year. Of the government sectors, Local Government is up the most, by 56K; State government employment is 31K over the same time frame, while Federal Government employment is down about 88K.
So, with the broad yearlong overview established, here are the details behind the bottom line November employment growth figure.
The biggest contributor to employment growth in November was Trade, Transportation, and Utilities at 60K, followed by Education and Health Services at 40K, Professional and Business Services at 35K, Manufacturing at 27K, and Retail Trade at 22K.
Federal Government employment details
On the other end of the spectrum, the Federal Government reduced their employment cost by about 7K, followed by Financial Activities at -3K, Information at -1K, Local Government at +6K, and State Government at +8K.
Looking at these figures, one might rightly conclude (or ask): who needs the federal government? Perhaps federal employment really does have a negative effect on employment (unless, of course, you’re one of those bureaucratic institution lovers, then you’ll come up with some reason to explain away why a reduction in federal employment is a bad thing).
Also see: Peak Employment?
Conclusion for employment Industry
Overall, the November employment situation report painted a labor market that’s strong in private sector growth, much to the chagrin of government-is-the-center-of-the-universe advocates. Strength was present across most of the private industries, although strongest in Trade, Transportation, and Utilities, Education and Health Services, Professional and Business Services, Manufacturing, and Retail Trade.