Perspectives on the U.S. Labor Market

It’s year end and time for some perspective on the economy.

Let’s start with the U.S. labor market.

The employment to population ratio remains stuck at around 58.7 percent,  levels not seen since the mid-1980’s.  This  is due to both structural factors, such as demographics and an increase in the population on disability,  as well as cyclical influences.

Dec26_Jobs3Nonfarm payrolls have grown, on average, 154K per month in the first 11 months of 2012, down from 175K per month, last year.

Dec26_Jobs2The private sector has recovered about 58 percent of the 8.833 million jobs lost during the Great Recession.  The goods producing sector, mainly, construction and manufacturing sectors,  were hit disproportionately hard and have yet to fully recover.   Construction, for example, is operating at only 74 percent of December 2007 levels.   Hopes are high for construction hiring as the U.S. housing market recovers.

Conversely,  the private service producing sector has fully recovered though with a much  different profile and, unfortunately, in lower wage industries.

Dec26_Jobs1

Source:  Joint Economic Committee,  U.S. Congress

(click here if charts are not observable)

About these ads
This entry was posted in Employment and tagged , , , , , . Bookmark the permalink.

2 Responses to Perspectives on the U.S. Labor Market

  1. The Wolf says:

    A reblogué ceci sur le blog a lupus…un regard hagard sur l'écocomics et ses finances…. and commented:
    Add your thoughts here… (optional)

  2. Pingback: Perspectives on the U.S. Labor Market | The Big Picture

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s