|
EMPLOYMENT GROWTH
| MOST RECENT
STATISTIC: |
1,894,000 |
| GRADE: |
C |
| PERIOD COVERED: |
Jan. 2007 |
| Date Released: |
01/05/07 |
| Next Release: |
02/02/07 |
|
|
| Total
Non-Farm Emp. |
136,935,000 |
| % Change 1
Year |
1.40% |
Source: U.S. Bureau of Labor Statistics
Analysis for the Housing Market
By: Jonas Adams
Non-seasonally adjusted total non-farm employment in December was 1,894,000 higher than in December 2005, a slight jump from last month's year-over-year revised gain of 1,825,000. Currently, total non-seasonally adjusted non-farm employment shows a figure of 136,935,000, a 1.40% increase over December 2005.
Seasonally adjusted data indicate a gain of just 167,000 jobs from last month. Revised data show that 154,000 jobs were created in November of 2006 and 86,000 in October. Third quarter seasonally adjusted job growth came in slightly above the level seen in both the first and second quarters. Seasonally adjusted data indicate employment growth was weakest during the second quarter of 2006.
Definitions and Importance for the Housing Market
By:
Jonas Adams
Employment data covers civilian non-farm wage and salary workers. Self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. These account for an additional 20% of the labor force. Employment estimates are based on establishment surveys for middle of reporting month from U.S. Department of Labor and state and local employment services. Full-time and part-time employment are derived from household data, adjusted to establishment data. Unemployment estimates are based on MSA of residence rather than MSA where last employed. The criterion emphasized in this section is "employment growth" - the increase in number of local jobs in the twelve month periods prior to the survey. Quarterly comparisons are not relevant because employment changes seasonally (Christmas season hiring, etc.).
This provides a measure of whether the local economy is expanding or contracting. Because of frequent revisions, employment growth in the current and the prior period may not be strictly comparable. Local employment data are revised one month after the preliminary estimates, and are adjusted to revised benchmarks approximately one year later and two years later. We measure re-benchmarked data wherever possible. U.S. employment figures include an adjustment for underreporting of employment in new firms. Most local figures do not. Hence, local employment growth tends to be understated, especially in periods of recovery and in areas enjoying strong construction growth. In some areas, construction employment includes mining employment.
More information can be obtained from the Bureau of Labor Statistics at:
http://www.bls.gov/eag/eag.us.htm
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