The national economy has finally gained back all jobs lost during recession, 79 months after the recession began. Not only are we back to the pre-recession employment peak—we’re 98,000 jobs above it.
The 217,000 new jobs created in May represent the fourth consecutive month of more than 200,000 payroll additions, the first time that this has happened during the recovery of late. Unemployment held steady at 6.3 percent, as did the labor force participation rate at its low of 62.8 percent.
See details on the data, including demographic, geographic and industry breakdowns, in this report featuring research from the Bureau of Labor Statistics and JLL.
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U.S. employment rate data and trends May 2014
1. U.S. employment situation: September 2013
Release date: October 22, 2013
All jobs are now finally recovered from
prior employment peak…79 months later
U.S. employment situation: May 2014 June 6, 2014
2. What were May’s bright spots and challenges?
Source: JLL Research, Bureau of Labor Statistics
2
• Total non-farm employment
increased by 217,000 jobs, the
fourth consecutive month of
200,000+ additions.
• Unemployment held steady at 6.3
percent.
• The U.S. economy has finally
regained all lost jobs and is currently
98,000 jobs above its previous peak.
• Growth was highly concentrated in
three major subsectors in May:
education and health, PBS and
leisure and hospitality.
• On a year-on-year basis, PBS has
been by far the leader among
subsectors, with core segments
contributing roughly four in five new
jobs.
• Although the public sector has shed
jobs in comparison to two years ago,
May marked the fourth consecutive
month of net increases in
government employment.
• White-collar unemployment
decreased to just 3.2 percent.
• Tech and energy are both on the up,
while total non-farm and office-using
job growth remain steady.
• Consumer confidence increased yet
again to 83.0 points, the third month
in a row above 80.0 points.
• Although slowing somewhat, online
help ads remain near peak at 4.9
million.
• Some Sunbelt markets are
increasing year-on-year gains in to
more than 4.0 percent.
• Midwestern and East Coast
geographies continue to grapple
with below-average employment
growth, some still contracting.
• The labor force participation rate is
stuck at its record low of 62.8
percent.
• Total unemployment dropped by
only 10 basis points to 12.2 percent
and is still nearly double the official
rate of 6.3 percent.
• A slowdown in office-using job
growth means that only one in four
new jobs in May was in PBS,
financial activities or information.
• Non-durable goods slowing down
goods-producing employment.
• High school graduate participation
fell to 57.9 percent.
Overview Bright spots Challenges
OVERVIEW
4. Three-month growth currently rests at 702,000 jobs as
unemployment remains stable at 6.3 percent
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-1,000.0
-800.0
-600.0
-400.0
-200.0
0.0
200.0
400.0
600.0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Unemploymentrate(%)
1-monthnetchange(thousands)
Monthly employment change Unemployment rate
Source: JLL Research, Bureau of Labor Statistics
4
OVERVIEW
5. 90.0%
92.0%
94.0%
96.0%
98.0%
100.0%
102.0%
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78
1973 1981 1990 2001 2007
The national economy has finally gained back all lost
jobs…79 months into the cycle
Recoveredjobs(%)
Past recessions (40 years)
Source: JLL Research, Bureau of Labor Statistics
Pre-recession employment level
5
OVERVIEW
6. Jobs lost during recession…
Jobs gained during recovery…
As a result, total non-farm employment is now 98,000 jobs
higher than its previous peak
Source: JLL Research, Bureau of Labor Statistics
6
OVERVIEW
7. Office-using jobs lost
during recession…
Office-using jobs gained
during recovery…
This has been the case for the office-using sector for a while,
however, which continues to outperform the national economy
Source: JLL Research, Bureau of Labor Statistics
7
OVERVIEW
8. -7.0
-5.0
1.0
2.0
2.9
3.0
4.0
6.0
9.9
10.0
12.5
14.3
16.4
17.0
39.0
54.9
55.0
63.0
-40 -20 0 20 40 60 80
Nondurable goods
Information
Government
Mining and logging
Motor vehicles and parts
Financial activities
Other services
Construction
Wholesale trade
Manufacturing
Retail trade
Temporary help services
Transportation and warehousing
Durable goods
Leisure and hospitality
Health care and social assistance
Professional and business services
Education and health services
1-month net change (thousands)
Education and health overtakes PBS as the largest monthly
contributor; growth largely concentrated in major subsectors
Source: JLL Research, Bureau of Labor Statistics
8
OVERVIEW
Education and health
PBS
Leisure and hospitality
All other subsectors
Top three
subsectors
responsible for
72.4 percent of
monthly
growth.
9. -31.0
0.0
17.0
45.0
46.0
46.0
65.1
105.0
105.0
125.6
132.0
188.0
223.8
316.2
317.4
363.0
391.0
635.0
-100 0 100 200 300 400 500 600 700
Information
Nondurable goods
Government
Mining and logging
Financial activities
Other services
Motor vehicles and parts
Durable goods
Manufacturing
Transportation and warehousing
Wholesale trade
Construction
Temporary help services
Health care and social assistance
Retail trade
Education and health services
Leisure and hospitality
Professional and business services
12-month net change (thousands)
PBS
Leisure and hospitality
Education and health
Retail trade
Manufacturing
Financial activities
All other jobs
Only information posts a net loss of jobs year-on-year; PBS,
health, education, retail and leisure continue to lead
Source: JLL Research, Bureau of Labor Statistics
9
Core subsectors added 78.1 percent
of all jobs over the past 12 months.
OVERVIEW
10. -1,000
-800
-600
-400
-200
0
200
400
2008 2009 2010 2011 2012 2013 2014
Change in '000s jobs
Although lower than 2012 levels, public sector employment
growth has been positive for four consecutive months
Private sector hiring up 4.0
million since May 2012
Public sector shed 41,000 workers
since April 2012
Source: JLL Research, Bureau of Labor Statistics
10
BRIGHT SPOT
11. 0
2
4
6
8
10
12
Unemployment(%)
Bachelor's degree and higher High school graduates, no college
White-collar unemployment dropped to 3.2 percent, although
high school grads saw a 20bp increase in unemployment
3.3%
6.3%
Source: JLL Research, Bureau of Labor Statistics
11
BRIGHT SPOT
12. Tech and energy, mining and utilities are both on the up; total
non-farm and office-using steady
-11.0
-9.0
-7.0
-5.0
-3.0
-1.0
1.0
3.0
5.0
7.0
2008 2009 2010 2011 2012 2013 2014
High-tech Energy, Mining, and Utilities Office-using industries Total non-farm
Source: JLL Research, Moody’s. Note: Due to data lags, high-tech employment only available through April 2014.
12
12-month%change(jobs)
BRIGHT SPOT
13. Tech is up near recovery norms again after seeing slowdown
in recent months
Year-on-year percent employment growth
Source: JLL Research, Bureau of Labor Statistics
13
BRIGHT SPOT
14. Initial unemployment insurance claims are declining slowly and
averaging only 310,000 claims per week
Source: JLL Research, U.S. Department of Labor
14
BRIGHT SPOT
200,000
250,000
300,000
350,000
400,000
450,000
500,000
550,000
600,000
650,000
700,000
Claims
Initial claims 4-week moving average
15. 0%
2%
4%
6%
8%
10%
12%
0
10
20
30
40
50
60
70
80
90
100
2008 2009 2010 2011 2012 2013 2014
Unemploymentrate(%)
Consumerconfidenceindex
Consumer confidence index
Unemployment rate
Consumer confidence increased by 70bp to 83.0 points, the third
consecutive month of 80.0+ points
Source: JLL Research, Conference Board, Bureau of Labor Statistics
15
BRIGHT SPOT
17. Bay Area, Texas and the Sunbelt markets continue to see fastest
employment growth, with some growing more than 4.0 percent
Source: JLL Research, Bureau of Labor Statistics
17
BRIGHT SPOT
Austin
3.5%
Dallas
3.8%
Jacksonville
3.3%
Raleigh-Durham
4.1%
Silicon Valley
4.0%
Orlando
4.5%
18. Midwestern and East Coast markets still lag the rest
of the country in growth
Source: JLL Research, Bureau of Labor Statistics
18
CHALLENGE
New Jersey
0.0%
Philadelphia
0.5%
Washington,
DC
0.2%
Pittsburgh
0.5%
Cleveland
0.6%
Detroit
-0.3%
19. The labor force participation remained at a record low of 62.8
percent in May
Source: JLL Research, Bureau of Labor Statistics
19
CHALLENGE
61.0%
62.0%
63.0%
64.0%
65.0%
66.0%
67.0%
2008 2009 2010 2011 2012 2013 2014
Laborforceparticipationrate(%)
20. Total unemployment fell to 12.2 percent, but is double the
official rate of 6.3 percent
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total unemployment U-6 10-year average
Source: JLL Research, Bureau of Labor Statistics
20
CHALLENGE
21. Fewer than one in four jobs added in May were office-using
(although rate of growth remains faster than total non-farm)
Source: JLL Research, Bureau of Labor Statistics
21
CHALLENGE
22. This slowdown occurred across the board, even in PBS,
which drives the office-using sector
-300
-250
-200
-150
-100
-50
0
50
100
150
2009 2010 2011 2012 2013 2014
Information Professional and business services Financial activities
PBS represented 75.0 percent of office jobs lost in February 2010.
In May 2014, it represented all 25.3 percent of new office jobs.
Source: JLL Research, Bureau of Labor Statistics
22
CHALLENGE
23. Goods-producing employment on the up, but still suppressed
due to neutral non-durable goods growth
-1,000.0
-800.0
-600.0
-400.0
-200.0
0.0
200.0
400.0
600.0
2008 2009 2010 2011 2012 2013 2014
1-monthnetchange(thousands)
Goods-producing Service-providing
Source: JLL Research, Bureau of Labor Statistics
23
CHALLENGE