The labor market’s 2003 performance was mixed, with disappointing numbers for the first half of the year and significant improvement in the final four months. From the beginning to the middle of the year, total nonfarm employment posted net losses; after August, payroll employment increased by 328,000 jobs. Employment trends across industries such as professional and business services, education and health services, and construction have strengthened in 2003. In recent months, job gains have been increasingly broad based. By November 2003 (the latest available data), the share of industries that reported a net increase in employment was at its high for the year. Since 2001, the long-suffering manufacturing industry has posted a net loss of 2.5 million jobs; in recent months, that number has begun to decline.
Suggested citation: "Employment Trends," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-01, pp. 12-13, 01.01.2004.