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Labor Markets

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Nonfarm payroll employment posted a net gain of 112,000 jobs in January 2004, its fifth consecutive monthly gain. The employment increase for December 2003 was revised to 16,000. Total payroll has increased by 366,000 jobs since last September. Construction remained strong, making a net gain of 24,000 jobs in January, which brought the sector’s increase to 147,000 jobs since March 2003. Employment in health and education services continued to grow, rising by 22,000 jobs in January and bringing its gain to an impressive 1.5 million jobs over the last three years. Manufacturing employment continued to fall, but much more slowly than before; it was down 11,000 jobs in January, compared to its average monthly loss of 49,000 in 2003. Information services posted a net loss of 10,000 jobs in January 2004; the sector’s employment decreased by 117,000 in 2003. Professional and business services declined by 22,000 jobs in January 2004, after an increase of 45,000 jobs the month before.

Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-02, pp. 12, 02.01.2004.

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