U.S. Employment Changes
The nation’s economic recovery began in December 2001, but the labor market has taken much longer to recover. Since September 2003, nonfarm private employment has grown continuously, reflecting overall improvement in the labor market. Manufacturing employment suffered the most severe impact of the recession, with year-over-year growth reaching a 20-year low of –8.9% in February 2002. Since then, manufacturing employment’s rate of decline has been decreasing; the sector’s employment even began to grow in September 2004.
Suggested citation: "U.S. Employment Changes." Federal Reserve Bank of Cleveland, Economic Trends, no. 04-11, p. 13, 11.01.2004.