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Article
June 2023

Total nonfarm employment recovers in 2022, with some major industry sectors lagging behind

In June 2022, total nonfarm employment recovered from its historic pandemic-related declines and began to expand. However, while many major industry sectors expanded beyond their February 2020 levels in 2022, employment in several sectors remained below its prepandemic level.

According to data from the U.S. Bureau of Labor Statistics (BLS) Current Employment Statistics (CES) survey, nonfarm payroll employment in the United States recovered in 2022 from the widespread job losses caused by the onset of the COVID-19 pandemic in March 2020.1 (See chart 1.) Nonfarm employment rose by 4.8 million in 2022, the second largest calendar-year gain in the history of CES. The largest calendar-year gain in the history of CES occurred in 2021 (+7.3 million), the year immediately following the onset of the pandemic. As of December 2022, nonfarm employment had expanded by 2.2 million above its February 2020 (or prepandemic) level. Average monthly job gains of 399,000 in 2022 slowed from average gains of 606,000 in 2021.

All major industry sectors experienced employment growth in 2022. Most sectors experienced a deceleration of job growth compared with 2021, including leisure and hospitality and professional and business services. (See chart 2.) In contrast, private education and health services2 added considerably more jobs in 2022 than in 2021, and goods-producing industries added slightly more jobs than in the previous year.3

Although total nonfarm employment recovered to its February 2020 level in June 2022, the major industry sectors showed different patterns. Some industries had previously recovered and continued to expand in 2022, some recovered and began to expand in 2022, and some have yet to recover to their prepandemic employment levels. (See chart 3.) In professional and business services, transportation and warehousing, financial activities, information, and utilities, employment recovered in 2020 or 2021 and continued to expand in 2022. In construction, wholesale trade, manufacturing, and private education and health services, employment recovered and began to expand in 2022. Finally, in leisure and hospitality, government, other services, mining and logging, and retail trade, December 2022 employment levels remained below February 2020 levels.

Continued employment expansion

Five major industry sectors recovered to their prepandemic employment levels prior to 2022 and continued to expand during the year: professional and business services, transportation and warehousing, financial activities, information, and utilities.

Professional and business services

Professional and business services had recovered from its pandemic-related job losses by August 2021. (See chart 4.) The industry added 745,000 jobs in 2022, a slowdown compared with the 1.4 million jobs added in 2021. By the end of 2022, employment in professional and business services had exceeded its prepandemic level by 1.4 million. Job growth over the year was driven by the component industry professional, scientific, and technical services, which added 491,000 jobs in 2022, compared with 689,000 in 2021. Employment in management of companies and enterprises increased by 65,000 in 2022, following an increase of 41,000 in 2021. Administrative and support and waste management and remediation services added 189,000 jobs in 2022, substantially less than the 629,000 jobs added in 2021. (See chart 5.)

Within professional, scientific, and technical services, job gains were led by management, scientific, and technical consulting services (+111,000); computer systems design and related services (+100,000); and architectural, engineering, and related services (+76,000).

Within administrative and support and waste management and remediation services, job gains in services to buildings and dwellings (+52,000), office administrative services (+48,000), and investigation and security services (+41,000) were partially offset by job losses in business support services (–50,000). Employment in temporary help services changed little (–30,000) in 2022, after increasing by 333,000 in 2021.The slowdown in 2022 coincided with weakness in the American Staffing Association’s Staffing Index over the year (+0.3 percent).4 Temporary help employment tends to be viewed as a leading economic indicator, and much of 2022 was characterized by economic uncertainty and fears of a recession.5

Transportation and warehousing

Employment in transportation and warehousing recovered to its prepandemic level prior to the end of 2020, and by December 2022, it was 919,000 above its February 2020 level. (See chart 6.) The industry added 261,000 jobs in 2022, less than half the number added in 2021 (+596,000). Slowing employment growth in transportation and warehousing coincided with little change over the year (–3.9 percent) in the Cass Freight Index, which measures shipment volumes in the United States and is used as a transportation indicator.6

Within transportation and warehousing, employment increased over the year in truck transportation (+61,000) and in air transportation (+44,000). (See chart 7.) Consistent with these employment gains, the American Trucking Associations’ Truck Tonnage Index increased in 2022 (+0.6 percent), as did air revenue passenger miles (+14.4 percent).7

The deceleration of job growth in transportation and warehousing in 2022 compared with 2021 was largely driven by employment trends in the component industries couriers and messengers and warehousing and storage. Both industries had thrived earlier in the pandemic, as consumers turned to e-commerce as a substitute for in-person shopping. However, as prepandemic shopping behaviors resumed and the percentage of e-commerce accounting for total retail sales began to trend downward, job growth in these two industries slowed.8 Employment in couriers and messengers changed little in 2022 (–14,000), compared with growth of 83,000 in 2021 and 176,000 in 2020. Employment in couriers and messengers reached a recent high in October 2022, but the industry lost 47,000 jobs, on net, in November and December. Employment in warehousing and storage increased by 81,000 in 2022, substantially down from increases of 282,000 in 2021 and 286,000 in 2020. Warehousing and storage employment reached a peak in June 2022, but the industry lost 27,000 jobs from June to December.

Elsewhere within transportation and warehousing, employment in transit and ground passenger transportation increased by 33,000 over the year, but the industry’s December 2022 employment level remained 65,000 below its February 2020 level. Employment in this industry has likely not recovered because of the increased flexibility of employees to work from home and decreased commuter-transit ridership resulting from the pandemic.9

Financial activities

By October 2021, financial activities had recovered its pandemic-related job losses. The industry added 166,000 jobs in 2022, compared with 215,000 in 2021. (See chart 8.) By the end of 2022, employment in financial activities had exceeded its prepandemic level by 232,000.

Over the year, job gains in financial activities were spread among insurance carriers and related activities (+56,000); real estate (+52,000); securities, commodity contracts, and funds (+43,000); and rental and leasing services (+29,000). (See chart 9.) In contrast, employment in credit intermediation and related activities changed little in 2022 (–16,000) and ended the year 31,000 below its most recent peak, in April 2021. Despite adding jobs over the year, rental and leasing services ended the year with an employment level that was 43,000 below its February 2020 level.

Economic indicators for financial activities were mostly negative in 2022. The federal funds rate increased by 4.02 percentage points during the year, as the Federal Reserve raised interest rates seven times in an effort to combat high inflation and slow economic growth.10 These increases followed little to no change in the rate in 2021. In 2022, the average 30-year fixed mortgage rate surged by 3.19 percentage points to 6.31 percent, increasing by a larger margin over the year than in any other year on record.11 The mortgage-rate increases in 2022 followed historically low and little-changed mortgage rates in 2021. In addition, the Standard and Poor’s 500 index (or the “S&P 500”) posted a decline of about 15 percent in 2022, after increasing by more than 27 percent in 2021.12

Information

The information sector recovered to its prepandemic employment level in September 2021 and added 147,000 jobs in 2022, down from the 258,000 jobs the industry added in 2021. (See chart 10.) By the end of 2022, information employment had expanded by 212,000 above its February 2020 level. Within the industry, computing infrastructure providers, data processing, web hosting, and related services added 51,000 jobs, down from 68,000 jobs added in 2021. (See chart 11.) Employment in motion picture and sound recording industries changed little over the year (+17,000), after increasing by 147,000 in 2021 and declining by 140,000 in 2020. Employment in motion picture and sound recording industries, which had previously declined sharply because of mass movie-theater closures and production shutdowns related to the pandemic, ended the year above its prepandemic level.13

Utilities

Employment in utilities changed little in 2021 (+7,000) and in 2022 (+7,000), after pandemic-related employment losses had recovered by November 2021.

New employment recovery and expansion

Four major industry sectors recovered to their prepandemic employment levels and began to expand in 2022: construction, wholesale trade, manufacturing, and private education and health services.

Construction

Employment in construction returned to its February 2020 level in February 2022 and increased by 265,000 over the year, after increasing by 239,000 in 2021. (See chart 12.) By the end of 2022, construction employment was 251,000 above its February 2020 level.

All major component industries within construction added jobs in 2022, with gains concentrated in nonresidential specialty trade contractors (+83,000) and residential specialty trade contractors (+79,000). (See chart 13.) Consistent with the job growth in the industry, both nonresidential construction spending and residential construction spending increased over the year, by 16.5 percent and 1.1 percent, respectively.14

Despite over-the-year increases in construction employment, nonresidential construction spending, and residential construction spending, other construction-related economic indicators were negative in 2022, including housing starts (–22.5 percent), residential building permits (–29.5 percent), and new home sales (–25.5 percent).15 In addition, the National Association of Homebuilders/Wells Fargo Housing Market Index (HMI), at 31 in December 2022, declined by 53 points over the year. An HMI value of less than 50 indicates negative homebuilder sentiment.16 Homebuilders cited high inflation and the high mortgage-rate environment for the decline in homebuilder sentiment. Builders also noted a need to offer incentives, such as price reductions, in an effort to bolster home sales.17

Wholesale trade

The wholesale trade industry added 198,000 jobs in 2022, compared with 230,000 jobs added in 2021. (See chart 14.) Employment in the industry recovered to its prepandemic level in March 2022, and by December, it had expanded to 136,000 above its February 2020 level.

Employment gains in wholesale trade were led by merchant wholesalers of durable goods, which added 118,000 jobs in 2022. (See chart 15.) Employment in merchant wholesalers of nondurable goods increased by 54,000 over the year, while wholesale electronic markets and agents and brokers added 26,000 jobs.

Manufacturing

Manufacturing employment recovered to its prepandemic level in May 2022 and increased by 390,000 jobs over the year, nearly the same number as the 385,000 jobs added in 2021. (See chart 16.) By the end of the year, employment in manufacturing exceeded its prepandemic level by 189,000 and had expanded above its most recent peak in January 2019 by 141,000.

In 2022, job gains were widespread within durable goods manufacturing, led by transportation equipment manufacturing (+97,000), machinery manufacturing (+45,000), fabricated metal product manufacturing (+43,000), and computer and electronic product manufacturing (+31,000).

The gain in transportation equipment manufacturing was driven by an employment increase of 57,000 in motor vehicles and parts. Coincident with employment strength in the sector, motor vehicle production increased over the year (+5.4 percent).18 (See chart 17.) The global semiconductor shortage that began in early 2021 and persisted in 2022 prompted automakers to order a surplus of semiconductors in an effort to ensure inventory and safeguard production amid high demand.19 Related to these production demands, employment in semiconductors and other electronic component manufacturing, a component of computer and electronic product manufacturing, increased by 20,000 over the year.

Employment strength in durable goods manufacturing aligned with 2022 increases in new orders for manufactured durable goods.20 The Purchasing Managers’ Index (PMI) of the Institute for Supply Management, at 48.4 percent in December 2022, contracted for a second consecutive month following a 29-month period of growth.21 A PMI lower than 50 percent indicates a contraction in manufacturing activity, while a PMI greater than 50 percent indicates an expansion in manufacturing activity. Although lower readings for November and December 2022 were reflected in manufacturing employment, which changed little during those months, both the PMI and manufacturing employment were consistently strong during the first 10 months of the year.

Among the component industries in nondurable goods manufacturing, employment increased over the year in food manufacturing (+56,000) and in chemical manufacturing (+32,000).

Private education and health services

Employment in private education and health services returned to its prepandemic level in September 2022, and by December it had expanded beyond that level by 251,000. Over the year, private education and health services added 935,000 jobs, up considerably from the 544,000 added in 2021.

Employment in health care grew by 556,000 in 2022, after changing little in 2021 (+31,000). (See chart 18.) The industry had recovered its pandemic-related job losses by October 2022, and by the end of the year, employment had expanded to 110,000 above its February 2020 level.

Within health care, employment gains were concentrated in ambulatory health care services, which added 307,000 jobs in 2022, compared with 234,000 in 2021. (See chart 19.) Among the components of ambulatory health care services, jobs were added over the year in offices of physicians (+94,000), home health care services (+63,000), offices of other health practitioners (+61,000), outpatient care centers (+40,000), and offices of dentists (+29,000).

Elsewhere in health care, employment in hospitals rose by 143,000 in 2022, following declines of 57,000 in 2021 and 64,000 in 2020. Nursing and residential care facilities added 105,000 jobs in 2022, following declines of 147,000 in 2021 and 260,000 in 2020. As of December 2022, employment in nursing and residential care facilities was 112,000 above its January 2022 trough, but it remained 306,000 below its November 2019 peak.

Social assistance added 226,000 jobs in 2022, compared with 179,000 jobs added in 2021. The industry recovered its pandemic-related job losses in September 2022, and by the end of the year, employment was 82,000 above its February 2020 level. Within the industry, job gains in 2022 were led by individual and family services (+150,000) and child care services (+60,000).

Private educational services recovered its pandemic-related job losses in July 2022, and by the end of the year, employment had expanded to 58,000 above its February 2020 level. (See chart 20.) The industry added 153,000 jobs in 2022, less than half of the 334,000 jobs gained in 2021.

Continued employment recovery

Five major industry sectors have not yet recovered from their pandemic-related employment losses: leisure and hospitality, government, other services, mining and logging, and retail trade.

Leisure and hospitality

Leisure and hospitality added 1.1 million jobs in 2022, down substantially from the 2.5 million jobs added in 2021. (See chart 21.) As of December 2022, total employment in the industry was 629,000 below its February 2020 level.

About two-thirds of the 2022 job growth in leisure and hospitality came from food services and drinking places, which added 702,000 jobs, compared with a gain of 1.6 million jobs in 2021. Food services and drinking places had lost 2.5 million jobs in 2020, and the industry's December 2022 employment level remained 267,000 below its February 2020 level. (See charts 22 and 23.) Consistent with the employment strength in 2022, sales in food services and drinking places increased by 13.9 percent over the year.22 Inflation may explain some of why employment in food services and drinking places has not recovered to its prepandemic level, as the Consumer Price Index for All Urban Consumers (CPI-U) rose 6.4 percent over the year.23 In addition, CES average hourly earnings of all employees in food services and drinking places rose by 6.7 percent in 2022, increasing labor costs for employers and decreasing their ability to hire additional workers.

Elsewhere within leisure and hospitality, notable job gains occurred in accommodation (+173,000) and in amusement, gambling, and recreation industries (+140,000), with both industries showing a similar trend of slowing recovery in 2022 compared with 2021.

Government

Employment in government grew by 275,000 in 2022, compared with 385,000 in 2021. (See chart 24.) As of December 2022, government employment was 540,000 below its February 2020 level.

Job gains in 2022 were led by local government education (+154,000) and local government, excluding education (+145,000). (See chart 25.) As of December, employment in local government was 329,000 below its February 2020 level, with local government education accounting for 188,000 of those jobs. Similarly, employment in state government ended the year at 230,000 below its February 2020 level, with state government education accounting for 191,000 of those jobs. Over-the-year employment growth in state government education was somewhat hampered by a large university strike that was reflected in the December CES estimates.24

Federal government employment was unchanged, on net, in 2022, following a loss of 22,000 in 2021.

Other services

Employment in other services rose by 185,000 in 2022, considerably less than the increase of 302,000 in 2021. As of December 2022, employment in other services was 142,000 below its February 2020 level. (See chart 26.)

Within other services, employment increased over the year in personal and laundry services (+84,000) and in religious, grantmaking, civic, professional, and similar organizations (+60,000), while employment changed little in repair and maintenance (+40,000). (See chart 27.) Job growth in 2022 slowed considerably in both personal and laundry services and repair and maintenance, which added 169,000 jobs and 72,000 jobs, respectively, in 2021.

Mining and logging

Since reaching a trough in February 2021, employment in mining and logging has risen by 87,000, with 49,000 of those jobs added in 2022. (See chart 28.) The 2022 gains were concentrated in support activities for mining (+36,000). As of December, employment in mining and logging was 58,000 below its February 2020 level and 119,000 below its most recent peak in January 2019. Because mining and logging employment is highly sensitive to fluctuations in oil prices, gains in 2022 were likely driven by over-the-year increases in the price of crude oil (measured by the price of West Texas Intermediate crude oil).25

Retail trade

Retail trade employment briefly recovered to its prepandemic level in February 2022. However, by the end of the year, employment in retail trade was 86,000 below its February 2022 peak and 42,000 below its February 2020 level. (See chart 29.) Consistent with these employment trends, retail sales growth slowed in 2022 (+4.8 percent) to less than half the rate in 2021 (+14.7 percent).26

Within retail trade, food and beverage retailers led the employment gains in 2022, adding 74,000 jobs after losing 50,000 in 2021. (See chart 30.) Consistent with employment strength in the industry, food and beverage sales increased by 6.7 percent over the year.27

Elsewhere in retail trade, employment increased in motor vehicle and parts dealers (+44,000) and in gasoline stations and fuel dealers (+41,000), while it decreased in general merchandise retailers (–59,000), electronics and appliance retailers (–27,000), and furniture and home furnishings retailers (–22,000). Three industries in retail trade did not keep pace with their 2021 increases—employment changed little in 2022 in clothing accessories, shoe, and jewelry retailers (+30,000); sporting goods, hobby, musical instrument, book, and miscellaneous retailers (+16,000); and health and personal care retailers (+10,000), after increasing by 82,000, 67,000, and 82,000, respectively, in 2021.

Hours and earnings

In 2022, average weekly hours of all private-sector employees fell by 0.4 hour, to 34.4 hours, while average weekly hours of private-sector production and nonsupervisory employees declined by 0.3 hour, to 33.8 hours. The over-the-year decline in average weekly hours for all employees was the largest since 2008, and the decline for production and nonsupervisory employees was the largest since 2016.

The index of aggregate weekly hours, which combines changes in both employment and the length of the workweek, increased by 2.7 points for all private-sector employees in 2022 and by 2.9 points for production and nonsupervisory employees. In addition, the indexes for all employees and for production and nonsupervisory employees were above their prepandemic levels by 2.4 and 2.0 points, respectively, in December 2022.

Average hourly earnings of all private-sector employees increased by 4.8 percent in 2022, the third-largest calendar-year gain since the series began in March 2006. The 2022 increase followed gains of 5.0 percent in 2021 and 5.5 percent in 2020. (See chart 31.) Average hourly earnings of production and nonsupervisory employees, which represent about 81 percent of all employees, increased by 5.4 percent over the year, following gains of 6.4 percent in 2021 and 5.5 percent in 2020.

As in 2021, the gains in average hourly earnings of all employees in 2022 were tied to inflationary effects. Real average hourly earnings for all employees, which are adjusted for inflation using the CPI-U, declined by 1.6 percent over the year. Real average hourly earnings for production and nonsupervisory employees, which are adjusted for inflation using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), declined by 0.8 percent in 2022.

Conclusion

In 2022, total nonfarm employment rose by 4.8 million, recovering from job losses related to the onset of the COVID-19 pandemic and expanding beyond its February 2020 level. All major industry sectors added jobs over the year, with leisure and hospitality, private education and health services, and professional and business services leading the gains. Although some major industry sectors recovered from their pandemic-related job losses in 2022, employment remained below its February 2020 level in leisure and hospitality, government, other services, mining and logging, and retail trade. Average hourly earnings increased over the year, while average weekly hours declined.

Suggested citation:

Ryan Ansell, "Total nonfarm employment recovers in 2022, with some major industry sectors lagging behind," Monthly Labor Review, U.S. Bureau of Labor Statistics, June 2023, https://doi.org/10.21916/mlr.2023.12

Notes


1 The U.S. Bureau of Labor Statistics (BLS) Current Employment Statistics (CES) program, which provides detailed industry data on employment, hours, and earnings of workers on nonfarm payrolls, is a monthly survey of about 122,000 businesses and government agencies representing approximately 666,000 individual worksites. For more information on the program’s concepts and methodology, see “Current Employment Statistics–National,” in Handbook of Methods (U.S. Bureau of Labor Statistics, last modified May 4, 2022), https://www.bls.gov/opub/hom/ces/. To access CES national data, see “Current Employment Statistics–CES (National),” https://www.bls.gov/ces. The CES data used in this article are seasonally adjusted unless otherwise noted.

2 Private education and health services is the first example of industry titles used in this article that have recently changed. With the release of January 2023 data on February 3, 2023, the Current Employment Statistics (CES) survey revised the basis for industry classification from the 2017 North American Industry Classification System (NAICS) to the 2022 NAICS. The conversion to NAICS 2022 resulted in major revisions reflecting content and coding changes in the retail trade and information sectors, as well as minor revisions reflecting content and coding changes within the mining and logging, manufacturing, wholesale trade, financial activities, and other services sectors. Many industry titles and descriptions were updated to better reflect official NAICS titles. Approximately 10 percent of employment was reclassified into different industries as a result of the revision. Details of updated titles and new, discontinued, and collapsed industries resulting from the NAICS 2022 update, are available at “Current Employment Statistics–CES (National): the North American Industry Classification System in the Current Employment Statistics program” (U.S. Bureau of Labor Statistics, last modified February 3, 2023), https://www.bls.gov/ces/naics/naics-2022.htm.

3 Goods-producing industries include mining and logging, construction, and manufacturing.

4 See American Staffing Association, “Staffing employment declines in December,” December 28, 2022, https://americanstaffing.net/posts/2022/12/28/staffing-employment-declines-in-december/.

5 For more information on temporary help workers and how employment in the industry functions as an overall indicator of the U.S. economy, see Tian Luo, Amar Mann, and Richard J. Holden, “What happened to temps? Changes since the Great Recession,” Monthly Labor Review, February 2021, https://doi.org/10.21916/mlr.2021.1. See also Jessica R. Nicholson, “Temporary help workers in the U.S. labor market,” ESA Issue Brief, no. 03-15 (U.S. Department of Commerce, Economics and Statistics Administration, July 1, 2015), https://www.commerce.gov/sites/default/files/migrated/reports/temporary-help-workers-in-the-us-labor-market.pdf; and Tian Luo, Amar Mann, and Richard Holden, “The expanding role of temporary help services from 1990 to 2008,” Monthly Labor Review, August 2010, https://www.bls.gov/opub/mlr/2010/08/art1full.pdf. For more on the growing fears of recession in 2022, see David J. Lynch, “Economy shows resilience despite mounting recession fears,” The Washington Post, June 4, 2022, https://www.washingtonpost.com/business/2022/06/04/recession-fears-strong-economy/.

6 See “Cass Freight Index: Shipments,” FRED Economic Data (Federal Reserve Bank of St. Louis, updated April 14, 2023), https://fred.stlouisfed.org/series/FRGSHPUSM649NCIS.

7 See “Truck Tonnage Index,” FRED Economic Data (Federal Reserve Bank of St. Louis, updated March 8, 2023), https://fred.stlouisfed.org/series/TRUCKD11; and “Air Revenue Passenger Miles,” FRED Economic Data (Federal Reserve Bank of St. Louis, updated March 8, 2023), https://fred.stlouisfed.org/series/AIRRPMTSID11.

8 See Mayumi Brewster, “E-commerce sales surged during the pandemic” (U.S. Census Bureau, April 27, 2022), https://www.census.gov/library/stories/2022/04/ecommerce-sales-surged-during-pandemic.html; and “E-commerce retail sales as a percent of total sales,” FRED Economic Data (Federal Reserve Bank of St. Louis, updated February 27, 2023), https://fred.stlouisfed.org/series/ECOMPCTSA.

9 See Philip Plotch, “Transit ridership: not expected to return to pre-pandemic levels this decade,” Eno Center for Transportation (website), July 1, 2022, https://www.enotrans.org/article/transit-ridership-not-expected-to-return-to-pre-pandemic-levels-this-decade/.

10 See “Federal funds effective rate,” FRED Economic Data (Federal Reserve Bank of St. Louis, updated April 3, 2023), https://fred.stlouisfed.org/series/FEDFUNDS; and Rob Wile, “How raising interest rates helps fight inflation and high prices,” NBC News (website), June 16, 2022 (updated December 22, 2022), https://www.nbcnews.com/business/economy/how-raising-interest-rates-helps-fight-inflation-high-prices-recession-rcna33754.

11 See “30-Year fixed rate mortgage average in the United States,” FRED Economic Data (Federal Reserve Bank of St. Louis, April 27, 2023), https://fred.stlouisfed.org/series/MORTGAGE30US; and Erika Giovanetti, “Mortgage rates edge higher to close out a record-breaking 2022,” U.S. News and World Report, January 3, 2023, https://money.usnews.com/loans/mortgages/articles/mortgage-market-news-dec-29-2022.

12 See “S&P 500,” FRED Economic Data (Federal Reserve Bank of St. Louis, April 26, 2023), https://fred.stlouisfed.org/series/SP500.

13 See Casey Egan and Stefen Joshua Rasay, “U.S. motion picture, sound recording workers hit hard by job losses in April,” S&P Global: Market Intelligence (website), https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-motion-picture-sound-recording-workers-hit-hard-by-job-losses-in-april-58565221.

14 See “Total construction spending: residential in the United States,” FRED Economic Data (Federal Reserve Bank of St. Louis, updated April 3, 2023), https://fred.stlouisfed.org/series/TLRESCONS; and “Total construction spending: nonresidential in the United States,” FRED Economic Data (Federal Reserve Bank of St. Louis, updated April 3, 2023), https://fred.stlouisfed.org/series/TLNRESCONS.

15 See “New privately-owned housing units started: total units,” FRED Economic Data (Federal Reserve Bank of St. Louis, updated April 18, 2023), https://fred.stlouisfed.org/series/HOUST; “New privately-owned housing units authorized in permit-issuing places: total units,” FRED Economic Data (Federal Reserve Bank of St. Louis, updated April 25, 2023), https://fred.stlouisfed.org/series/PERMIT; and “New one family houses sold: United States,” FRED Economic Data (Federal Reserve Bank of St. Louis, updated April 25, 2023), https://fred.stlouisfed.org/series/HSN1F.

16 See “NAHB/Wells Fargo Housing Market Index,” National Association of Home Builders (website), April 17, 2023, https://www.nahb.org/news-and-economics/housing-economics/indices/housing-market-index.

17 See Diana Olick, “Homebuilder sentiment drops for the 12th straight month, but a bottom may be near,” CNBC (website), December 19, 2022, https://www.cnbc.com/2022/12/19/homebuilder-sentiment-falls-bottom-may-be-near.html.

18 See “Domestic auto production,” FRED Economic Data (Federal Reserve Bank of St. Louis, updated March 31, 2023), https://fred.stlouisfed.org/series/DAUPSA.

19 See Ondrej Burkacky, Johannes Deichmann, Philipp Pfingstag, and Julia Werra, “Semiconductor shortage: How the automotive industry can succeed,” McKinsey & Company (website), June 10, 2022, https://www.mckinsey.com/industries/semiconductors/our-insights/semiconductor-shortage-how-the-automotive-industry-can-succeed.

20 See “Durable goods: U.S. total—seasonally adjusted new orders (millions of dollars),” Business and industry: time series/trend charts (U.S. Census Bureau, May 13, 2022), https://www.census.gov/econ/currentdata/dbsearch?programCode=M3ADV&startYear=2011&endYear=2022&categories[]=MDM&dataType=NO&geoLevel=US&adjusted=1&notAdjusted=0&errorData=0#table-results.

21 See “Manufacturing PMI at 48.4%; December 2022 manufacturing ISM report on business,” PR Newswire, January 4, 2023, https://www.prnewswire.com/news-releases/manufacturing-pmi-at-48-4-december-2022-manufacturing-ism-report-on-business-301712602.html.

22 See “Retail sales: food services and drinking places (percent change from year ago),” FRED Economic Data (Federal Reserve Bank of St. Louis, updated May 16, 2023), https://fred.stlouisfed.org/series/MRTSSM722USS.

23 See Databases, Tables & Calculators by Subject: CPI for All Urban Consumers (U.S. Bureau of Labor Statistics, accessed April 27, 2023), https://data.bls.gov/timeseries/CUSR0000SA0.

24 See “Current Employment Statistics–CES (National): strikes occurring during CES survey reference period, 1990‚Äźpresent” (U.S. Bureau of Labor Statistics, last modified May 26, 2023), https://www.bls.gov/ces/publications/strike-history.htm. For more on how strikes affect the CES estimates, see John P. Mullins, “Understanding strikes in CES estimates,” Monthly Labor Review, November 2015, https://www.bls.gov/opub/mlr/2015/article/understanding-strikes-in-ces-estimates.htm.

25 See “Spot crude oil price: West Texas Intermediate (WTI),” FRED Economic Data (Federal Reserve Bank of St. Louis, updated April 5, 2023), https://fred.stlouisfed.org/series/WTISPLC.

26 See “Advance retail sales: retail trade,” FRED Economic Data (Federal Reserve Bank of St. Louis, updated April 24, 2023), https://fred.stlouisfed.org/series/RSXFS.

27 See “Advance retail sales: food and beverage stores,” FRED Economic Data (Federal Reserve Bank of St. Louis, updated April 24, 2023), https://fred.stlouisfed.org/series/RSDBS.

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About the Author

Ryan Ansell
CESinfo@bls.gov

Ryan Ansell is an economist in the Office of Employment and Unemployment Statistics, U.S. Bureau of Labor Statistics.

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