April 29, 2005
Nonfarm payroll employment increased by 2.1 million jobs from the fourth quarter of 2003 to the fourth quarter of 2004. The picture for employment growth by industry was somewhat mixed.
With general economic conditions improving, employment recuperated in some of the more cyclical industries such as machinery manufacturing, trade, transportation, professional and business services, and leisure and hospitality.
Low interest rates continued to spur demand for new homes and remodeling throughout 2004, and contributed to increased employment in construction and several housing related industries within financial activities, manufacturing, and retail trade.
Ongoing structural change in the economy led some industries, such as telecommunications, textile mills, and apparel manufacturing, to continue to cut jobs.
These employment data come from the BLS Current Employment Statistics program and are seasonally adjusted. To find out more, see "Payroll employment grows in 2004," by Emily Lloyd and Charlotte Mueller, Monthly Labor Review, March 2005.