Labor Market Stronger than Thought? Maybe a Little

The Bureau of Labor Statistics released a preliminary benchmark adjustment to its payroll employment count. According to the new benchmark, total net job creation was higher by 386,000 positions over the last 12 months period spanning April 2011 through March 2012.

While seemingly large, this represents an increase of only 0.3% of total employment.

In percentage terms, the second largest adjustment was associated with the estimate of construction employment, which was revised up by 85,000 positions or 1.6% sector employment. No breakout was available in the preliminary data between residential and nonresidential employment.

If the stronger numbers are confirmed in the final estimate, which will be published in February 2013, and a significant share of the construction revision is associated with home building, it may answer a question concerning the apparently lagging relationship between the increase in housing starts and the weak uptick in residential construction employment.

While the report was noted in media accounts, it is important to remember that this is a preliminary estimate with little detail. As such, caution should be used in highlighting these findings at this time.



Tags: , , ,

0 replies

Trackbacks

  1. Eye on the Economy: Spotlighting Threats to a Sustained Housing Recovery « Eye on Housing
  2. JOLTS Data: Construction Hiring Dips in August, but Sector Job Openings Rise « Eye on Housing
  3. JOLTS Data: Construction Hiring Dips in August, but Sector Job Openings Rise | Wood on Fire – Topics of Lumber Industry
  4. JOLTS Data: Seasonal Turnover Holds Back Construction Labor Market Growth « Eye on Housing
  5. JOLTS Data: Seasonal Turnover Holds Back Construction Labor Market Growth | Wood on Fire – Topics of Lumber Industry
  6. Construction Job Openings Spike in October « Eye on Housing
  7. Construction Job Openings Spike in October | Wood on Fire – Topics of Lumber Industry
  8. BLS Data Revision: Home Building Employment Up « Eye on Housing
  9. Maupin Development » BLS Data Revision: Home Building Employment Up
  10. BLS Data Revision: Home Building Employment Up | Wood on Fire – Topics of Lumber Industry

Leave a Reply

Your email address will not be published. Required fields are marked *