Eye On Housing
Nonfarm payroll employment increased in 49 states and decreased in Hawaii and the District of Columbia, in May compared to the previous month. The largest increase came from Texas, which added 237,800 jobs during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 2.5 million over the month of May, following a revised loss of 20.7 million jobs in April. With the adjustments, the economy lost 22.1 million jobs in March and April due to the impact of the COVID-19 pandemic.
Year-over-year (YoY), total nonfarm employment fell by 17.7 million jobs on a seasonally adjusted basis (SA), or -11.7% from May 2019 to May 2020. During this time, total nonfarm employment decreased across all the regions. Northeast declined by 16.4%, the Midwest by 12.6%, Western region by 11.5% and the South by 9.2%. In April, the year-over-year job losses were 19.4 million on a seasonally adjusted basis.
Year-over-year, ending in May, all the states and the District of Columbia decreased in employment totaling 17.7 million jobs lost across the country. The range of job losses span 26,900 jobs lost in Wyoming to 2.3 million job lost in California. In percentage terms, Hawaii reported the steepest decline at 20.1% while Utah lost 4.8% of nonfarm payroll compared to a year ago.
In the construction sector specifically, which includes both residential and non-residential construction, across the 48 states which reported construction sector jobs data, 44 states reported an increase in May compared to April, while four states lost a combined 1,000 jobs. Pennsylvania added 77,400 construction jobs during this time. Overall, the construction industry added 464,000 jobs in May compared to the previous month.
Year-over-year, the U.S lost 435,000 construction sector jobs which is a 5.8% decrease compared to May 2019. Utah added 8,200 jobs, which was the largest gains of any state while New York lost 105,300 jobs, which was the largest decline of any state. In percentage terms, South Dakota had the highest annual growth rate in construction sector by 10.3%. Over this period, Vermont reported the largest decline at 26.1%.
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