Eye On Housing
Nonfarm payroll employment increased in 47 states and the District of Columbia, in July compared to the previous month. The largest increase came from New York, which added 176,600 jobs during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 1.8 million over the month of July, following an increase of 4.8 million jobs in June.
Month-over-month (MoM), total nonfarm employment was robust across all regions gaining a total of 1.8 million or an increase of 1.3% from June to July. During this time, total nonfarm employment increased by 2.3% in the Northeast, 1.7% in the Midwest, 0.9% in the Western region, and by 0.7% in the South.
Year-over-year (YoY), total nonfarm employment fell by 11.4 million jobs on a seasonally adjusted basis (SA), or -7.5% from July 2019 to July 2020. During this time, total nonfarm employment decreased across all the regions. Northeast declined by 11.4%, Western region by 7.9%, the Midwest by 7.7%, and the South by 5.8%. In June, the year-over-year job losses were 13 million on a seasonally adjusted basis.
On a month-over-month basis, the employment data is strong with New York adding 176,600 jobs, followed by California (+140,400) and New Jersey (+129,900). The other 46 states and the District of Columbia added 1.52 million jobs during this time. New Mexico lost 6,000 jobs while Alaska and Oklahoma lost a total of 900 jobs. In percentage terms, New Jersey increased by 3.6% while New Mexico reported a decline of 0.8% between June and July.
Year-over-year, ending in July, all the states and the District of Columbia decreased in employment totaling 11.4 million jobs lost across the country. The range of job losses span 9,300 jobs lost in Idaho to 1.6 million job lost in California. In percentage terms, Hawaii reported the steepest decline at 16.1% while Idaho lost 1.2% 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, 23 states reported an increase in July compared to June, while 25 states lost construction sector jobs. New York added 13,600 construction jobs while California lost 14,800 construction sector jobs during this time. Overall, the construction industry added 20,000 jobs in July compared to the previous month. In percentage terms, New York increased by 4.0% while New Mexico reported a decline of 5.9% between June and July.
Year-over-year, the U.S lost 309,000 construction sector jobs which is a 4.1% decrease compared to July 2019. Utah added 8,600 jobs, which was the largest gains of any state while California lost 55,800 jobs, which was the largest decline of any state. In percentage terms, South Dakota had the highest annual growth rate in construction sector by 10.5%. Over this period, Vermont reported the largest decline at 31.6%.
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