# Presentation: 923158

## Year-End Economic Briefing 2005

- Commerce Secretary Carlos M. Gutierrez
- Labor Secretary Elaine L. Chao

***December 14, 2005***

***Year-End Economic Briefing 2005***

## Overview

***December 14, 2005***

***Year-End Economic Briefing 2005***

**Overview**

## December 14, 2005

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## Business Report

***December 14, 2005***

***Year-End Economic Briefing 2005***

**Business Report**

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## Employment Report

***December 14, 2005***

***Year-End Economic Briefing 2005***

**Employment Report**

**U.S. Department of Labor**

## More Americans are Working than Ever Before

**Number of Americans Working as Measured by the**
**Household Survey, Nov. 1995-Nov. 2005 (in millions, seasonally adjusted)**

*December 14, 2005*

**U.S. Department of Labor**

## Widespread Jobs Recovery in Key Growth Sectors

**Industry Sector Employment Change Since Jobs Recovery Began as Measured by the Establishment Survey, May 2003 to Nov. 2005 (in thousands, seasonally adjusted)**

*December 14, 2005*

**U.S. Department of Labor**

## Strong Recovery in High Paying Jobs

**Change in Average Employment by Occupation Based on Household Survey, Average for 12 Months Ending November 2005 to Average for 12 Months Ending November 2003 (in Thousands).  Occupations Ranked by September 2005 Compensation.**

*December 14, 2005*

**U.S. Department of Labor**

**Notes:**
Source:  Office of Assistant Secretary for Policy analysis of Bureau of Labor Statistics, National Compensation Survey and Current Population Survey data. Difference between 12 month average employment July 2000 - June 2001 and July 2004 - June 2005.  Compensation levels are Q1:2005 Employer Cost of Employee Compensation amounts.
The gains in employment over the past four years have been concentrated in the upper end of the compensation range and in the lower end of the compensation range, with net job losses or little growth in the compensation mid-range transport, administrative support, and production occupations.  Growth in the high compensation occupations has accounted for most net job growth– 58% of growth in expanding occupations was in above average compensation occupations.  The divided pattern of job growth creates a challenge:  How to ensure the opportunity for people who enter the labor force in low-skill, low compensation occupation to move into the more highly compensated occupations where there are growing employment opportunities.  The President’s focus on policies to promote community college programs for employment training provides the needed avenue for career advancement.

## Smaller Firms Have Led the Recovery

**Cumulative Quarterly Net Employment Change, 2nd Quarter 2003 to 1st Quarter 2005 by Firm Size Based on BLS BEDS Data (in thousands, seasonally adjusted)**

*December 14, 2005*

**U.S. Department of Labor**

## Year-End Economic Briefing 2005

***Year-End Economic Briefing 2005***

- Treasury Secretary John W. Snow
- Commerce Secretary Carlos M. Gutierrez
- Labor Secretary Elaine L. Chao