18 Monthly Labor Review March 2005

Payroll Employment Payroll Employment

N

onfarm payroll employment, as measured

by the Current Employment Statistics

(CES) survey, increased by 2.1 million jobs

in 2004, the first gain during a calendar year since

2000. 1 (See chart 1.) Payroll employment remained

97,000 below its previous peak reached in February

2001. Although the job openings rate, as measured

by the Job Openings and Labor Turnover Survey2

(JOLTS), did trend upward during 2004, it also

remained below its prerecession level. Employers

reported a small increase in hiring during the fourth

quarter, and separations held steady throughout

the year. (See chart 2.) Unlike the CES, which

measures the net change in employment from

month to month, the JOLTS measures the total

number of hires and separations that occur during

the month as well as the number of job openings

that employers have at the end of the month.

The picture for employment growth by industry

was somewhat mixed. (See table 1.) Many industries

turned the corner and showed growth, while a few

industries continued to cut jobs. With general

economic conditions improving, employment

recuperated in some of the more cyclical industries

such as machinery , trade , transportation ,

professional and business services, and leisure

and hospitality. The low interest rates continued

to spur demand for new homes and remodeling

throughout 2004, and attributed to increased

employment in construction and several housing

related industries within financial activities,

manufacturing, and retail trade. Improved State

and local government budgets helped boost

employment in the public sector as well as private

education and health services. Hurricanes,

Emily Lloyd is an

economist In the

Division

of Current

Employment

Statistics and

Charlotte Mueller is a

statistician in the

Division of

Administrative

Statistics

and Labor Turnover,

Office of Employment

and Unemployment

Statistics, Bureau of

Labor Statistics. E-mail:

Lloyd.Emily@bls.gov

and

Mueller.Charlotte@bls.gov

In 2004, payroll employment had the strongest growth

in 4 years and nearly reached its prerecession high; also,

data from the Job Openings and Labor Turnover Survey indicate

that the job openings rate trended up slightly throughout the year

Payroll employment

grows in 2004

Emily Lloyd

and

Charlotte Mueller

which hit the southeastern United States, had

some mixed effects on construction and retail

trade late in the year. Also, because of ongoing

structural change in the economy, some

industries such as telecommunications, textile

mills, and apparel continued to cut jobs.

Cyclical impacts were mixed

Since World War II, the 45 months beginning

March 2001 to December 2004 mark the longest

employment recovery period following a recession.

At the end of that period, employment growth was

just short of full recovery. (See chart 3. Note March

2001 is month zero.) By contrast, employment, on

average, had expanded by about 5 percent above

its prior peak, 45 months following all other postWorld War II recessions.

Some indicators that tend to lead or coincide with

overall employment growth were stronger in 2004,

whereas other indicators had not yet recovered to

prerecession levels. For example, real gross domestic product (GDP) grew by 4.4 percent throughout

2004—a little stronger than in 2003. GDP over those

2 years was mostly boosted by personal consumption expenditures.3

 Also, the Federal Reserve

industrial production index grew by 4.3 percent in

2004—more than twice the growth rates seen in

2001 or 2002.4 The strength in both of these indicators corresponded with the strong employment

growth in 2004.

By comparison, the index of aggregate weekly

hours for the private sector grew by 2.6 percent to

101.2 in 2004; however, it still remains below the

October 2000 peak. Generally, the index of ag-
Monthly Labor Review March 2005 19

1990 91 92 93 94 95 96 97 98 99 2000 01 02 03 04

-2,000

-1,000

0

1,000

2,000

3,000

4,000

5,000

-2,000

-1,000

0

1,000

2,000

3,000

4,000

5,000

Chart 1. Over-the-year change in total nonfarm employment, 1990–2004, seasonally adjusted

Thousands Thousands

NOTE: The changes are calculated from fourth-quarter averages.

SOURCE: Bureau of Labor Statistics, Current Employment Statistics survey.

Chart 2. Total nonfarm job openings, hires, and total separations rates,

 December 2000–December 2004, seasonally adjusted

Percent Percent

SOURCE: Bureau of Labor Statistics, Job Openings and Labor Turnover Survey.

Hires rate

Total separations rate

Job openings rate

2001 2002 2003 2004

0

0.5

1

1.5

2

2.5

3

3.5

4

0

0.5

1

1.5

2

2.5

3

3.5

4

 NOTE: Shaded area denotes recession.
20 Monthly Labor Review March 2005

Payroll Employment

Employees on nonfarm payrolls by industry, seasonally adjusted quarterly averages, 2001–04

[Numbers in thousands]

2001 2002 2003 2004

Number Percent Number Percent

Total nonfarm ......................................................... 130,919 130,262 130,168 132,302 –376 –.3 2,134 1.6

Total private....................................................... 109,600 108,676 108,614 110,600 –493 –.4 1,986 1.8

Goods-producing .................................................... 23,224 22,258 21,684 22,000 –770 –3.3 316 1.5

Service-providing ................................................... 107,694 108,004 108,483 110,302 395 .4 1,819 1.7

 Private service-providing ......................................... 86,375 86,418 86,930 88,600 278 .3 1,670 1.9

Natural resources and mining ................................. 600 576 574 599 –13 –2.2 25 4.4

Logging ............................................................. 72 70 69 67 –2 –2.8 –2 –2.9

Mining ................................................................ 528 506 505 532 –12 –2.3 27 5.3

Oil and gas extraction ......................................... 124 121 119 124 –3 –2.4 5 4.2

Mining, except oil and gas .................................... 218 206 202 210 –8 –3.7 8 4.0

Coal mining ........................................................ 77 73 69 73 –4 –5.2 4 5.8

Support activities for mining ................................. 186 180 184 197 –1 –.5 13 7.1

Construction ......................................................... 6,788 6,695 6,797 7,063 5 .1 266 3.9

Construction of buildings ...................................... 1,585 1,576 1,583 1,670 –1 –.1 87 5.5

Residential building ............................................. 787 817 858 920 36 4.6 62 7.2

Nonresidential building ........................................ 798 759 726 750 –36 –4.5 24 3.3

Heavy and civil engineering construction ................ 952 915 903 906 –25 –2.6 3 .3

Specialty trade contractors ................................... 4,251 4,204 4,310 4,487 30 .7 177 4.1

Residential specialty trade contractors ................. 1,857 1,913 2,015 2,123 79 4.3 108 5.4

Nonresidential specialty trade contractors ............. 2,394 2,291 2,296 2,364 –49 –2.0 68 3.0

Manufacturing ....................................................... 15,836 14,987 14,313 14,338 –762 –4.8 25 .2

Durable goods .................................................... 9,901 9,290 8,855 8,957 –523 –5.3 102 1.2

Wood products ................................................... 564 547 539 554 –13 –2.3 15 2.8

Nonmetallic mineral products ............................... 532 508 492 508 –20 –3.8 16 3.3

Primary metals ................................................... 538 499 466 466 –36 –6.7 0 .0

Fabricated metal products ................................... 1,604 1,526 1,468 1,512 –68 –4.2 44 3.0

Machinery ......................................................... 1,297 1,199 1,132 1,147 –83 –6.4 15 1.3

Computer and electronic products ........................ 1,634 1,444 1,322 1,328 –156 –9.5 6 .5

Computer and peripheral equipment .................... 267 243 215 210 –26 –9.7 –5 –2.3

Communications equipment ............................... 213 172 149 152 –32 –15.0 3 2.0

Semiconductors and electronic components ........ 585 494 449 452 –68 –11.6 3 .7

Electrical equipment and appliances ..................... 527 482 450 446 –39 –7.4 –4 –.9

Transportation equipment .................................... 1,886 1,810 1,762 1,770 –62 –3.3 8 .5

Motor vehicles and parts .................................. 1,172 1,145 1,118 1,107 –27 –2.3 –11 –1.0

Furniture and related products ............................. 618 592 569 572 –25 –4.0 3 .5

Miscellaneous manufacturing ............................... 699 682 655 655 –22 –3.1 0 .0

Nondurable goods ................................................ 5,936 5,697 5,459 5,381 –239 –4.0 –78 –1.4

Food manufacturing ............................................ 1,541 1,520 1,512 1,495 –15 –1.0 –17 –1.1

Beverages and tobacco products ......................... 207 205 197 194 –5 –2.4 –3 –1.5

Textile mills ........................................................ 310 282 247 235 –32 –10.3 –12 –4.9

Textile product mills ............................................ 199 192 174 178 –13 –6.5 4 2.3

Apparel ............................................................. 388 347 298 274 –45 –11.6 –24 –8.1

Leather and allied products ................................. 53 49 43 43 –5 –9.4 0 .0

Paper and paper products ................................... 563 537 505 498 –29 –5.2 –7 –1.4

Printing and related support activities ................... 742 690 673 661 –35 –4.7 –12 –1.8

Petroleum and coal products ............................... 121 117 112 114 –5 –4.1 2 1.8

Chemicals ......................................................... 945 921 894 882 –26 –2.8 –12 –1.3

Plastics and rubber products ............................... 867 837 806 807 –31 –3.6 1 .1

Trade, transportation, and utilities ........................... 25,706 25,425 25,284 25,607 –211 –.8 323 1.3

Wholesale trade ................................................. 5,710 5,637 5,597 5,679 –57 –1.0 82 1.5

Durable goods ................................................. 3,070 2,988 2,923 2,962 –74 –2.4 39 1.3

Nondurable goods ............................................ 2,022 2,010 1,997 2,011 –13 –.6 14 .7

Electronic markets and agents and brokers ........... 617 639 676 707 30 4.9 31 4.6

 Retail trade ........................................................... 15,138 14,975 14,935 15,072 –102 –.7 137 .9

Motor vehicle and parts dealers ........................... 1,864 1,885 1,891 1,901 14 .8 10 .5

Automobile dealers ........................................... 1,234 1,259 1,258 1,247 12 1.0 –11 –.9

Furniture and home furnishings stores .................. 536 544 554 564 9 1.7 10 1.8

Electronics and appliance stores ......................... 544 519 511 519 –17 –3.1 8 1.6

Building material and garden supply stores ............ 1,162 1,180 1,196 1,240 17 1.5 44 3.7

Food and beverage stores ................................... 2,935 2,868 2,821 2,824 –57 –1.9 3 .1

Health and personal care stores .......................... 950 934 940 944 –5 –.5 4 .4

Gasoline stations ............................................... 918 888 878 874 –20 –-2.2 –4 –.5

Clothing and clothing accessories stores .............. 1,304 1,318 1,316 1,378 6 .5 62 4.7

Sporting goods, hobby, book, and music

stores ............................................................ 661 649 642 638 –10 –1.5 –4 –.6

Industry

Table 1.

2003–04 Average change,

2001–03

Fourth quarter Change, fourth quarter to fourth quarter
Monthly Labor Review March 2005 21

Continued—Employees on nonfarm payrolls by industry, seasonally adjusted quarterly averages, 2001–04

[Numbers in thousands]

2001 2002 2003 2004

Number Percent Number Percent

General merchandise stores ................................ 2,833 2,801 2,841 2,848 4 .1 7 .2

Department stores ........................................... 1,750 1,655 1,618 1,614 –66 –3.8 –4 –.2

Miscellaneous store retailers ............................... 980 952 921 919 –30 –3.1 –2 –.2

Nonstore retailers ............................................... 452 438 423 423 –15 –3.3 0 .0

 Transportation and warehousing .............................. 4,259 4,223 4,182 4,286 –39 –.9 104 2.5

Air transportation ............................................... 577 566 514 514 –32 –5.5 0 .0

Rail transportation .............................................. 224 215 221 225 –2 –.9 4 1.8

Water transportation ........................................... 53 53 55 58 1 1.9 3 5.5

Truck transportation ............................................ 1,363 1,334 1,331 1,360 –16 –1.2 29 2.2

Transit and ground passenger transportation ......... 366 377 389 390 12 3.3 1 .3

Pipeline transportation ........................................ 45 41 39 39 –3 –6.7 0 .0

Scenic and sightseeing transportation .................. 28 25 26 26 –1 –3.6 0 .0

Support activities for transportation ...................... 528 525 521 544 –4 –.8 23 4.4

Couriers and messengers .................................... 572 561 552 563 –10 –1.7 11 2.0

Warehousing and storage .................................... 504 524 534 567 15 3.0 33 6.2

 Utilities ................................................................ 599 591 571 571 –14 –2.3 0 .0

 Information ........................................................... 3,536 3,319 3,151 3,130 –193 –5.5 –21 –.7

Publishing industries, except Internet ................... 995 952 915 908 –40 –4.0 –7 –.8

Motion picture and sound recording industries ....... 375 389 381 390 3 .8 9 2.4

Broadcasting, except Internet .............................. 342 332 322 330 –10 –2.9 8 2.5

Internet publishing and broadcasting .................... 40 31 29 34 –6 –15.0 5 17.2

Telecommunications ............................................ 1,269 1,141 1,063 1,029 –103 –8.1 –34 –3.2

ISPs, search portals, and data processing ............ 469 426 392 390 –39 –8.3 –2 –.5

Other information services .................................. 45 48 50 51 3 6.7 1 2.0

 Financial activities ................................................. 7,836 7,892 7,989 8,109 77 1.0 120 1.5

 Finance and insurance ......................................... 5,804 5,859 5,927 6,003 62 1.1 76 1.3

 Monetary authorities - central bank ...................... 23 23 22 21 –1 –4.3 –1 –4.5

 Credit intermediation and related activities ............ 2,636 2,732 2,805 2,860 85 3.2 55 2.0

 Depository credit intermediation .......................... 1,721 1,738 1,750 1,773 15 .9 23 1.3

 Commercial banking .......................................... 1,273 1,278 1,279 1,293 3 .2 14 1.1

 Securities, commodity contracts, investments ....... 818 774 753 778 –33 –4.0 25 3.3

 Insurance carriers and related activities ................ 2,238 2,246 2,261 2,261 12 .5 0 .0

 Funds, trusts, and other financial vehicles ............. 89 84 85 84 –2 –2.2 –1 –1.2

 Real estate and rental and leasing ......................... 2,032 2,033 2,062 2,106 15 .7 44 2.1

Real estate ........................................................ 1,345 1,367 1,391 1,434 23 1.7 43 3.1

Rental and leasing services ................................. 658 640 643 648 –8 –1.2 5 .8

Lessors of nonfinancial intangible assets .............. 28 27 27 25 –1 –3.6 –2 –7.4

 Professional and business services ......................... 16,129 15,920 16,100 16,633 –15 –.1 533 3.3

 Professional and technical services ....................... 6,800 6,632 6,655 6,847 –73 –1.1 192 2.9

 Legal services .................................................. 1,102 1,128 1,153 1,165 26 2.4 12 1.0

 Accounting and bookkeeping services ................. 863 807 808 826 –28 –3.2 18 2.2

 Architectural and engineering services ................. 1,264 1,241 1,231 1,285 –17 –1.3 54 4.4

 Computer systems design and related services ..... 1,236 1,127 1,121 1,172 –58 –4.7 51 4.5

 Management and technical consulting services ..... 737 740 756 789 10 1.4 33 4.4

 Management of companies and enterprises ............ 1,750 1,689 1,698 1,721 –26 –1.5 23 1.4

 Administrative and waste services ......................... 7,579 7,600 7,747 8,065 84 1.1 318 4.1

 Administrative and support services ..................... 7,259 7,282 7,425 7,739 83 1.1 314 4.2

Employment services ......................................... 3,225 3,247 3,356 3,576 66 2.0 220 6.6

 Temporary help services .................................... 2,172 2,181 2,279 2,484 54 2.5 205 9.0

Business support services ................................. 775 751 754 756 –11 –1.4 2 .3

Services to buildings and dwellings ...................... 1,600 1,619 1,651 1,707 26 1.6 56 3.4

 Waste management and remediation services ........ 320 318 322 326 1 .3 4 1.2

 Education and health services ................................ 15,869 16,368 16,716 17,110 424 2.7 394 2.4

 Educational services ........................................... 2,556 2,662 2,727 2,799 86 3.4 72 2.6

 Health care and social assistance ......................... 13,313 13,706 13,990 14,311 339 2.5 321 2.3

 Health care ......................................................... 11,328 11,666 11,898 12,152 285 2.5 254 2.1

Ambulatory health care services .......................... 4,520 4,704 4,840 5,007 160 3.5 167 3.5

Offices of physicians ........................................ 1,934 1,984 2,020 2,079 43 2.2 59 2.9

Outpatient care centers ..................................... 405 420 433 450 14 3.5 17 3.9

Home health care services ................................. 651 700 749 788 49 7.5 39 5.2

Hospitals ........................................................... 4,096 4,200 4,261 4,318 83 2.0 57 1.3

Nursing and residential care facilities .................... 2,711 2,762 2,797 2,827 43 1.6 30 1.1

Nursing care facilities ........................................ 1,561 1,579 1,577 1,576 8 .5 –1 –.1

Industry

Table 1.

2003–04 Average change,

2001–03

Fourth quarter Change, fourth quarter to fourth quarter
22 Monthly Labor Review March 2005

Payroll Employment

Continued—Employees on nonfarm payrolls by industry, seasonally adjusted quarterly averages, 2001–04

[Numbers in thousands]

2001 2002 2003 2004

Number Percent Number Percent

 Social assistance ............................................... 1,985 2,040 2,091 2,159 53 2.7 68 3.3

 Child day care services ...................................... 728 746 756 776 14 1.9 20 2.6

 Leisure and hospitality ........................................... 11,985 12,096 12,288 12,569 152 1.3 281 2.3

 Arts, entertainment, and recreation ........................ 1,818 1,813 1,826 1,824 4 .2 –2 –.1

 Performing arts and spectator sports .................... 379 375 373 362 –3 –.8 –11 –2.9

 Museums, historical sites, zoos, and parks ........... 116 114 115 117 –1 –.9 2 1.7

 Amusements, gambling, and recreation ................. 1,324 1,323 1,339 1,346 8 .6 7 .5

 Accommodations and food services ....................... 10,166 10,283 10,462 10,745 148 1.5 283 2.7

 Accommodations ................................................ 1,788 1,800 1,775 1,813 –7 –.4 38 2.1

 Food services and drinking places ........................ 8,379 8,482 8,687 8,932 154 1.8 245 2.8

 Other services ...................................................... 5,315 5,397 5,401 5,441 43 .8 40 .7

 Repair and maintenance ...................................... 1,252 1,245 1,228 1,228 –12 –1.0 0 .0

 Personal and laundry services ............................. 1,255 1,259 1,265 1,272 5 .4 7 .6

 Membership associations and organizations .......... 2,808 2,893 2,907 2,940 50 1.8 33 1.1

 Government .......................................................... 21,319 21,586 21,553 21,702 117 .5 149 .7

 Federal ............................................................... 2,756 2,781 2,736 2,719 –10 –.4 –17 –.6

 Federal, except U.S. Postal Service ..................... 1,891 1,958 1,940 1,942 25 1.3 2 0.1

 U.S. Postal Service ............................................ 865 823 795 777 –35 –4.0 –18 –2.3

 State government ................................................ 4,977 5,020 4,987 5,014 5 .1 27 .5

 State government education ................................ 2,174 2,242 2,254 2,273 40 1.8 19 .8

 State government, excluding education ................. 2,804 2,779 2,733 2,741 –36 –1.3 8 .3

 Local government ................................................ 13,585 13,785 13,831 13,969 123 .9 138 1.0

 Local government education ................................ 7,559 7,693 7,705 7,809 73 1.0 104 1.3

 Local government, excluding education ................. 6,026 6,092 6,126 6,160 50 .8 34 .6

Industry

Table 1.

2003–04 Average change,

2001–03

Fourth quarter Change, fourth quarter to fourth quarter

gregate weekly hours peaks just before or coincident with

business cycle peaks. On average, recovery to prerecession

levels has taken 31 months during prior downturns. However, 50

months after the October 2000 peak, the aggregate weekly hours

index was still down by 2.7 percent.5 Also, worker hours and

overtime hours in manufacturing were essentially flat in 2004,

with offsetting movements from month to month, revealing no

real upward or downward trend. Since hitting a low point in the

summer of 2003, the manufacturing workweek increased by fourtenths of an hour, but was more than an hour below the December

1997 peak of 42 hours. In addition, the year-to-year change in

total private weekly earnings climbed in 2004, rising from 1.5

percent in the first quarter of the year to 2.9 percent in the fourth

quarter.6 Nevertheless, earnings growth in 2004 was still lower

than that in the late 1990s and it did not quite keep up with the

pace of inflation.

Telltales and turning points

After the 2001 recession, employment growth in the temporary

help services industry began its generally upward trend, adding

205,000 jobs in 2004. (See chart 4.) In this latest business cycle,

this industry was the major contributor to total nonfarm

employment growth. Temporary help services supplies labor to

all industries, which often hire temporary workers to keep pace

with increased demand before hiring permanent workers. This

practice ensures that increased demand is long lasting before

permanent hires are made. Sales of temporary help services

increased by 11.6 percentage points in 2004. 7 Throughout the

year, the Federal Reserve Beige Book reported increased demand

for temporary help. The demand for temporary help among

industries was widespread—some districts reported increased

temporary workers in light manufacturing, whereas others

reported increased demand for clerical work, freight

transportation, information technology, and healthcare. 8 Since

hitting an employment low, the temporary help services industry

recovered about two-thirds of the jobs lost from April 2000 to

April 2003.

The machinery manufacturing industry is considered to be

the manufacturing sector’s gauge of health because it supplies

most of its output to manufacturers. Also, job growth in

machinery factories is analogous with increased capital

investment. 9 As domestic demand for machinery firmed up,

employment expanded by about 15,000 in 2004. With the low

interest rates, U.S. manufacturers were able to increase capital

expenditures. 10 However, another influence on this industry

was the economic boom in China. U.S. exports of machinery to

China grew by 56.9 percent from 2003 to 2004. 11

The wholesale trade sector showed improvement in 2004,

adding 82,000 jobs. Most of these gains were concentrated in
Monthly Labor Review March 2005 23

Chart 4. Employment in temporary help services, January1990–December 2004, seasonally adjusted

Thousands Thousands

NOTE: Shaded areas denote recessions.

1990 9 1 9 2 9 3 9 4 9 5 96 9 7 9 8 9 9 2000 0 1 0 2 0 3 0 4

500

1,000

1,500

2,000

2,500

3,000

500

1,000

1,500

2,000

2,500

3,000

Chart 3. Nonfarm payroll employment, 12 months prior to and 45 months after the onset of recession,

-12 -10 -8 -6 -4 -2 0 2 4 6 8 1 0 1 2 1 4 16 1 8 2 0 22 2 4 2 6 2 8 3 0 3 2 3 4 3 6 3 8 4 0 4 2 4 4

9 6

9 7

9 8

9 9

100

101

102

103

104

105

106

9 6

9 7

9 8

9 9

100

101

102

103

104

105

106

Index Index

2001–current

All earlier recessions

12 months prior 45 months after

NOTE: Data are indexed to the start of the recession.

 seasonally adjusted

 SOURCE: Bureau of Labor Statistics, Current Employment Statistics survey.

 SOURCE: Bureau of Labor Statistics, Current Employment Statistics survey.
24 Monthly Labor Review March 2005

Payroll Employment

the durable goods industries, particularly those that sell goods

produced by recovering manufacturing industries—machinery

and supplies, lumber and construction supplies. During the latest

business cycle, turning points in wholesale trade’s durable goods

industries have occurred at about the same time as turning points

in durable goods manufacturing. The following tabulation shows

employment surrounding turning points in manufacturing and

wholesale trade durable goods industries (Numbers are in

thousands, seasonally adjusted):

Manufacturing Wholesale trade

durable goods durable goods

Most recent peak ............. 10,931 3,271.4

....................................... (July 2000) (April 2000)

Most recent trough .......... 8,850 2,919.5

....................................... (October 2003) (September 2003)

Percent change from peak

to trough..................... –19.0 –10.8

December 2004 ................. 8,957 2,964.5

Percent change from trough

to December 2004 ......... 1.2 1.5

Activity in truck transportation picked up in 2004, and

trucking employment in the latest business cycle coincided

with manufacturing improvement. The truck tonnage index in

2004 was above the levels for 2002 and 2003.12 This index grew

quite rapidly through the first half of the year, but in the latter half

of 2004, it was essentially flat. Domestically, as the manufacturing

sector improved, more trucks were needed to transport goods.

As the economy has become more global, shipping volume at

U.S. ports has grown also.13 China’s economic expansion resulted

in even higher volumes of goods transporting through U.S. ports

in 2004. Although demand for truckdrivers rose, low pay, long

hours, and increased regulations kept some workers from entering

the market, causing hiring difficulties for employers.14 In addition,

the price of oil rose to more than $50 per barrel in late 2004,

driving fuel prices up.15 Yet truck transportation employers were

successful at passing the higher fuel costs on to their

customers.16 With moderate improvement in the manufacturing

sector and the high volume of port traffic, truck transportation

added nearly 30,000 jobs over the year, despite hiring difficulties

and higher fuel costs.

Effects of the low interest rates

Mortgage-sensitive industries continued to spur employment

growth in 2004. Long-term interest rates remained historically

low throughout the year (chart 5), and sustained activity in

financial activities, construction, and other construction-related

industries.

1972 74 76 78 80 82 84 86 88 90 92 94 96 98 2000 02 04

0

4

8

12

16

20

0

4

8

12

16

20

Chart 5. 30-year fixed mortgage rates, 1972–2004, not seasonally adjusted

Percent Percent

NOTE: The data here are the contract rate of 30-year conventional fixed-rate mortgages, 12 months ending December.

SOURCE: Federal Home Mortgage Corporation.
Monthly Labor Review March 2005 25

Job growth in financial activities held

steady at about the same pace as that in

2003. (See chart 6.) Much of the employment gains came from credit intermediation and related services and real

estate. The credit intermediation industry

is involved with lending funds or

facilitating lending—most mortgage and

refinance activity is classified in this

industry. As the interest rate remained low,

demand for all types of lending increased,

including home buying, home improvements, and refinancing activity. Refinance

activity, which had been the boon to this

industry in 2003, stayed at healthy levels

throughout 2004 and accounted for

roughly 50 percent of all mortgage-related

activity.17

The real estate industry also benefited

from low interest rates, which enabled

first-time and younger b uyers to enter the

market. Since 2002, the homeownership

rate of people under 35 has grown from 41

percent to 43.3 percent. 18 With the flurry

of activity in the housing market, extra

staff was needed in the real estate industry, which added about 43,000 jobs

over the year.

Despite a slowdown signaled by

indicators for new residential building near

the end of 2004, construction employment

remained strong, growing by 266,000. (See

chart 6.) Real private residential construction expenditures increased by 5.7

percent—much reduced from the expenditure growth in 2003.19 The ratio of

housing starts to completions was a little

softer in 2004, in other words, starts rose

relatively slower than completions,

implying less demand.20 Though employment in construction was strong

throughout 2004, most of the job gains

came in the first half of the year; employment growth slowed in the third

quarter, but picked up again in the fourth

quarter. Regardless of the softer indicators, 2004 was the best year for construction since 1999.

Within the construction of buildings

sector, employment in residential building gained momentum in 2004, growing

by 62,000 or 7.2 percent. After suffering

losses in 2002 and 2003, employment in

1990 9 1 9 2 9 3 9 4 9 5 9 6 97 98 99 2000 01 0 2 0 3 0 4

6,250

6,500

6,750

7,000

7,250

7,500

7,750

8,000

8,250

6,250

6,500

6,750

7,000

7,250

7,500

7,750

8,000

8,250

Chart 6. Employment in selected industries,

 January1990–December 2004, seasonally adjusted

1990 9 1 9 2 9 3 9 4 9 5 9 6 97 98 99 2000 01 02 0 3 0 4

4,000

5,000

6,000

7,000

8,000

4,000

5,000

6,000

7,000

8,000

1990 9 1 9 2 9 3 9 4 9 5 9 6 9 7 98 99 2000 01 02 0 3 0 4

500

750

1,000

1,250

1,500

1,750

2,000

500

750

1,000

1,250

1,500

1,750

2,000

Thousands Thousands

NOTE: Shaded areas denote recessions. Textiles and apparel is the sum of textile mills (NAICS

313), textile product mills (NAICS 314), and apparel (NAICS 315).

SOURCE: Bureau of Labor Statistics, Current Employment Statistics survey.

Financial activities

Construction

Textiles and apparel
26 Monthly Labor Review March 2005

Payroll Employment

nonresidential building began to turn the corner in 2004, adding

24,000 jobs. While real nonresidential construction expenditures

have fallen by 6 percent since 2002, real construction expenditures for healthcare have grown by 6.5 percent, contributing

some strength to nonresidential building employment.2 1

Specialty trade contractors, however, was the main source of

strength in construction—adding more than 175,000 jobs in 2004.

Much of the work done by specialty trade contractors is

contracted through builders. A large portion of the strength

within specialty trades was in building equipment contractors,

which added about 60,000 jobs. Employment in building

equipment contractors makes up about 25 percent of all

construction employment and includes firms that install or

service equipment that forms part of a building’s mechanical

systems, such as electrical, heating and cooling, and plumbing

systems.22

As demand for housing stayed high, demand for construction

materials was also high. Manufacturers of fabricated metal

products, nonmetallic mineral products, and wood products all

tend to sell much of their output for construction projects. The

following tabulation shows value of shipments for those

industries from December 2003 to December 200423:

Industry Change in million Percent

 of dollars change

Wood products ............................ $1,218 14.6

Nonmetallic mineral products ...... 746 10.2

Fabricated metal products............ 2,317 11.0

Combined, these three industries accounted for nearly all the

employment gains in manufacturing. Fabricated metal products

employment increased by 44,000 in 2004. Much of this growth

was in the architectural and structural metals and machine

shops and threaded tools component industries. The nonmetallic mineral products industry, which mainly provides

cement and concrete to the construction industry added 16,000

jobs. Because China’s construction boom created a short supply

of cement, many countries that traditionally shipped cement to

the United States instead shipped cement to China. This caused

U.S. cement-making firms to expand their payrolls to meet the

domestic demand for cement and concrete.24 Also, wood

products firms, which manufacture items such as lumber,

plywood, wood trusses, and flooring, added 15,000 jobs in 2004.

While the construction boom continued, activity began to

pick up in the building material and garden supply industry.

Retail sales in this industry grew 14.5 percent over 2004.2 5

Anecdotal evidence suggests that many construction contractors bought their materials from establishments in this

industry. Recent homebuyers also helped sales in the building

material and garden supply industry because they spend an

average of $8,900 on home-related items, in the year following

a new home purchase. In addition, buyers of existing homes

spend, on average, $3,766 in the year following the home

purchase.26 Much like the construction sector, employment

growth in building material and garden supply stores was

quite strong in the first two quarters of 2004, eased a bit in the

third quarter and firmed up in the final quarter. Over the year,

building material and garden supply stores added 44,000 jobs.

State and local budgets improve

Weak government budgets were a problem for the public sector

throughout 2003. However, tax revenues tend to lag the business

cycle, and as the economy continued to improve in 2004, so did

government budgets. Tax receipts for 45 out of the 50 States

either exceeded or met the budgeted tax collection amounts in

the 2004 fiscal year. Although spending by State governments

increased in 2004, its spending growth was still below the longterm average.27 Property taxes, an important source of revenue

for local governments because it tends to be less business-cycle

dependent, exceeded budget expectations in 2004.28 Some local

governments benefited from rising property values without

raising the real property tax rates because they could assess

houses at higher values. This in turn allowed localities to collect

more tax revenue, and thus hire more workers.

The public sector added 149,000 jobs in 2004, mostly in local

government education. With local and State budget improvement, school systems hired more teachers and other staff.

Employment gains in State and local government were partly

offset by declines in the U.S. Postal Service, which continued to

cut jobs through attrition and increased automation. Although

the job growth in government was improved from a 33,000 job

loss in 2003, the hiring pace fell short of the prior 5-year average29

of 367,200 jobs gained per year.30

A deceleration in real government spending on healthcare had

an impact on employment in health care, which increased by

254,000 or 2.1 percent—down from an average growth rate of 2.8

percent for the prior 3 years.31 As the U.S. population ages, the

need for health care increases, as those aged 65 and older spend

about 4 times as much on personal health as persons under age

65.32 As the need for more health care services continues to rise,

spending cuts may have muted the employment growth among

health care industries.

Hiring in private education (educational services) was

sluggish throughout 2004 when compared with strong hiring

throughout the late 1990s. According to projections from the

National Center for Education Statistics, enrollment in private

institutions increased at relatively low rates in the fall of

2004.33 Low enrollment may have been influenced by higher

tuition. College tuition increases in 2004, although smaller

than the increases in 2003, still were very high by historical

standards.34 Over 2004, employment in private education grew

by about 72,000 or 2.6 percent, a slight improvement from

2003, but reduced from the average growth rate of 4.0 percent

between 1998–2002.
Monthly Labor Review March 2005 27

Hurricanes had mixed effects on growth

Four large hurricanes hit the southeastern United States in

August and September 2004. Florida along with other locales

were declared Federal disaster areas, and such destruction

and bad weather likely subdued employment growth.

However, during the aftermath of these hurricanes, job growth

increased in construction and home building and garden

supply stores resulting from repairs and clean-up efforts. After

the hurricanes, people needed to make repairs to their homes

and businesses, either by hiring a professional to do the work

or by doing the work themselves. The precise impact of the

clean-up efforts cannot be separated from the overall employment change, but seemed to have had a positive effect on

construction and building material and garden supply

stores.35

The bad weather also depressed retail sales and forced

some retail stores to close for repairs. General merchandise

stores were hit particularly hard. During the third quarter of

2004, this industry lost 10,000 jobs. Oil extraction platforms in

the Gulf of Mexico were shut down due to hurricanes and

workers were evacuated to shore.36 Expectations for severe

oil shortages exacerbated already high gas prices, which

swelled to record highs.37 High gas prices affected sales at

discount department stores more because most of their

clientele have a lower than average income.38 The additional

gas expense took up a disproportionate amount of their

budgets, leaving less to spend at retail stores.39

Economic restructuring hurts some industries

As 2004 ended, many industries finished the year much

improved; however, there were still a few industries that

continued to suffer from structural changes in the economy.

Telecommunications, a victim of the high-tech bubble burst,

has been plagued with over-capacity because the industry

had expected the high demand of the 1990s to continue. Since

hitting an employment peak in March 2001, this industry shed

nearly 300,000 jobs. Although job losses slowed in 2004, most

of the job losses resulted from intense competition among

the wired telecommunications carriers. Also, the

convenience of cellular phones pulled customers from wired

to wireless service, and wired carriers were less able to charge

premiums on long distance calls as they had in the past.40

Employment in textile mills and apparel continued the

downward trend since at least 1990. (See chart 6.) Competition

from countries with lower wages and other costs for clothing

and textiles overseas seem to have pulled employment out of the

United States. A wide trade gap did not help the industry either.

For example, for every one dollar’s worth of textiles and apparel

exported by U.S. manufacturers in 2004, $5.66 worth of textiles

and apparel were imported to the United States.41

Job openings and labor turnover

The JOLTS and CES surveys both provide a picture of labor

market health, but the surveys are quite dissimilar in what

they measure. The CES survey measures the number of payroll

jobs held at the time of the reference period— the pay period

that includes the 12th of the month. The JOLTS collects data

from a sample of approximately 16,000 business

establishments. It measures the number of openings at these

establishments as of the last business day of the reference

month as well as the number of separations and hires from

their payrolls over the entire month. The JOLTS also provides

data on separations by type, that is, voluntary quits,

involuntary layoffs and discharges, and “other separations.”

Hires and separations data from JOLTS give a sense of the

amount of churn in the labor market. The monthly hires rate

averaged 3.4 percent in 2004, translating to 54.0 million hires for

the year. Total separations averaged 3.2 percent in 2004,

translating to 50.9 million separations for the year. (See chart 2.)

There are “high turnover” industries that experience an

exceptional amount of churn.42 Not surprisingly, in 2004, the

highest hires and total separations rates (unadjusted) were

regularly in the construction; retail trade; professional and

business services; arts, entertainment, and recreation; and

accommodations and food services industries. These are all

industries in which a large number of people move in and out of

the jobs every month. The hires and total separations rates were

consistently higher for the south region.

Job openings. The job openings rate for the United States

exhibited a slight upward trend through the year, starting at 2.1

percent and ending at 2.6 percent. Industries unable to hire

enough workers to fill open positions are those industries in

which the job openings rate is higher than the hires rate. Two

industries that regularly needed more workers in 2004 than they

could hire were finance and insurance, reflecting employment

opportunities attributed to continued low interest rates and the

strong housing market, and health care and social assistance,

reflecting the need for health care workers.

The job openings rate varies greatly across industries. The

highest job openings rates (unadjusted) in 2004 were in

professional and business services; health care and social

assistance; and accommodations and food services. The job

openings rate for the private economy trended upward

through-out the year, and two industrial sectors—

professional and business services; and leisure and

hospitality—were largely responsible for that growth. All the

other sectors as well as government indicated little movement

in the job openings rate during 2004.

The trade, transportation, and utilities sector displayed

an upward trend in the job openings rate, moving from a 1.9-

percent monthly average in the first quarter to a 2.1-percent

monthly average in the fourth quarter. This increase mirrors the
28 Monthly Labor Review March 2005

Payroll Employment

increase in truck transportation employment measured by the

CES survey.

The professional and business services sector job

openings rate also increased, averaging 3.2 percent for the

first half of the year and 3.6 percent for the second half of the

year. The increase in this industry corresponds with the CESmeasured employment increase in the temporary help industry,

which is included in the professional and business services

sector. The strengths shown by both JOLTS and CES data

support the theory that as the economy continued to recover,

businesses first utilize staffing agency employees before

permanently hiring workers into their own businesses.

The leisure and hospitality sector also followed an upward

trend in job openings, with the average monthly rate highest

during the fourth quarter.

Job openings also varied greatly by region. The south

region regularly reported higher job openings rates than the

other regions, and after the first quarter, the west region also

had a higher job openings rate than the northeast and

midwest regions. In fact, the northeast and midwest

experienced relatively flat job openings rates.

Hires rose in the fourth quarter in 2004. The hires rate was

flat for most of 2004, averaging 3.3 or 3.4 percent per month

for each of the first three quarters. The hires rate rose in the

fourth quarter, averaging 3.6 per month. (See chart 2.) The

only industries that experienced significant movement were

construction (which increased hiring between the first and

second quarters and then decreased hiring in the third and

fourth quarters) and professional and business services

(which rose in the fourth quarter). (See chart 7.) For the rest of

the industries and for the regions, the hires rate varied only

slightly throughout the year. Hires were highest for the south

and west regions.

Separations were flat. The total separations rate remained flat

throughout 2004 (chart 2) for the public and private sectors, and

for all but one industry. Only construction showed changes in

separations throughout the year with separations rates declining

through the year. (See chart 7.)

The components of total separations—quits, layoffs and

discharges, and other separations—provide additional

information about the labor market. Throughout 2004, the

quits rate remained flat for the total U.S. labor market, the

private sector, and for government. As with total

separations, construction was the only sector with a

difference in quits across quarters—the third quarter had a

slight decline in quits followed by a rise in quits in the

fourth quarter. (See chart 7.)

Chart 7. Job openings, hires, and total separations rates in construction, 2004, seasonally adjusted

Hires rate

Job openings rate

Total separations rate

Percent Percent

SOURCE: Bureau of Labor Statistics, Job Openings and Labor Turnover Survey.

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0
Monthly Labor Review March 2005 29

Quits as a percentage of total separations can help gauge

the health of the labor market. When quits account for a larger

portion of the total separations, they indicate increased

voluntary employee flow between jobs and an improved job

market. The percentage of quits had declined from a high of

63 percent in December 2000 (the beginning of the JOLTS

series) to a low of 50 percent in December 2003. In 2004, the

percentage of quits followed a generally upward trend,

starting at 52 percent in January, and ending the year at 56

percent. However, the percentage of quits is still far from

prerecession levels. (See chart 8.)

Quits account for the largest percentage of total

separations in the south region (ranging from 55 percent to 64

percent in 2004) and the lowest percentage of total

separations in the northeast region (ranging from 40 percent

to 51 percent in 2004), indicating a looser job market in the

south and a tighter one in the northeast. (See chart 9.)

The layoffs and discharges, or involuntary separations,

rate did not vary much through 2004 at the total nonfarm

level, but did vary by industry. The layoffs and discharges

rate was regularly higher in the construction; professional

and business services; arts, entertainment, and recreation;

and accommodations and food services industries than in

other industries.

The remainder of the separations, such as retirements and

employees on disability, are lumped into the “other

separations” category in JOLTS. Within this grouping, natural

resources and mining regularly had higher rates for other

separations than other industries did in 2004.

AS 2004 CONCLUDED, employment, although much improved

from previous years, still had not recovered completely from

the recession. As this article showed, various events during

the year caused many industries to react differently. The low

interest rates stimulated most of the activity within the

economy. Hurricanes that hit the southeastern portion of the

United States had mixed effects on employment. Improved

government budgets attributed to employment growth in parts

of the public sector. Long-term structural changes in the

economy continued to cause a few industries to shed jobs.

Although slight, JOLTS hires ticked upward at year’s-end,

and job openings in selected industries grew in 2004.

Chart 8. Quits as a percentage of total separations in total nonfarm employment, 2001–04,

seasonally adjusted

Percent Percent

NOTE: Shaded area denotes recession.

SOURCE: Bureau of Labor Statistics, Job Openings and Labor Turnover Survey.

2001 2002 2003 2004

40

45

50

55

60

65

70

40

45

50

55

60

65

70
30 Monthly Labor Review March 2005

Payroll Employment

Notes

1

 The Current Employment Statistics (CES) program surveys more than

160,000 nonfarm businesses representing about 400,000 establishments

monthly. For more information on the program’s concepts and

methodology, see BLS Handbook of Methods, Bulletin 2414 (Bureau of

Labor Statistics, September 1992). CES data are available also online at

www.bls.gov/ces/. The CES data used in this article are seasonally adjusted,

unless otherwise noted.

2

 The data for the Job Openings and Labor Turnover Survey (JOLTS)

are collected and compiled monthly from a sample of business

establishments by the Bureau of Labor Statistics. JOLTS data are available

online at www.bls.gov/jlt/.

3

 Data on real gross domestic product come from the U.S. Bureau of

Economic Analysis, on the Internet at www.bea.gov.

4

 These data reflect the percent change from December 2003 to

December 2004.

5 For analysis of the index of aggregate hours, the 1980 recession was

excluded because the series had not fully recovered before the 1981

recession started. CES estimates of hours and earnings are for production

workers in natural resources and mining and manufacturing; construction

workers in construction, and nonsupervisory workers in the serviceproviding industries. These groups account for approximately four-fifths

of total employment on private nonfarm payrolls.

6

 These percentage changes are calculated by taking the year-toyear percentage change in average weekly earnings. The first quarter

year-to-year change is represented by March, and the fourth quarter

year-to-year change is represented by December.

7

 Data on temporary help sales are provided by the American

Staffing Association. The data in this article are the percentage change

from the fourth quarter of 2003 to the third quarter of 2004.

8

 “Summary of Commentary on Current Economic Conditions,” The

Beige Book (Federal Reserve Board, Mar. 3; Apr. 21; June 16; July 28;

Sept. 8; and Dec. 1, 2004) On the Internet at: federalreserve.

gov/FOMC/BeigeBook/2004.

9

 Real domestic investment in equipment and software was up by 13.5

percent in 2004. See the GDP release (U.S. Bureau of Economic

Analysis), Mar. 25, 2005, table1, on the Internet at www.bea.gov/

bea/rels.htm.

10 Plant and equipment of manufacturers increased 1.2 percent in 2004

(through third quarter) and declined by 0.6 percent in 2003. These data

come from the Census Bureau’s Quarterly Financial Reports for

Manufacturing, Mining and Trade Corporations, on the Internet at

www.census.gov/csd/qfr/qfr043mg.pdf.

11 U.S. export data comes from the Foreign Trade Statistics Division

of the Census Bureau. The data reported here are the 2003 year-todate exports in dollars through December compared to the 2004 yearto-date exports through December.

12 Truck tonnage is the number of tons of goods shipped on trucks. The

data come from the American Trucking Association, on the Internet

at www.truckline.org.

13 “Manufacturers Cope With Costs of Strained Global Supply Lines,”

The Wall Street Journal, Dec. 8, 2004.

Chart 9. Quits as a percentage of total separations, by region, 2004, seasonally adjusted

Percent Percent

SOURCE: Bureau of Labor Statistics, Job Openings and Labor Turnover Survey.

 Northeast

West

Midwest

South

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

35

40

45

50

55

60

65

70

35

40

45

50

55

60

65

70
Monthly Labor Review March 2005 31

14 Lawrence H. Kaufman, “Expect smoother traffic, higher rates,”

Journal of Commerce, Jan. 17, 2005.

15 Using data for the first day of the month, oil prices per gallon

reached $53.13 on Oct. 1, 2004. Data on oil prices can be found

through the St. Louis Federal Reserve Website at http://

research.stlouisfed.org/fred2/data/OILPRICE.txt. The source

listed is the Dow Jones Energy Service.

16 Federal Reserve Beige Book, June 16, 2004.

17 Data on refinance activity can be found at the Mortgage Bankers

Association. www.mortgagebankers.org/marketdata/index.asp.

18 Data on homeownership comes from the U.S. Census Bureau,

Housing and Household Economic Statistics Division. This article uses

data for the first quarter of 2002 and the fourth quarter of 2004. On

the Internet at www.census.gov/hhes/www/housing/hvs/hvs.html.

19 Real construction expenditures data are from the Bureau of

Economic Analysis, and are in chained dollars. Real construction

expenditures in 2003 grew by 12 percent. See table 1.1.6 on the

Internet at www.bea.gov/bea/dn/nipaweb/SelectTable.asp?

Selected=Y.

20 Housing starts and completions data are from the Census Bureau,

available on the Internet at www.census.gov/const/www/.

21 Real construction expenditures are the annual value of

construction put in place (from the U.S. Census Bureau) deflated by

the Producer Price Index of New Construction (from the Bureau of

Labor Statistics).

22 For a more thorough discussion of trends in the Construction

sector, see forthcoming Review article by John P. Mullins and Chris

Manning.

23 Census Bureau, Survey of Manufacturers, on the Internet at

www.census.gov/indicator/www/m3/index.html.

24 “China’s expansion Squeezes Cement Supply,” The Washington

Post, Sept. 18, 2004. See also “Spreading Cement Shortages Delay

Projects, Increase Prices,” The Wall Street Journal, Aug. 9, 2004.

25 Retail sales for Home building and garden supply stores (NAICS

444) data come from the U.S. Census Bureau, Service Sector Statistics

Division.

26 Housing the Key to Economic Recovery. pamphlet (Washington,

DC, National Association of Home Builders, 2002).

27 The Fiscal Survey of States: December 2004 (Washington, DC,

National Association of State Budget Officers, December 2004).

28 City Fiscal Conditions in 2004 (Washington, DC, National League

of Cities, August 2004).

29 The prior 5-year average refers to the average annual job gains

between December 1997 and December 2002.

30 For more information on the public sector, see Julie Hatch,

“Employment in the public sector: two recessions’ impact on jobs”

Monthly Labor Review, Oct. 2004, pp. 38–47.

31 Real Federal spending, deflated by the medical CPI, increased by

1.9 percent in 2003 and 2004—far less than the average rate of 3.3

percent in the years 1991 through 2003, according to projections

from the Center for Medicare and Medicaid Services, U.S. Department

of Health and Human Services, on the Internet at www.cms.hhs.gov.

32 These data come from the Center for Medicare and Medicaid

Services, Office of the Actuary , National Health Statistics Group,

table 4, on the Internet at www.cms.hhs.gov.

33 According to projections from the National Center for Education

Statistics, U.S. Department of Education, enrollment for Fall 2004 in

primary and secondary private schools increased by 0.4 percent in

2004 and 0.2 percent in 2003; these are the lowest rates since 1989.

Enrollment in private higher education increased by 0.7 percent in

2004; this is the lowest rate since 1993. Data are available on the

Internet at www.nces.ed.gov.

34 The College Board’s Annual Reports on College Pricing and

Financial Aid Show Tuition Increases are Smaller than Last Year, but

Still High by Historical Standards, NO270 (New York, NY, College

Board), Oct. 19, 2004.

35 Information regarding hurricane effects in particular States

contact the CES State and Area office is available on the Internet at

www.bls.gov/ae .

36 “Some Gulf Oil Outages May Last Until Next Year,” The Wall

Street Journal, Oct. 12, 2004.

37 “Crude Oil Closes Above $50 On Concerns About Shortages,”

The New York Times Oct. 2, 2004.

38 “Wal-Mart Dims Sales Outlook for August as Demand Slips,” The

Wall Street Journal, Aug. 24, 2004.

39 “Storms and Higher Gas Prices Hurt Retail Sales Last Month,”

The New York Times, Oct. 8, 2004.

40 Reference Book (Federal Communications Commission, July 1,

2004).

41 Foreign trade statistics are provided by the Census Bureau. The

data here are year-to-date through December 2004 and are the sum of

textile products (NAICS 313), textile product mills (NAICS 314), and

apparel (NAICS 315).

42 For a direct link to Job Openings and Labor Turnover data by

industry, access: http://data.bls.gov/PDQ/outside.jsp?survey=jt.