Interest Rate Roundup

Friday, January 05, 2007

where the job gains (and losses) were

Combing through the details of the report really tell the tale of where growth is ... and isn't ... in our economy.

* The mining and oil and gas industries added about 4,000 jobs. Construction lost 3,000 jobs, with big losses in residential-linked categories (residential specialty contractors were down more than 10,000, for instance). There were gains in commercial construction activity, however, helping to even things out.

* Manufacturing continues to do poorly, with another 12,000 jobs lost. Most categories were weak, with notable declines in the furniture and auto sectors (That's the impact from weak housing and car/truck sales)

* Wholesale trade employment bumped up 7,000, while retail employment slipped by around 9,000. The major categories of weakness: building/garden supply, sporting goods/hobbies, and clothing.

* Finance and insurance hiring was strong outside of residential real estate-linked categories. Professional and business services (accounting, architecture, consulting services) hiring stood out, at +50,000. So did education and health services (+43,000) and leisure/hospitality (+31,000)


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