Employment by Industry (U.S.)
Employment by Industry (U.S.): In August 2023, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 156.4 million (M) – an increase of 187,000 (+0.1%) month on month (m/m). When compared to August 2022, total employment is up by 2.0% year on year (y/y). Among the employment sectors that we track at Gerdau, we saw the greatest monthly gain in the heavy and civil engineering construction sector with a growth of 0.6% m/m.
The SA service-providing sector gained 151,000 jobs to reach total employment of 134.8M people in August, which is +0.1% m/m and +2.1% y/y.
The SA goods-producing sector employed 21.6M people in August – up 36,000 m/m (+0.17%), and up by 1.6% y/y. The goods-producing sector is creating jobs at a faster rate than the service-providing sector this month.
Figure 1 shows seasonally adjusted manufacturing and construction employment on the same chart from 2013 to present. Construction employment grew at a faster rate than manufacturing employment this month.
The SA manufacturing sector employed 13.0M people in August – up 16,000 m/m (+0.1% m/m), and up 0.8% y/y. The two employment categories within manufacturing that we pay the most attention to are 1) motor vehicles & parts, and 2) transportation equipment. This month, there were 1.07M employed in the manufacture of motor vehicles and parts, remaining flat m/m. The transportation equipment field employed 1.83M workers, up 1,000 m/m.
The SA construction sector employed a total of 8.0M – up 22,000 m/m, and increasing by 2.7% y/y. Most construction workers are employed constructing buildings. In August, there were 1.8M workers constructing buildings, increasing 0.2% m/m and up 2.7% y/y. Heavy and civil engineering was the next largest construction category, employing 1.13M in August – increasing 0.6% m/m, and up 4.9% y/y.
At Gerdau, we keep an eye on national employment data – especially within manufacturing and construction – since this is where most long product steel is used. In addition, we know that growth in net job creation correlates to increased steel consumption.