Employment by Industry (U.S.)
Employment by Industry (U.S.): In April 2022, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 151.3 million (M) – an increase of 428,000 (+0.3%) month on month (m/m). When compared to April 2021, total employment is up by 4.6% year on year (y/y). Among the employment sectors that we track at Gerdau, we saw the greatest monthly gain in the oil and gas extraction sector with a growth of 3.9% m/m.
The SA service-providing sector gained 362,000 jobs to reach total employment of 130.3M people in April, which is +0.3% m/m and +4.7% y/y. Service-providing employment in April accounted for 86.1% of the non-farm workforce.
The SA goods-producing sector employed 20.9M people in April – up 66,000 m/m (+0.3%), and up by 3.9% y/y. The service-providing and goods-producing sectors are creating jobs at a similar rate this month.
Figure 1 shows seasonally adjusted manufacturing and construction employment on the same chart from 2005 to present. Manufacturing employment grew at a faster rate than construction employment this month.
The SA manufacturing sector employed 12.7M people in April – up 55,000 m/m (+0.4%), and up 4.0% 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 980,600 employed in the manufacture of motor vehicles and parts, up 6,000 m/m. The transportation equipment field employed 1.67M workers, up 14,000 m/m.
The SA construction sector employed a total of 7.63M – remaining flat m/m, and increasing by 3.2% y/y. Most construction workers are employed constructing buildings. In April, there were 1.71M workers constructing buildings, increasing 0.4% m/m and up 4.1% y/y. Heavy and civil engineering was the next largest construction category, employing 1.07M in April – remaining flat m/m, and up 2.6% 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.