U.S. Job Market Update: Strong Growth in Nonfarm Payroll Employment and Construction Sector
In Q3, nonfarm payroll employment witnessed growth in 33 U.S. states and the District of Columbia, with 17 states experiencing job losses. The nationwide total nonfarm payroll employment increased by 187,000 jobs, marking a consecutive gain following July's increase of 157,000 jobs. Over the year ending in Q3, the U.S. labor market made a remarkable recovery with 3.1 million jobs added. All states, except Mississippi and Rhode Island, saw job additions compared to the previous year, with job gains ranging from 402,000 jobs in Texas to 1,400 jobs in Vermont. Mississippi lost 700 jobs, while Rhode Island faced a significant loss of 6,900 jobs, making it an exception in the recovery. In terms of percentages, Nevada reported the highest increase at 3.9%, while Rhode Island declined by 1.4% year-over-year.
In the construction sector, employment in the United States increased by 212,000 jobs (2.7%) year-over-year. Texas notably added 21,100 jobs, while Missouri experienced a decline of 2,700 construction sector jobs. Wyoming demonstrated the highest annual growth rate in the construction sector at 13%, while North Dakota reported a decline of 3.8%.
On a month-over-month basis, the construction industry saw a net addition of 22,000 jobs in Q3 compared to the previous month.
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