The Employment Picture: Sector by Sector

Marcus & Millichap,the real estate investment services firm has just put out the chart below detailing employment growth (or lack of it) in various sectors of the economy.



M&M concluded:

Employers added just 69,000 jobs last month, the weakest monthly total recorded since May last year. In addition, revisions slashed 49,000 positions from the March and April job totals. Despite the relatively weak headline figures, portions of the employment market maintained momentum. Six of 10 private-employment sectors added workers during the month, led by freight haulers and utilities which hired 35,600 employees, contributing to a gain of 54,000 jobs in the trade, transportation and utilities sector. Medical practices also expanded in May, creating 34,000 positions as healthcare benefits became available to workers who have re-entered the work force over the last year. Four private-employment sectors shed a combined 40,000 positions last month, however, led by a loss of 28,000 construction jobs. Shrinking construction payrolls appear at odds with recent increases in construction spending and rising residential permit issuance.