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HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

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Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

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Jobs: Private sector employment improves, but signs indicate growth is slowing

Construction employment increases by 15,000 jobs from the previous month

The National Employment Report indicates that private sector employment increased by 156,000 jobs from June to July, according to the ADP Research Institute and Moody’s Analytics.

“Job growth is healthy, but steadily slowing,” Moody’s Analytics Chief Economist Mark Zandi said.  “Small businesses are suffering the brunt of the slowdown. Hampering job growth are labor shortages, layoffs at bricks-and-mortar retailers, and fallout from weaker global trade.”

Despite’s this weakening, the report revealed that the number of jobs added in June was revised up from 102,000 to 112,000,

The chart below demonstrates the rate of increase since 2013:

ADP - Jobs Report July

(Click to enlarge; image courtesy of ADP)

Below is a breakdown of job segments that saw changes in employment between June and July:

Natural resources and mining: Decreased 6,000

Construction: Increased 15,000

Manufacturing: Increased 1,000

The service-providing sector increased by 146,000 jobs, including:

Information: Decreased 5,000

Financial activities: Increased 11,000

Professional and business services: Increased 44,000

Education and health services: Increased 37,000

Leisure and hospitality: Increased 26,000

Other services: Increased 6,000

“While we still see strength in the labor market, it has shown signs of weakening,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “A moderation in growth is expected as the labor market tightens further.”

NOTE: This report is a monthly measure of the change in total U.S. non-farm private employment derived from actual, anonymous payroll data of companies served by the company. The data is collected and processed with statistical methodologies similar to those used by the U.S. Bureau of Labor Statistics.

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