Services Employment in the U.K. and the U.S in First Months of 2001. By Jaime Niņo
Mar 16, 2001
Despite the slower economic growth, the U.S. economy generated 135,000 news jobs in February, which kept the unemployment rate at a historical low of 4.2% according to the Bureau of Labor Statistics released Friday, 11 March. Following a trend that has lasted now for several years, services sector employment, which created over 210,000 new jobs compensated for reductions in manufacturing employment. Perhaps more interesting, the number of jobs in the services sector created in February was greater than the January figure when employment in the sector increased by 154,000. Although employment increased in all services categories reported by the Bureau of Labor, the main source of new jobs remained services producing industries, which created almost half of all new jobs in the services sector (95,000). On the other hand, employment in retail and trade and government employment each increased by increased by 37,000 in February.
The pattern of services employment compensating for less employment in the services sector has also become a constant of the British economy, which reached the lowest number of unemployed since 1975 according to British Office of National Statistics in a report released Tuesday, 13 March. Employment in the services sector increased by 0.7% last year, but was weaker than the 1.9% growth rate for the year before. In turn, employment in manufacturing decreased by 3.5% in 2000. A substantial number of new jobs were generated in the public administration and in the education and health sectors. The telecommunications and transportation industries, which grew 3% in 2000, created 49, 000 new jobs last year. Other industries that generated new jobs were trade and tourism and finance and business services, but employment in these industries slowed down relative to transport and communications.
Earnings in the private services sector remained the highest in the economy and increased 4.0% in January 2001. The increase was slower in pay was also slower than previous month increases which in 2000 averaged 5.0%. Pay in services provided by the government also increased, but by a slower 3.9% annual change.
By Jaime Niņo
U.S. Bureau of Labor Statistics Summary of Employment Situation February 2001
U.K. Office of National Statistics March 2001 Labour Market Statistics
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