Employment by Industry (U.S.): In September 2022, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 153 million (M) – an increase of 263,000 (+0.2%) month on month (m/m). When compared to September 2021, total employment is up by 3.9% year on year (y/y). Among the employment sectors that we track at Gerdau, we saw the greatest monthly gain in the motor vehicles and parts manufacturing sector with a growth of 0.8% m/m.

The SA service-providing sector gained 219,000 jobs to reach total employment of 131.8M people in September, which is +0.2% m/m and +3.8% y/y. Service-providing employment in September accounted for 86.1% of the non-farm workforce.

The SA goods-producing sector employed 21.2M people in September – up 44,000 m/m (+0.2%), and up by 4.0% 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. Construction employment grew at a faster rate than manufacturing employment this month.

The SA manufacturing sector employed 12.9M people in September – up 22,000 m/m (+0.2%), and up 3.8% 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 1.01M employed in the manufacture of motor vehicles and parts, up 8,000 m/m. The transportation equipment field employed 1.72M workers, up 8,000 m/m.

The SA construction sector employed a total of 7.72M – up 19,000 m/m, and increasing by 3.9% y/y. Most construction workers are employed constructing buildings. In September, there were 1.71M workers constructing buildings, increasing 0.1% m/m and up 3.6% y/y. Heavy and civil engineering was the next largest construction category, employing 1.08M in September – remaining flat m/m, and up 3.8% 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.