October 2006, Vol. 129, No. 10
A visual essay: post-recessionary employment growth related to the housing market
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During and after the 2001 recession, low mortgage rates helped drive unusual strength in the housing market. Consumption traditionally falters during recessions, thus hindering sales of homes, which are the largest purchase most people ever make. Although many industries saw employment fall during and after the recession, certain industries expanded in large part because of increased housing activity. The following analysis looks at various indicators related to the housing market and employment trends in industries that benefited.
Data on employment used in this article are from the Current Employment Statistics (CES) program, which surveys 160,000 nonfarm businesses representing about 400,000 establishments monthly. For more information on the program’s concepts and methodology, see BLS Handbook of Methods (Bureau of Labor Statistics, on the Internet at http://www.bls.gov/opub/hom/home.htm). CES data are available on the Internet at http://www.bls.gov/ces/. Data used in this article are seasonally adjusted and analyzed through December 2005 unless otherwise noted.
This essay was prepared by Matthew Miller, a former economist in the Office of Employment and Unemployment Statistics, Bureau of Labor Statistics. For questions about this essay, contact Julie Hatch Maxfield, a supervisory economist in the Office of Employment and Unemployment Statistics. E-mail: Hatch.Julie@bls.gov
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