Labor market completes sixth year of expansion in 1988 (EXCERPT), Monthly Labor Review Online, Feb. 1989

Labor market completes sixth year of expansion in 1988

W. J. Howe and W. Parks, II

Labor market performance by most measures remained healthy in 1988, as employment gains continued and the civilian unemployment rate fell to a 14-year low. The economy completed its sixth year of expansion, the second longest period of sustained growth since World War II and the longest peacetime expansion.

Following are highlights of employment and unemployment developments in 1988:

Employment growth continued during the year, as measured by both the Current Employment Statistics survey (CES) — a survey of more than 300,000 business establishments — and the Current Population Survey (CPS) -a survey of nearly 56,000 households. The establishment survey showed an increase of 3.7 million persons, or 3.5 percent, while the household survey showed an increase of 2.4 million persons, or 2.1 percent. (See box on page 4.)
The goods-producing sector showed significant job gains for the second straight year. Within that sector, both construction and manufacturing registered over-the-year increases. The service-producing sector continued to grow at a rapid pace, with services and wholesale trade increasing the fastest.
After declining early in 1988, the civilian worker unemployment rate fluctuated around 5.5 percent for much of the year before edging to 5.3 percent in the fourth quarter. The rate was then six-tenths of a percentage point below that of a year earlier and at its lowest mark since the second quarter of 1974. All major age and sex groups benefited from the unemployment decline.
All three major racial and ethnic groups shared in 1988's job market improvements. Each group recorded a drop in its unemployment rate, and employment growth, particularly strong for Hispanics, continued.
The number of persons working part time for economic reasons declined in 1988, but their proportion of total employment still remained above what it was prior to the recessions early in the decade. The number of discouraged workers showed little change over the year.

This excerpt is from an article published in the February 1989 issue of the Monthly Labor Review. The full text of the article is available in Adobe Acrobat's Portable Document Format (PDF). See How to view a PDF file for more information.

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Slower economic growth affects the 1995 labor market. March 1996.

Strong employment gains continue in 1994. February 1995.

The labor market improves in 1993. February 1994.

1992: Job market in the doldrums. February 1993.

Job market slid in early 1991, then struggled to find footing. February 1992.

U.S. labor market weakened in 1990. February 1991.

Job growth moderated in 1989; unemployment steady. February 1990.

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