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Statistical Summary (Economic)

“Employment is projected to grow from 162.8 million to 168.8 million over the 2019-29 decade, an increase of 6.0 million jobs, the U.S. Bureau of Labor Statistics reported. This reflects an annual growth rate of 0.4 percent, slower than the 2009-19 annual growth rate of 1.3 percent, which was bolstered by recovery from the 2007-09 Great Recession. The healthcare and social assistance sector is projected to add the most new jobs, and 6 of the 10 fastest growing occupations are related to healthcare. Growth in real Gross Domestic Product (GDP) is projected to be slower (1.8 percent annually) from 2019 to 2029, compared to the previous decade (2.3 percent annually). Meanwhile labor productivity is projected to increase from 1.1 percent annually over the 2009 to 2019 period, to 1.8 percent annually from 2019 to 2029.”

“Nonfarm payroll employment increased in 40 states and was essentially unchanged in 10 states and the District of Columbia in August 2020. The largest job gains occurred in New York (+153,300), Texas (+106,800), and California (+101,900). The largest percentage increases occurred in New Jersey, New York, and Virginia (+1.8 percent each).”

“After large declines in March and April, employment has risen in each month since April, with the number of full-time workers increasing by 8.0 million and the number of part-time workers rising by 5.9 million. The number of people who usually work part time increased by 11.8 percent from May to June; this was the largest over-the-month increase since data were first collected in 1968.”

“The 20.0-percent increase in hourly compensation in the second quarter of 2020 was the largest increase in the series which begins in 1947. Also, the labor share--defined as the percentage of current-dollar output that accrues to workers in the form of compensation--increased to 59.8 percent in the second quarter of 2020, the highest level since the fourth quarter of 2008 (60.1 percent).”

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