The FRED Blog has used the Current Employment Statistics from the Establishment Data Survey from the Bureau of Labor Statistics before. Past posts cover the ups-and-downs of payroll employment in the information industry and the increasing proportion of women in the workforce.
Today, we use that rich data source to learn more about the reduction in overall payroll employment in March 2020—the first reduction in ten years.
The FRED graph above compares the job losses in the goods-producing industry (mining & lodging; construction; and manufacturing) with the job losses in the service-providing industry (trade, transportation & utilities; information; financial activities; professional and business services; education and health services; leisure and hospitality; and other services).
The bulk of the recent reduction in payroll employment occurred among service-providing activities; during the onset of the 2007-2009 recession, the largest reductions in payroll employment took place among goods-producing activities.
The social distancing to manage the COVID-19 pandemic has
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