The next level analysis that we conduct is our look at the major sectors of employment. And we start by comparing the current level of activity to what it was in the same period a year ago. Why? Because as we shall see, the year-over-year comparisons of the various measures of employment give us the best readings on where we are in the business cycle and when we might see a change in the phase of the business cycle.

Also, looking at the information in this format allows us to see if there are any special or calendar related events that we need to take account of. For example, look at September of last year. That was when we had hurricanes that severely affected economic activity in general and hiring in particular.

Subscribe now to read the full Employment Situation Report.