Employment Update:  110 Consecutive Months

BY Brian Loftus
1/2/2020 - HVAC Market Intelligence

Employment Up

The November jobs report was another blow-out.  It was strong even after adjusting for the distortion caused by the end of the GM strike.  Job gains for prior months were adjusted higher and the unemployment rate is down to 3.5%.  The longest economic expansion on record has produced 110 consecutive months of job growth.  No wonder small business owners consider finding qualified workers their biggest challenge.

Weekly Earnings

The number of Wholesale Trade Employees, as tracked by the U.S. Bureau of Labor Statistics, was rather flat during the middle of the decade but has begun to increase again.  Wholesale Employees’ annual growth rate of Average Weekly Earnings, which captures overtime, has increased from the 1.5% area 2017-18 to more than 3% during 2019.  That performance varies by state.  HARDI distributors can have access to detailed wage and benefit levels in your local markets by participating in the 2020 Compensation Survey.

During the first calendar quarter of even numbered years, HARDI gets together with about 20 other distributor associations to assemble a detailed picture of the wage and benefit levels for all job categories at distributors in local markets across the country.  The collaboration produces the following valuable HARDI distributor member benefits:

  1. Local market data
  2. Wage and benefit insights
  3. No charge in exchange for participation

Next month we will be contacting distributors with participation guidance.  The survey deadline is late March.  Your teammates really are your most valuable assets.  This report helps you protect those assets and is a very valuable member benefit, if you participate. 

Contact Brian Loftus at bloftus@hardinet.org for questions or more information.