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The service sector experienced the bulk of this expansion, providing 85% of total job growth. This is consistent with the 83% market hold that the service sector holds on the economy. The goods-producing sector provided 15% of total growth, consistent with its 17% hold. Growth was observed particularly in construction, which may be due to significant increases in new home purchasing credited to low mortgage rates. (an average of 5.8% for 2004)
Nonfarm payroll employment grew at around 180,000 per month during 2004, and the administration predicts similar growth ? though slightly diminished at 175,000 ? during 2005...
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