Today, payroll-processing firm ADP released its Workforce Vitality Index (WVI), which shows an uptick in growth during the second quarter of 2015. The index rose to 108, which is 2.3 points above the first quarter of 2015 and an increase of 5.3 points from the second quarter of 2014.
This economic report, developed by the ADP Research Institute with partner Moody's Analytics, offers quarterly data on U.S. private sector workforce dynamics and trends and measures industries by key labor-market indicators, such as employment growth, job turnover, wage gains, and hours worked. Though the report focuses on the second quarter of 2015, it uses historical data from the third quarter of 2013 to contextualize its conclusions. The starting value is set at 100, so numbers above that figure are positive, indicating growth, and those below are negative, indicating contractions. It is not seasonally adjusted.
The WVI for the second quarter of 2015 shows the construction industry growing more quickly than the seven other sectors measured by the index. At 115.3, construction is up 9.8 percent from the same period a year ago.
The manufacturing industry has also grown, rising to 109.4 from a dip in the previous quarter, which had a score of 104.9. The sector has experienced quarterly rises and falls over the past year, posting a 4.9 percent increase over the second quarter of 2014.
The professional and business services sector, which likely includes architecture and engineering, climbed to 105.1 in the second quarter of 2015 from 103 in the first quarter, and posts a 2.8 percent increase from the same period a year ago.