According to a recent study by the Federal Reserve Bank of New York, the U.S. has a rapidly growing labor force, with the number of workers employed at the country’s largest firms rising to an all-time high.
In 2017, the number increased by 13.9 percent, compared with a year earlier, the Fed report showed.
The Fed said the increase in the number employed at large firms in the U;s manufacturing sector was due to a surge in demand for new home appliances.
But that demand, coupled with an expansion in manufacturing capacity and a strong recovery in the economy, is putting additional pressure on labor supply in the country.
For the first time in 20 years, the percentage of the workforce that is employed in a U.s manufacturing firm increased by 9.2 percent, the report said.
As the economy recovers, some workers are finding themselves unemployed or underemployed.
Among the top 10 employers in the manufacturing sector, the average unemployment rate was 4.4 percent in 2016, up from 4.3 percent in 2015, the data showed.
The Fed said more than 60 percent of those jobs were held by people with a bachelor’s degree or higher.
A total of 16.5 million people were unemployed in March, up 5.5 percent from the same month last year.
Employment growth slowed in the housing industry, with employment at home rising by 2.6 percent in March compared with March 2017.
Manufacturing employment fell 1.7 percent in the retail and wholesale trade sector, according to the Fed.
More than 5 million manufacturing jobs were lost in the construction industry in the first half of the year, a loss of about 2.2 million jobs.