Quantitative analysis by the Bank's staff shows that, although the rise is partly due to supply factors, such as the reduction in oil production by oil-producing countries, it seems to be basically due to demand factors, such as the expansion in demand for resources stemming from the recovery in the global economy.
These industries, though together composing just 25 percent of private employment, accounted for net job losses totaling nearly 2.6 million from the March 2001 business cycle peak through November 2004 (compared with a net decline of 1.2 million jobs for the private sector as a whole) and for about half the deterioration in the average monthly employment change over this period relative to the average pace before the peak.