The leisure and hospitality industries experience the greatest gains in January.
The latest Labor Department jobs report shows the U.S. added 517,000 jobs in January, outstripping the forecast of 187,000. The leisure and hospitality sectors added more than other segments of the economy, with 128,000 jobs, but their employment levels are still below pre-pandemic numbers.
Government employment also rose by 74,000 jobs, while health care added 58,000 jobs—both beyond their monthly averages in 2022.
Unemployment reportedly fell to 3.4 percent, despite recent layoffs by many tech companies. It is the lowest rate in 50 years.
Economists remain concerned that, while wages are going up in some sectors, they are still not keeping pace with inflation.
“By many, many indicators, the job market is still very strong,” Federal Reserve Chairman Jerome Powell stated.
As the Lord Leads, Pray with Us…
- For Secretary Walsh to seek God’s direction as he heads the Labor Department.
- For Commissioner Beach as he oversees the Bureau of Labor Statistics.
- For discernment for Chairman Powell as he leads the Federal Reserve.
Sources: Wall Street Journal, NPR, The Hill
