The economy added 467,000 jobs in January, in spite of the spread of the omicron variant.
Even pandemic sensitive sectors such as hotels and restaurants were big job gainers. It appears that employers’ main response was to reduce hours, with the average workweek falling by 0.2 hours, a decline of 0.6 percent. The unemployment rate was little changed at 4.0 percent.The annual benchmark revisions, which include different seasonal adjustment factors, give a radically different view of the economy in 2021.
The reduction in hours could be skewing the wage data up modestly in January. The decline in hours is equivalent to a decline in private sector employment of more than 700,000. If most of the hours lost were among lower paid workers, then it would raise the average pay for the month.The employment-to-population ratio rose 0.3 percentage point, but all of that was due to the annual change in population controls. Without these changes, it would have edged down by 0.1 percentage point.
Retail added 61,000 workers in January. This gain, coupled with upward revisions, pushed employment in the sector above its pre-pandemic level.Jobs in nursing homes increased by 2,100 in January in only the second rise since the pandemic began. Employment is down by 15.0 percent from before the pandemic. Employment in childcare was up 5,600, but it is still down 12.4 percent from its pre-pandemic level.State and local education added 28,400 jobs in January, but employment is still down 3.
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