Jobs growth accelerates in January: Which industries saw the biggest payroll gains?

 

The U.S. economy added jobs at a surprisingly rapid pace in January, with restaurants and bars leading the way in hiring as consumers brushed off a record-breaking spike in COVID-19 infections. 

The Labor Department said in its monthly employment report released Friday that payrolls in January rose by 467,000, easily topping the 150,000 jobs gain forecast by Refinitiv economists. The unemployment rate, which is calculated based on a separate survey, ticked up slightly to 4%. The increase is largely because the labor force participation rate climbed to 62.2%, the highest level since the pandemic began in February 2020.

WHERE ARE SURGING CONSUMER PRICES HITTING AMERICANS THE HARDEST?

"The January jobs report sidestepped weaker projections brought on by omicron concerns to post another month of strong hiring," said Ben Ayers, Nationwide senior economist. "Job growth was surprisingly strong across service industries where omicron concerns were expected to be most impactful. Leisure and hospitality, retail trade and transportation and warehousing areas all saw solid growth in January."

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