As reported by the U.S. Bureau of Labor Statistics, the Monthly Economic Employment Report was released today, February 4. Broken down monthly, Search Solution Group has highlighted the latest economic analysis for January’s month-over-month changes in employment performance based on current job market fluctuations.
- Change in Employment Rate
- The unemployment rate changes minimally as it moves to 4.0% in January.
- 467,000 jobs gained in January.
- Leisure and hospitality employment rose by an impressive 151,000 jobs
The monthly report significantly beat expectations as the effects of Omicron had forecasted a less than favorable impact on jobs. The consensus forecast had been for minimal jobs increase of 150,000 or even a jobs loss. The 467,000 new jobs far exceeded the speculated modest gain. In addition to the higher than anticipated increase in jobs, America continues to find itself in a labor shortage as December numbers reflected nearly 11 million jobs remain open across the nation.
Despite the favorable jobs increase, the unemployment rate did increase slightly from 3.9% to 4.0%. The overall sentiment is that the jobs recovery remains on track throughout the nation.
The Omicron variant did leave its mark on the January report. The number of people working remotely increased to 15.4% and a total of 6 million people stated they did not work or worked less hours as a result of business closures related to the pandemic.
Search Solution Group is composed of industry experts with decades of expertly trained headhunters, recruiters, and an overflowing network of top-level talent. SSG has a team of subject matter experts with an unmatched ability to understand and execute the latest trends and market fluctuations to customize each client and candidate to their exact needs.
Utilizing an extensive and carefully crafted database of talent, Search Solution Group utilizes a rigorous vetting process to identify perfectly matched placements, thus establishing an impressive track record of unparalleled success.
To learn more from Search Solution’s expertly trained team or implement any job analysis trends into your business strategy, please contact the Search Solution Group.