The economic recovery continues apace, as reported by the U.S. Bureau of Labor Statistics in their December jobs report.
- Total nonfarm payroll employment rose by 199,000
- The unemployment rate declined to 3.9 percent
- Big job gainers include leisure and hospitality, professional and business services, manufacturing, construction, and in transportation and warehousing
Here are some major takeaways from the jobs report:
Good Job Growth for Leisure and Hospitality
Following past months’ growth, employment in leisure and hospitality continued to trend up in December with an increase of 53,000). Leisure and hospitality has added 2.6 million jobs in 2021, but employment in the industry is down by 1.2 million, or 7.2 percent, since February 2020.
Rebounding Food and Beverage Industry
The food and beverage industry continues to rebound, with an additional 43,000 jobs. While this industry was hard-hit during the pandemic, it is also an industry that has seen a number of innovations that have led to job growth.
Solid Gains in Professional and Business Services
Employment in professional and business services continued its upward trend in December through an addition of 43,000. These gains were concentrated in the following areas:
- Computer systems design and related services (+10,000)
- Architectural and engineering services (+9,000)
- Scientific research and development services (+6,000)
Growth in Manufacturing and Construction
As the economy recovers, so does a demand for new goods, homes and businesses. The manufacturing industry added 26,000 jobs in December, primarily in durable goods industries.
Construction employment rose by 22,000 in December, following monthly gains averaging 38,000 over the prior 3 months. In December, job gains occurred in nonresidential specialty trade contractors (+13,000) and in heavy and civil engineering construction (+10,000).
The job market further say employment increase in transportation and warehousing, by 19,000.
Edouard Thoumyre is a seasoned executive recruiter with over 17 years of experience in executive search, as the Founder and Managing Partner of ACCUR Recruiting Services. Specializing in the Consumer and Luxury Goods industries, he has a proven track record of placing senior level and C-level executives in family, private equity-backed, and Fortune 500 companies in the beauty, wine & spirits, watch & jewelry, home goods, and tobacco industries, among others. Edouard Thoumyre holds a master’s degree in Entrepreneurship from HEC Paris (#1 European Business School, Financial Times rankings) and a master’s degree in industrial engineering from Centrale Lille (a top 10 French engineering school). ACCUR Recruiting Services has been recognized as a Forbes Top 100 executive search firm since 2018.
Edouard Thoumyre and his firm, ACCUR Recruiting Services, have been featured in numerous publications such as WWD, Business Insider, Newsweek, CPG Specialist, Yahoo Finance, Nasdaq.com, Marketplace by NPR, Business of Fashion…