The January 2022 Jobs Report from the Bureau of Labor Statistics stunned analysts with blockbuster numbers: a whopping 467,000 jobs added despite the Omicron wave tempering growth expectations. Even those hardest hit by the surging Coronavirus case load — like hospitality and restaurants — continued to add jobs.
- Hospitality surged with an addition of 150,000 jobs, including big gains in the restaurant industry
- The next biggest performer was professional and business services
- Employment showed little change over the month in mining, construction, manufacturing,
information, financial activities, and other services
- The economy has regained more than 19 million of the 22 million jobs lost in the early in the pandemic
Big Gains in Hospitality
Employment in leisure and hospitality expanded by 151,000 in January, reflecting job gains in food services and drinking places (+108,000) and in the accommodation industry (+23,000). Since February 2020, employment in leisure and hospitality is down by 1.8 million, or 10.3 percent.
Professional and Business Service Gains
In January, professional and business services added 86,000 jobs.
Key areas of job gains:
- technical consulting services (+16,000)
- computer systems design and related services (+15,000)
- architectural and engineering services (+8,000)
- other professional and technical services (+7,000)
- temporary help services (+26,000)
Professional and business services has sustained growth of 511,000 jobs since February 2020, largely in temporary help services (+185,000), computer systems design and related services (+161,000), and management and technical consulting services (+151,000).
Growth in the Retail Sector
Retail trade employment rose by 61,000 in January. Job growth occurred in general merchandise stores (+29,000); health and personal care stores (+11,000); sporting goods, hobby, book, and music stores (+7,000); and building material and garden supply stores (+6,000). Retail trade employment is 61,000 above its level in February 2020.
Job Gains in Warehousing and Transportation
Employment in transportation and warehousing grew by 54,000 in January and represents 542,000 more jobs than in February 2020. Job gains were concentrated in the following areas: couriers and messengers (+21,000), warehousing and storage (+13,000), truck transportation (+8,000), and air transportation (+7,000). These industries have surpassed their February 2020 employment levels, especially in terms of warehousing and storage (+410,000) and couriers and messengers (+236,000).
Catch Up With Previous Jobs Reports
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…