January Labor Report Recap
January 2023 Labor Report
According to the latest jobs report from the Bureau of Labor Statistics, the United States job market has demonstrated its stunning resilience, with 517,000 nonfarm jobs added in January 2023. This level shows a tremendous increase compared to last month’s report with 223,000 jobs added. In addition, the unemployment rate decreased to 3.4 percent from 3.5 percent in December – the lowest jobless level since May 1969.
The industries with the most notable gains in jobs were leisure and hospitality, professional and business services, and healthcare.
Leisure and hospitality added a whopping 128,000 jobs in January compared with an average of 89,000 jobs per month in 2022. In addition, employment in this industry remains below its pre-pandemic level by 2.9 percent.
The employment picture is starting 2023 off on a very strong note, with nonfarm payrolls posting their biggest gain since July 2022.
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Source: January 2023 Monthly Jobs Report, Bureau of Labor Statistics