January Job Growth Report: U.S. Adds 517,000 Jobs
According to the Bureau of Labor Statistics, new jobs more than doubled in January 2023 from December 2022.
With 517,000 new jobs added in the U.S. throughout January, 2023, inflation and a fear of a recession don’t seem to be stopping companies from hiring despite the number of mass layoffs across multiple industries.
Is the U.S. job market growing right now?
The Bureau of Labor Statistics reported that wages also rose in January by an average of 0.3%.
This indicates a strong job market and suggests that employers are willing to pay more for qualified candidates. Overall, these trends point towards a healthy U.S. job market.
U.S. unemployment rates by group:
- Adult women: 3.2%
- Adult men: 3.1%
- Teenagers: 10.3%
- Whites: 3.1%
- Blacks: 5.4%
- Asians: 2.8%
- Hispanics: 4.5%
Additional employment statistics for January 2023:
- The number of discouraged workers, who believed that no jobs were available for them, reduced slightly from 410,000 in December to 342,000 in January.
- Average hourly earnings have increased by 4.4% over the past 12 months.
- The number of workers employed part-time for economic reasons was 4.1 million.
U.S. industries with notable job growth in January
Leisure and hospitality
With growth in the leisure and hospitality sector, January saw an increase in new jobs of 128,000.
The steady growth in food services and drinking places added the majority of new jobs in leisure and hospitality with 99,000 jobs. The accommodation subsector also continued to trend upward, adding 15,000 new jobs.
Professional and business services
The professional and business services category consists of mostly skilled and white-collar jobs that support businesses and organizations throughout various other industries and added 82,000 new jobs in January.
The most notable gains were seen in professional, scientific, and technical services, adding 41,000 jobs.
Government
After seeing a dip at the end of 2022, Government jobs showed a significant increase in January, adding 74,000 jobs.
The state government education subsector added the most jobs in government with 35,000.
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