Real time jobs report data summary. Figures are based on the latest data provided by the Bureau of Labor Statistics (BLS.gov). All jobs numbers are for non-farm employment.
For local jobs report data, click here.
January jobs increased by +49,000 from December, marking another month of a slow recovery from the pandemic impact. While an improvement from the loss of 78,000 jobs in December, January’s increase is still below 299,000 in November and 409,000 in October. For the last two months, the unemployment rate has remained 6.7%, but this month, the rate declined from 6.7% to 6.3%. The number of unemployed Americans decreased to 10.1 million.
According to a recent article from SIA, “The labor market continues its slow recovery amid Covid-19 headwinds,” said Ahu Yildirmaz, VP and co-head of the ADP Research Institute. “Although job losses were previously concentrated among small and midsized businesses, we are now seeing signs of the prolonged impact of the pandemic on large companies as well.”
Specifically, SIA notes that large businesses added 39,000 jobs in January while midsize firms added 84,000 and small businesses added 51,000.
The Professional and Technical Services (+40,100), Air Transportation (+14,800), Chemicals (+10,500), and Financial Activities (+8,000) industries showed the strongest growth. These increases are likely due to a combination of reasons, but Air Transportation is the most noteworthy increase by +15,000 month over month. This may be due to the increase in airplane capacity as many airlines have adjusted their social distancing requirements, as well as the continued increase of vaccination distribution.
While we have seen growth in certain industries, the impact of the pandemic continues to hinder employment in Leisure and Hospitality (-61,000), with a portion of the decrease specifically in food services, restaurants, and bars (-19,000). Employment also fell in the amusements, gambling, and recreation industry (-27,000) as well as hotels and accommodation (-18,000). While this is following the steep decline from December (previously -536,000) these declines are likely linked to the continued government-mandated shutdowns across the country and the colder weather impairing restaurants and other businesses to serve people outdoors. Additionally, Retail Trade (-37,800), Manufacturing (-10,000), and Transportation and Warehousing (-27,800) saw declines after a few strong months amidst the holiday season.
In the recent Marketplace Morning Report, Amy Glaser, Senior Vice President of Adecco Enterprise, stated that even with the increase in jobs and decrease in overall unemployment, none of this means it’s a great hiring market for employers. She said many are still finding it hard to land the talent they need.
“A lot of the reasons why folks may be turning down a job opportunity deal with employees’ health and well-being and/or that of those they live with,” Glaser said. “And we’re seeing child care on the rise as a continuing job-refusal reason.”
The best hope for a thaw in hiring, the experts from this article say, is more vaccination and warmer weather to allow dining and other high-contact activities to resume.
Employment in Leisure and Hospitality has continued to fluctuate between the initial impact of COVID-19 in early 2020 and now. Since February 2020, employment in this industry is down by 3.9 million, or 22.9%.
Almost a full year later, the pandemic continues to impact the jobs of many Americans. SIA reported that initial claims for unemployment insurance fell by 33,000 in the last week of January compared to the previous week and are now at a level of 779,000, according to seasonally adjusted data released recently by the U.S. Department of Labor.
As we head into the new year with a new administration in office and the pandemic still on the rise, we are keeping an eye on trends within the healthcare industry including vaccination as well as continued testing.
Mass sites for vaccinations are continuing to expand across the nation, with each state varying in rules and regulations for vaccine distribution. In fact, this is the biggest vaccination campaign in history, according to Bloomberg. Vaccinations in the U.S. began on December 14, 2020, with healthcare workers and so far, millions of shots have been given. For live updates on these statistics, be sure to check out Bloomberg’s live tracker as well as the CDC website.
At Adecco, we’ve been leading the trend in supporting contact tracing programs for multiple lines of businesses. Overall, we have processed 20.5 million+ COVID specimens, placed 1,800+ contact tracers, and have supported several state-wide programs. Learn more about specific programs here on our website.
As we reflect on the rocky year that was 2020, many Americans were forced to file for unemployment due to the economic impact of COVID-19. With both small and large businesses having to temporarily and even permanently close their doors, many were greatly financially affected. The Financial Activities industry saw an increase in jobs (+18,000) which is a (+0.2%) increase month over month. As we head into tax return season, we know that taxes are likely to be more complicated than previous years for many.
This year, tax filing season is postponed by a couple of weeks, but the government says it expects most refunds reasonably quickly. Mark your calendars as you’re able to start filing beginning February 12 for your 2020 tax year, and you’re still expected to have everything filed by Thursday, April 15. Learn more about this update in this recent article by the New York Times.
In a recent blog, we cover all of the latest tax updates, tips, and tricks including excerpts from the IRS and other tax season experts. Follow along to learn more about this tax season as well as future topics within staffing and recruiting.
As we continue into 2021, there are a few specific jobs that are on the rise according to this “Jobs on the Rise” article by Andrew Seaman with LinkedIn. In this article, Seaman covers the impact of 2020 on the job market and the major shift that’s still taking place. According to Linkedin, “Jobs on the Rise” is defined as career categories that have seen the highest year-on-year growth rates in hiring within a specified timeframe. According to their data, there are 15 jobs worth watching this year:
Luckily, Adecco has the knowledge and resources needed to fill your hiring needs in all of these categories. Learn more about how we can help your organization with our top-talent network.