Even if overall employment growth showed signs of slowing down, healthcare was once again a bright spot for the US economy in January.
Data on employment growth in various sectors of the economy from the Bureau of Labor Statistics shows healthcare and social assistance as key categories, adding 66,000 jobs. Retail and government are also strong, adding over 30,000 jobs.
Healthcare profits have been on the rise since 2024, according to the bureau. The surge in retail jobs was surprising.
There were several debilitating pockets, and professionals and business services lost 11,000 jobs. Leisure and hospitality employment has also slightly reduced as one of the biggest areas of employment growth following the Covid pandemic.
Overall, net employment growth of 143,000 was well below the upwardly revised growth in December 307,000. However, the unemployment rate has declined, wage growth is strong, and it pointed to a solid and stable job market despite the small number of headlines.
Looking at January, we see, “What we’re looking at is a labour market that is basically fully employed. And the real question for the future is, can we maintain full employment? “Betsy Stevenson, a University of Michigan professor and former chief economist at the Department of Labor, said on “Scokebox” Friday.
