January Employment Growth Down 43 Percent over December
Atlanta, GA (PRWEB) February 29, 2016 -- The Economic Situation report released by the Bureau of Labor Statistics on Friday, February 5, 2016, revealed a growth of 151,000 jobs for the month of January, a decrease of 42 percent over December’s gain of 262,000 jobs.
Unemployment for the month decreased slightly to 4.9 percent, or 7.8 million unemployed persons. Over the last 12 months, the unemployment rate and the number of unemployed persons decreased by 0.8 percentage point and 1.1 million, respectively. Last month, employment gains largely occurred in within retail trade, food services and drinking places, health care, and manufacturing. Conversely, employment declined in private educational services, transportation and warehousing, and mining.
Retail trade added 58,000 jobs in January after little growth in December. Gains occurred in general merchandise stores (15,000 jobs), electronic and appliance stores (9,000 jobs), motor vehicle and parts dealers (8,000 jobs), and furniture and home furnishing stores (7,000 jobs). Over the last 12 months, the retail trade sector has increased by 301,000 jobs, with motor vehicle and parts dealers, and general merchandise stores accounting for nearly half of the gain.
The food services and drinking places subsector gained 46,700 jobs last month, a 0.41 percent increase over December 2015.
Health care added 37,000 jobs in January with a large increase occurring in hospitals (24,000 jobs). Hospitals have accounted for two-fifths of the 470,000 health care jobs gained over the past 12 months.
Manufacturing added 29,000 jobs in January, following little employment change in 2015. Job gains occurred in food manufacturing (11,000 jobs), fabricated metal products (7,000 jobs), and furniture and related products (3,000 jobs).
Losses occurred in transportation and warehousing (20,000 jobs lost), and mining (7,000 jobs lost). Private educational services lost 39,000 jobs due to above average seasonal layoffs.
Total nonfarm payroll employment for November and December was revised from 252,000 to 280,000 jobs, and 292,000 to 262,000 jobs, respectively. With these revisions, employment gains in November and December combined were 2,000 lower than previously reported.
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Bob Thomas, RSG, Inc., http://www.insurancejobs.com, +1 770-425-8576, [email protected]
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