Good news, job-hungry U.S. residents. The country has reportedly added an unexpectedly high number of jobs in January 2022.
U.S. employers added 467,000 jobs in January, according to New York Post. This is a much higher number than expected due to the madness many businesses and workers are experiencing due to the Omicron variant. Top Biden Administration officials even prepared for the worse this week by warning that the jobs would be difficult due to the variant. However, compared to December 2021, the country’s unemployment rate was 4.0%.
January’s Omicron variant stream did not make it easy for economics experts to predict hiring totals for the month. Economists expected the report to show employers added 150,000 jobs and the unemployment rate not to change at 3.9% in January. A few prognosticators assumed the numbers would end up in a good spot.
Earlier this week, the ADP Employment Report revealed that private-sector employers cut 301,000 U.S. jobs in January. However, economists predicted an addition of 207,000 private-sector jobs. According to Bankrate senior economic analyst, Mark Hamrick, the labor market is likely to strengthen if Omicron cases let up.
“If the pandemic eases in the coming weeks and months, payroll gains should be restored to more solid footing beyond the January report,” he reported.
Labor Numbers Reveal How Many Americans Quit Their Jobs in 2021
According to the Labor Department’s data, nearly 4.3 million workers, especially low-wage employees, left their jobs in December 2021. This brings the resignation total for 2021 to 47.4 million people.
Last year, resignation numbers broke records as workers left their jobs for new ones with higher pay and better work conditions. In April 2021, as vaccination efforts improved, businesses gathered to quickly restaff and train new employees.
“All of this is uncharted territory,” Rucha Vankudre, a senior economist at Emsi Burning Glass, a labor-market analytics firm, told CNBC. “Employers are doing what they can at this point. What else can they do? We’ll have to see. They’ve done the things we’ve expected them to do at increasing rates. But what’s next?”
In December 2021, the job market contained a total of 10.9 million job openings. This led to around 6.3 million people being hired for new jobs. However, 4.6 million jobs remained unfilled. Job openings increased in food services, information, nondurable goods manufacturing, and public education, the most useful.
“The problem right now is there aren’t enough bodies to fill jobs,” Vankudre continues. “Without a major change in the labor force participation rate or employer behavior, like deciding they are willing to let positions stay empty instead of hiring for them, it seems unlikely things will change.”
The pandemic continues to affect millions all over the country. Thankfully, the January employment numbers give many job-seekers hope for the future.
