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February 04, 2022US EMPLOYMENT, JANUARY 2022 The US Bureau of Labor Statistics reported that US non-farm payroll employment increased 467,000 from December 2021 to January 2022.
US employment fell by 22.4 million in March and April 2020. Although this was a much sharper decline in employment than observed during the previous US recession, the recovery in employment has also been much faster. As of January 2022, US employment has recovered 86.9% of jobs lost in March and April 2020.
In January 2022, US employment increased in leisure and hospitality, professional and business services, retail trade, transportation and warehousing, local government education, health care, and wholesale trade. Employment was little changed in mining, manufacturing, construction, information, financial activities, and other services.
The US unemployment rate edged up 0.1 percentage points to 4.0% in January 2022. US unemployment was 6.5 million in January 2022. The US unemployment rate remains 0.5 percentage points higher, and the number of unemployed persons increased by 0.8 million compared to February 2020.
The US participation rate increased 0.3 percentage points to 62.2% of the working age population in January 2022, this is 1.2 percentage points below its February 2020 level.
The US employment to population ratio increased 0.2 percentage points to 59.7% in January 2022. This is 1.5 percentage points lower than its February 2020 level.
Note: Canadian and US labour force statistics refer to different working-age cohorts.
Sources:
US Bureau of Labor Statistics news release, Commissioner's Statement on the Employment Situation
Statistics Canada. Table 14-10-0287-01 Labour force characteristics, monthly, seasonally adjusted and trend-cycle
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