Payroll employment increased by 199,000 in December, the unemployment rate declined to 3.9% and wages increased 4.7% year over year. Job creation was the largest in hospitality and leisure which added 53,000 jobs. There were almost 4 million more jobs than there were unemployed employees through November 2021.
We have seen more jobs created in the construction sector, as well as warehousing and transportation.
Our expectation is that with the Omicron effect lessening throughout the U.S., that more people will be going back to work in the early part of the year and that should continue throughout the rest of the year, barring any major pandemic setbacks.
Based upon our surveys, a large percentage of workers are more apt to go back to work at least on a hybrid basis. Most people do not want to go back on a full time basis.
We are encouraged by the recent upswing in people coming back to work, however firms have to be more flexible with their working arrangements to attract them back.
If you have any questions or comments, please contact Michael Rosenblatt, President of The Quest Organization at Michael@questorg.com or 212-971-0033.