Stocks surge after better-than-expected jobs report

view original post

The monthly jobs report showed that some of the biggest gains were in industries such as leisure and hospitality, health care, and accommodation and food services, which all were hit hard during the pandemic.

There were also notable monthly job losses in technology and interest-rate-sensitive sectors that surged during the pandemic and are now rebalancing as consumers shift spending toward services. 

Industries such as information, finance, retail, transportation, and professional and business services all shed jobs between November and December.

Some of those losses are likely an effect of the waves of mass layoffs hitting the tech industry, said Ken Kim, a senior economist at KPMG.

“We are seeing a little bit of spread to other areas,” he told CNN. 

Jobs added by major sector between November and December 2022

Total: +223,000 to 153.7 million

Mining and logging: +4,000 to 644,000

Construction: +28,000 to 7.78 million

Manufacturing: +8,000 to 12.9 million

Wholesale trade: +12,000 to 5.9 million

Retail trade: +9,000 to 15.8 million

Transportation and warehousing: +4,700 to 6.5 million

Utilities: +1,600 to 544,400

Information: -5,000 to 3.1 million

Financial activities: +5,000 to 9 million

Professional and business services: -6,000 to 22.4 million

Education and health services: +78,000 to 24.9 million

Leisure and hospitality: +67,000 to 16.1 million

Government: +3,000 to 22.4 million

Source: Bureau of Labor Statistics