Jobs growth trends positive at the start of 2021, and the unemployment rate dips further.
Gains were made in professional and business services, primarily driven by temporary jobs and a rally in education.
The unemployment rate, which has been steady at 6.7% for the past two months, dropped further to 6.3%.
The average work week recorded an uptick to 35.0 hours.
TEMPORARY JOB TRENDS:
The temporary help sector continued to trend positive for the ninth consecutive month, adding another 81,000 new jobs in January.
WHAT DOES IT ALL MEAN? The job market returned to growth mode in January, albeit at a much slower pace than experienced just a few months ago. The positive momentum of the labor market, along with other economic indicators, prompted optimistic predictions about strong growth in 2021. In the near term, the slow jobs growth is expected to spur greater support for the next federal stimulus package. Moving forward, the outlook for successful vaccine distribution will unlock more than empty classrooms and shuttered businesses. It will unlock careers that have been on hold as well. Expect a refreshed talent pipeline and a greater need for expert guidance and technology tools to support thoughtful talent decisions.
Sources: U.S. Bureau of Labor Statistics (BLS), Steinberg Employment Research, CNN, Staffing Industry Analysts, American Staffing Association, Bloomberg, Reuters, The New York Times, MarketWatch