Posted February 3, 2023

January employment trends up slightly

Total nonfarm payroll employment rose by 517,000 in January, and the unemployment rate changed little at 3.4 percent, the U.S. Bureau of Labor Statistics reported on February 3. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care.

Construction added 25,000 jobs in January, reflecting an employment gain in specialty
trade contractors (+22,000). Employment in the construction industry grew by an average
of 22,000 per month in 2022.

Manufacturing employment continued to trend up in January (+19,000). In 2022,
manufacturing added an average of 33,000 jobs per month.

Employment showed little change over the month in other major industries, including
mining, quarrying, and oil and gas extraction; wholesale trade; information;
financial activities; and other services.

In January, both the labor force participation rate, at 62.4 percent, and the employment-population ratio, at 60.2 percent, were unchanged after removing the effects of the annual adjustments to the population controls. The number of persons not in the labor force who currently want a job was 5.3 million in January, little changed from the prior month.