Total nonfarm payroll employment rose by 467,000 in January as the unemployment rate was 4%, as reported by the U.S. Bureau of Labor Statistics. Employment growth continued in leisure and hospitality, in professional and business services, in retail trade, and transportation and warehousing. Both the unemployment rate, at 4%, and the number of unemployed persons, at 6.5 million, changed little in January. Over the year, the unemployment rate is down by 2.4% and the number of unemployed persons declined by 3.7 million. The 467,000 new jobs compares with an average monthly gain of 555,000 in 2021. Nonfarm employment has increased by 19.1 million since April 2020 but is down by 2.9 million, or 1.9%, from its pre-pandemic level in February 2020.
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