Hello everyone and welcome to this episode of Ignition Time.
My name is Dr. Nitin Chhoda and welcome to our channel.
This channel, the Ignition Time channel
is about the country, the economy, as well as our money.
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So where are all the jobs?
Everyone talks about all these jobs, jobs, jobs.
Well folks, here's a new article from CNBC.
Here's where the jobs are in one chart. So what's going on, folks?
The United States added over 450,000 jobs in January of this year.
There was strong demand for workers
at restaurants and retailers, at mail and parcel delivery companies.
So a lot of people getting employed at Amazon.
The leisure in the hospitality sector,
which by the way, was severely impacted by COVID,
added more than 150,000 jobs in the first month of 2022.
In fact, retail had a lot of job gains
in January as employers added 61,400 individuals to the workforce
and this was the industry's second best statistics over the past 12 months.
In other words, basically retail was getting back on track.
Now, workers who pick up and deliver
packages and mail saw their employment pop by 21,200 in the past 30 days,
while warehousing and storage facilities added 13,400 jobs.
Let's take a look at this chart on your screen
and this is from the Bureau of Labor Statistics.
This is the one month net change in January jobs.
You'll see that leisure and hospitality added 151,000 new jobs.
Professional and business services, 86,000 new jobs.
Retail trade 61,400, transportation and warehousing 54,000 jobs.
It seems that more people started to work
at the government, 23,000 jobs, and so on as we go down this list.
Now, what's really interesting is
that despite a surge in Omicron in the month of January, employers across the country
added over 450,000 jobs in January because there was a lot of hiring at restaurants
and bars, retailers, and mail and parcel delivery workers.
In fact, the leisure and the hospitality
sector, which again, like I mentioned, was severely impacted by the pandemic,
added more than 150,000 jobs like you saw earlier on that image.
Now here's what's interesting.
I've been doing videos since the start of the Pandemic and I have always pointed
out the plight of the leisure and hospitality sector.
In fact, individuals in travel, leisure,
entertainment and hospitality were the hardest hit as a result
of the pandemic and through no fault of their own, they were the ones who are
the most dependent on stimulus checks and unemployment benefits because
individuals who do not have a high school diploma, individuals who are primarily
African American, primarily Hispanic, were largely dependent on jobs.
And these are statistics.
This isn't my personal opinion.
These are actual statistics from the Bureau of Labor Statistics.
They were actually dependent on the leisure and hospitality sector.
So what is happening now is fortunately everyone is getting back to work
gradually, and I believe that this is good news.
But what's interesting is that some sectors have had their jobs
and essentially the number of employed people recover much faster than others.
In fact, finally, we're starting to see people starting to go back to work
at restaurants, hotels, casinos and theme parks.
So let's go back to that earlier graph for a second.
Leisure and hospitality added an average of 196,000 jobs each month over the past
twelve months, well ahead of any other industry as it rebounds from the pandemic
now, thanks to the widespread business closures in 2020.
Unfortunately, this sector,
the leisure and hospitality sector is still shocked by 1.8 million jobs.
That's 10% of all jobs in that sector
compared to where employment stood in February 2020.
In fact, I believe the great resignation
and by the way, I've done other videos on the great resignation is partially
a result of individuals quitting the leisure and hospitality industry.
We're talking about individuals who worked in leisure and hospitality,
who worked in restaurants, malls, theaters, shopping centers, malls,
essentially saying, hey, I don't want to do that job anymore.
I'm quitting and I'm moving on to something else.
So speaking of leisure and hospitality,
restaurants and bars added 1080 jobs and accommodation hotels added just over
220, and amusement, gambling and recreation venues added 200 jobs.
So I guess people are going to hotels now and people are starting to gamble again.
According to a quote from Cliff Hodge,
who's the chief investment officer for Cornerstone Wealth,
he said this the jobs report blew away expectations across the board.
The headline number of 467,000 were multiples above expectations.
Wages came in hot, and most importantly, the labor force participation rate rose
all during a period where Omicron cases spiked.
In fact, folks, the US economy added 7500 truckers in January 2022,
which is the third best month of the last twelve four truckers,
because at the end of the day, we as a country we need those truckers
to get our packages delivered for supply chain relief.
Really interesting stuff.
In fact, the US Labor Department said this in a Press release.
In January, job gains occurred in couriers
and messengers, 21,000 more jobs, warehousing and storage, 13,000 new jobs,
truck transportation, 8000 new jobs, and air transportation, 7000 new jobs.
The Labor Department goes on to say all
four of these component industries have surpassed their February 2020 employment
levels, with particularly strong growth in warehousing and storage,
410,000 additional and couriers and messengers, 2360 additional jobs.
Now, many economists say that they were happy to see the labor force participation
rate and the employment to population ratio climb in January.
The bottom line is more and more people are getting back to work.
In fact, and this is super interesting.
The US Labor Department said that the increase in the number of people
getting back to work, they call that the labor force
participation rate was thanks to a bump in the size of the population in age
groups that participate in the labor force at high rates.
In other words, essentially individuals
in their 20s, 30s, and 40s who tend to participate who tend
to essentially work much more than individuals who are in their 50s, 60s,
and 70s, they essentially got back to work in large numbers.
Now, on top of that, the average hourly earnings actually rolls
zero, 73% month over month, which is the fastest increase since December of 2020.
In fact, average hourly earnings were up almost 6% Compared to where they were
in January 2021, which again, is the hottest annual pace since spring of 2020.
What does all of this mean, folks?
It means that the American economy is getting back on track and I gave you
an overview and outline of where all the jobs are.
I think your main takeaway should be that everything is getting back to normal
and if you are one of those millions of individuals who have actually quit your
job, I think you now have a golden opportunity to reengineer your skills,
to learn something new, to essentially go back to work,
Maybe even start your own business and make more money than ever before.
I believe we, as Americans are hardworking And I believe we as Americans are very
creative, very intelligent, and I believe that our creativity can lead
the way, not just for ourselves, our families, but also our local communities.
And by extension, and I know this because I've traveled internationally.
I was actually born overseas in India.
By extension, I think we, as Americans motivate the rest of the world.
My goal is to motivate you and to help you live the American dream.
This right here is a little bit of information about me.
You learn more about who I am,
what my journey has been like, and why you should listen to me.
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