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Business

Shares rise after better-than-expected jobs report




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

There were also notable monthly job losses in technology and interest-sensitive sectors that spiked 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 lose jobs between November and December.

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

“We̵[ads1]7;re seeing a little bit of a spread to other areas,” he told CNN.

Jobs added by main 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

Production: +8,000 to 12.9 million

Wholesale: +12,000 to 5.9 million

Merchandise: +9,000 to 15.8 million

Transport and storage: +4,700 to 6.5 million

Tool: +1,600 to 544,400

Information: -5000 to 3.1 million

Financial activities: +5000 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

The authorities: +3000 to 22.4 million

Source: Bureau of Labor Statistics



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