Although January’s employment report shows another decline, it is much less severe than those for the final months of 2001. Nonfarm payroll employment posted a net loss of 89,000 jobs in January, but that is substantially less than the average monthly loss of more than 300,000 for 2001:IVQ. December’s estimates were also revised slightly downward. Every industry in the goods-producing sector lost jobs in January. While manufacturing’s loss of 89,000 jobs was the highest of any industry, this was still an improvement on its average monthly losses of more than 130,000 for 2001:IVQ and 109,000 for the year. Service-producing industries performed better, adding 56,000 jobs in January, mostly in wholesale and retail trade. Every service-producing industry except government did better in January than throughout 2001:IVQ.
Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-02, pp. 12, 02.01.2002.