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News & Views

Provided by the Investment Professionals of Frost Investment Advisors | February 07 , 2022

More Ups and Downs

U.S. Economy Adds 476,000 Jobs in January; JOLTS Report Little Changed

Earlier this month, the Labor Department reported that the U.S. economy added 476,000 jobs in January in addition to positive revisions for the final two months of last year totaling 709,000. These historically large adjustments give us pause. The Bureau of Labor Statistics cautions against inferring too much from these recent changes because even though we saw a total upward revision of 709,000 for November and December, the numbers from June and July were revised down 807,000. We are heartened by improvement in the labor force participation rate (LFP), which showed an additional 1.5 million people re-entering the labor force, moving the LFP rate up 0.3 percentage points to 62.2%. This is the largest increase in the rate since the early stages of the pandemic recovery.

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