Uneven Jobs Recovery
October 26, 2023
The U.S. economy lost nearly 22 million jobs during the two-month pandemic recession of March–April 2020. The total job count returned to pre-pandemic levels in June 2022, and by July 2023, there were almost 4 million more Americans working than before the pandemic. But jobs shifted among industries. The biggest gains have been in professional & business services (which includes many remote workers) and transportation & warehousing, while the biggest losses have been in leisure & hospitality and government, largely in public education.
Change in U.S. employment by industry between February 2020 and July 2023, in thousands
- 1,595 – Professional & business services
- 936 – Transportation & warehousing
- 832 – Private education & health services
- 363 – Construction
- 294 – Financial activities
- 200 – Manufacturing
- 171 – Wholesale trade
- 166 – Information
- 23 – Retail trade
- 10 – Utilities
- -43 – Mining & logging
- -53 – Other services
- -170 – Government
- -352 – Leisure & hospitality
Source: U.S. Bureau of Labor Statistics, 2023
Valuing Your Trust
If you’re not already a valued client of Providence Wealth Advisors, we encourage you to learn more. To schedule a no cost, no obligation conversation, contact us to learn more at your convenience.