Mike “Mish” Shedlock's
Sitka Pacific Capital Management,Llc
Let's look at 11 sectors in search of job winners and losers.
Recovery by Sector to Nearest Full Percent
- Mining and Logging: 43,000 below the February 2020 total of 689,000. 94% of February 2020 total.
- Construction: 201,000 below the February 2020 total of 7.648 million. 97% of February 2020 total.
- Manufacturing: 400,000 below the February 2020 of 12.799 million. 97% of February 2020 total.
- Trade, Transportation, Utilities: 300,000 below the February 2020 total of 27.876 million. 99% of February 2020 total. Transportation employment is 72,000 above its February 2020 level. Retail Trade is 200,000 below February 2020. Utilities are 10,000 below February 2020.
- Information: 100,000 below the February 2020 total of 2.914 million. 96% of February 2020 total.
- Financial Activities: 25,000 below the February 2020 total of 8.875 million. 100% of February 2020 total.
- Professional and Business Services: 385,000 below the February 2020 total of 21.469 million. 98% of February 2020 total.
- Private Education and Health Services: 900,00 below the February 2020 total of 24.565 million. 96% of February 2020 total.
- Leisure and Hospitality: 1.6 million below the February 2020 total of 16.915 million. 90% of February 2020 total.
- Other Services: 210,00 below the February 2020 total of 5.937 million. 96% of February 2020 total.
- Government: 851,00 below the February 2020 total of 22.835 million. 96% of February 2020 total.
Winners and Losers
Leisure and hospitality lost the most jobs and is the slowest in regaining the pre-pandemic level.
Despite millions of job openings, the number of leisure and hospitality employees is 1.6 million (10% below) the February 2020 total of 16.915 million.
The clear winner is financial activities. Out of 8.875 million workers, the total drawdown was only 279,000. Of that total, only 25,000 remain.
BofA Raises Minimum Wage to $21
In related discussion, please note BofA Raises Minimum Wage to $21, Wage Push Inflation Will Kill Small Businesses
Financial Activities is where to be. After all, "It's God's Work"
This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.
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