February 2022 Job Postings Positive: Time to Innovate Our Economy?

The Bureau of Labor Statistics released their Feb 2022 job report numbers and they are very positive at 678K. With the unemployment rate at 3.8% we might want to consider innovating our economy into more advance manufacturing (I'm also keeping my eye on the trends of the year to see if my economic projects are still on track.). You can read the Feb. 2022 Job Numbers and perhaps gain some insight into changes.

When there begins to be shortages companies start to innovate and that will be important for the U.S. While I often don't like some things like self-check out lanes I think they may become a necessity. In high demand industries we may want to rethink our educational approaches to align skills to industry, innovate manufacturing, and develop human capital as much as we can to improve our total values. If we want to be the center of the world supply chain we will have to generate productive power. See Global Talent Shortage

"Total nonfarm payroll employment rose by 678,000 in February, and the unemployment rate edged down to 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, health care, and construction."

You will also want to pay attention to where these increased are occurring to see what industries might be forming a trend. These are some of the one's I'm most interested in at the moment....

"Professional and business services added 95,000 jobs in February. Job gains occurred in temporary help services (+36,000), management of companies and enterprises (+12,000), management and technical consulting services (+10,000), and scientific research and development services (+8,000). Employment in professional and business services is 596,000 higher than in February 2020, largely in temporary help services (+240,000), computer systems design and related services (+154,000), and management and technical consulting services (+152,000)."

Employment in transportation and warehousing increased by 48,000 in February and is 584,000 higher than in February 2020. Over the month, job gains continued in warehousing and storage (+11,000), couriers and messengers (+9,000), support activities for transportation (+9,000), and air transportation (+7,000). All four of these component industries have surpassed their February 2020 employment levels, with particularly strong job growth in warehousing and storage (+420,000) and couriers and messengers (+240,000).

Manufacturing added 36,000 jobs in February. Employment in durable goods industries rose by 20,000, with job gains in fabricated metal products (+11,000), machinery (+8,000), electrical equipment and appliances (+4,000), nonmetallic mineral products (+3,000), furniture and related products (+3,000), and primary metals (+3,000). These gains were partially offset by a job loss in motor vehicles and parts (-18,000). Nondurable goods manufacturing also added jobs over the month (+16,000). Since February 2020, manufacturing employment is down by 178,000, or 1.4 percent.

Mining employment rose by 9,000 in February, with gains in support activities for mining (+6,000) and in oil and gas extraction (+2,000). Mining employment has grown by 62,000 since a recent low in February 2021