Job Growth Hits Record, Cargo Moved by Ships to Trucks, Trains Has Strong 2021
Job Growth Hits Record
U.S. job growth finished 2021 on a mixed note in December but the full year set a record for hiring.
The Labor Department reported that payrolls expanded by 199,000, a number that was far blew expectations and the 807,000 reported payroll company reported on Wednesday. ADP includes any active company employee while the government report includes only employees paid during the month.
Still, the recovering economy brought nearly 6.5 million jobs back, the most ever in U.S.
The Labor Department’s numbers probably will show stronger hiring through revisions if the trend holds. Revisions between June and November added 767,000 to the total.
There’s still room for more growth. The 2021 number is roughly 2.9 million less than 2020’s loss from the pandemic induced recession.
While December’s number was lower than expected, the unemployment rate fell to 3.9% from 4.2% in November. Labor force participation rate held steady at 61.9% in December, 1.5% below pre-pandemic levels, means people still are sitting on the sidelines while businesses struggle to hire people.
Intermodal Cargo Posts Strong 2021
Despite supply chain challenges, cargo moved by ships to trucks and trains rose had its second-best year, confirming why industrial property has become a hot commodity.
Intermodal model traffic increased 4.9% over 2020 to 14.1 million units, according to the Association of American Railroads
John Gray, the organization’s senior vice president, said in a statement that the first half of the year started with record volume but slowed with persistent supply chain challenges, still having a strong year that was second only to the record in 2018.
Clogged ports combined with a shortage of truck drivers caused a major disruption in the supply chain as e-commerce grew a rapid pace during the pandemic. The issue is global.
A new barometer from economists with the New York Federal Reserve Bank shows that the struggles may be easing. The index based on a variety of factors, including shipping and air freight prices that have been easing from record highs during 2021.