US Job Growth at the Doctors Office

While US private-sector payrolls rose by 172,000 in January, growth remains heavily concentrated in health care and social services. Benchmark revisions show that most other sectors have seen stagnant job growth since mid-2023, supporting the case for potential Fed easing.

Key Takeaways

• 1.The majority of January's private-sector job growth (137k out of 172k) was concentrated in the health care and social services sectors.
• 2.Benchmark revisions by the BLS significantly reduced historical job growth data, confirming that non-healthcare job growth has been stagnant since mid-2023.
• 3.Manufacturing production hours have shown modest improvement since late 2024, despite continued (though milder) job losses in the sector.

Table of Contents

• US Job Growth at the Doctor's Office

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