January’s employment gain was the most active period for hiring since February 2022, according to Marcus & Millichap.
January hiring reflects a return of services. Industries providing services led employment growth last month over goods-producing fields, with a job tally of 397,000 to 46,000. Retail trade welcomed a net 30,000 new employees, well above the 2022 monthly average of 7,000. That gain was overshadowed, however, by 98,600 new positions at bars and restaurants.
These figures, in part, reflect a shift away from lockdown-induced shopping habits, as well as the ongoing effects of high inflation on household budgets. Fast food can be an appealing low-cost option in a climbing price environment, while a third of the retail trade hiring was at club warehouses and supercenters, where price tags are generally lower. These factors backstop a generally favorable outlook for the retail sector, where vacancy nationally returned to the pre-pandemic mark before ente
