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2022’s Labor Market: A Recap
Last year’s labor market can be described succinctly as “unpredictable.” Some industries, like leisure and hospitality, experienced growth not seen since the post World War II boom. Other industries, like transportation and warehousing, experienced whiplash from 2020 as consumer demand receded, which lowered hiring demand.
Below is a chart that visualizes this puzzle in four distinct quadrants mapping employment and wage growth from the last quarter of 2022. As expected, leisure and hospitality stood out, as well as retail and transportation & warehousing.
These “out of whack” industries experienced turbulence due to underlying volatility
