Distribution date：14 Feb.

2023

U.S. Nonfarm Payrolls and Wages by Industry

The U.S. nonfarm payrolls report for January, released on February 3, showed much stronger
growth than previously expected. This result has rekindled fears of inflation and raised expectations
for the final point of interest rate hikes, also known as the terminal rate, which has also affected
the FX rate.
So, what industries showed the greatest growth as a breakdown?
This time, we will use ＜DSCHART＞ (Datastream Charts) to see the changes over the past two
years in a stacked bar chart. We will also look at the growth rate of wages (average hourly wage)
by industry sector.

Chart 1: U.S. Nonfarm Payrolls by Industry

[Source] Refinitiv DSCHART 2023/2/9

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Chart 2: Trends in Wages by Industry in the U.S.

[Source] Refinitiv DSCHART 2023/2/13

【Datastream Code ・ EIKON RIC】

(Industries) ： (NFP in DS) (NFP in RIC) (Wages in DS)

Total ： USEMPALLO aUSNFARM/A USWAGES.B

Trade, transportations and utilities ： USEMIT..O aUSNFTTNUT/A USAHIT..B

Information ： USEM51..O aUSNFINFO/A USAH51..B

Professional and business activity ： USEMIB..O aUSNFPNBS/A USAHIB..B

Leisure and hospitality ： USEMIL..O aUSNFLNHO/A USAHIL..B

Manufacturing ： USEMPMANO aUSEMPMAN/A USWAGMANB

Construction ： USEM23..O aUSEMPCON/A USAH23..B

Natural resources and logging ： USEMIU..O aUSNFGPNRNM/A USAHIU..B

Financial activity ： USEMIF..O aUSNFFAC/A USAHIF..B

Education and health services ： USEMIE..O aUSNFENHS/A USAHIE..B

Other services ： USEM81..O aUSNFOSER/A USAH81..B

Government ： USEMIG..O aUSNFGOVT/A

*Nonfarm payrolls are calculated MoM using DS functions such as ACH#(USEMPALLO,1M)/1000 and displayed in

millions. Average Hourly Earnings is calculated as a DS function like PCH#(USWAGES.B,1Y) for YoY change.

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1. A high percentage of the workforce is employed in the service sector in U.S., and as one might
expect, employment growth in the service sector is again strong this time around.

2. "Leisure and recreation" has the largest growth in nonfarm payrolls by industry. In response
to the strong employment growth, the current wage growth rate is the largest among these
industries. Other service industries such as "education and health services" and "professional
and business services" were also strong, indicating that a wide range of service industries were
creating jobs. However, the wage growth rate here is average and appears to be slowing
somewhat.

3. The wage growth rate in the "Mining and Forestry" sector has been on an upward trend, but
the impact on the overall industry is considered to be limited because the number of workers
in this sector is very small.

4. Looking over the past two years, employment growth appears to have slowed somewhat in
2022 compared to 2021. However, looking at the January 2023 employment report, which was
much better than expected, we cannot be certain that the employment growth will slow down
further. We would like to see future data broken down by industry sector, as we have done in
this time, as well as wage trends.

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Refinitiv Japan, Data Insight Team

HP : https://www.refinitiv.com/ja
Email：[email protected]

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