Hotels, restaurants, and bars, some of the hardest hit industries during the pandemic, are leading the recovery and job growth, now the fast-growing employers.
bars and restaurants—hit hard as the Covid-19 pandemic took hold—are now among the country’s fastest-growing employers, offsetting a slowdown in tech-related hiring.
Because the hospitality industry includes a larger number of private-sector jobs than the tech and information sectors, the shift in hiring patterns has helped keep the U.S. unemployment rate at a 53-year low and the overall job market tight.Professional and business-services companies and the tech-heavy information sector were among the industries to add workers at the fastest pace early in the pandemicThe information industry accounts for about 1-in-40 private-sector jobs.
Since mid-2022, the growth in information jobs has slowed relative to the rest of the economy, while the hospitality and healthcare businesses have been among the fastest-growing industries.And in the past two months, the information sector has lost jobs. Since November, about half of job-cut announcements among U.S.-based employers have come from tech companies, according to outplacement firm Challenger, Gray & Christmas.
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