Stevenson breaks down job growth across different sectors

April 4, 2023 CNBC

Betsey Stevenson, CNBC: "What we've been seeing is a massive reallocation of workers. First, we expanded how much stuff we were buying, so the goods sector just did remarkably well early on in the pandemic. And it was the service sector that got hammered. The service sector was the slowest to recover and the two big parts of the service sector are leisure and hospitality, but also health and private education services. Health and private education services have been one of the leading sources of job growth over the last 20 years. And it really languished during the pandemic. So what we've been seeing in recent months is most of the job growth we've been seeing has been driven by those two sectors alone, leisure and hospitality and education and health services. I expect we're going to see continued strong growth in both of those sectors. So the wild card will be, what do we see in those other sectors?"