According to the Federal Reserve, total industrial production in January was 4.1% higher than its year-ago level and 2.1% above its pre-pandemic level. Also, it is expected that total industrial capacity will rise 0.9% this year after increasing 0.4% in 2021. In addition, U.S. industrial production is projected to be 3.6% by the end of this quarter. Moreover, the trillion-dollar bipartisan infrastructure bill, signed into law last November, should boost the industrial sector significantly.
In January, the country’s job growth surged far more than expected, despite the rise in COVID-19 omicron variant cases. Nonfarm payrolls surged by 467,000 for the month, according to the Labor Department, indicating the resilience of the U.S. economy. Robust job growth should increase staffing requirements across industries, benefiting staffing services companies.
