Dennis Jansen's KBTX Interview Shares Latest Economic Indicators
Apr 27, 2022
Summary: Dennis Jansen was interviewed by KBTX News on Tuesday, April 26, 2022, on nonfarm employment data sourced from the latest issue of Economic Indicators.
This month, the report shares the latest, revised data from the Bureau of Labor Statistics (BLS) on nonfarm employment in varying industries. As noted in the interview, the Leisure and Hospitality industry received the largest revision – a 20% increase – and now stands at 97.7% of its pre-pandemic level.
Speaking on the BLS data revision, Jansen said “Their benchmarks, they weren’t working for them very well... The problem is that because of the pandemic lots of businesses went out of business in that area. Especially in that industry and also employees came and went so there were a lot of layoffs.”
Recently, wages have also seen a significant rise. “The average wages in the U.S. have gone up about 6% over the last 12 months. Since January of 2021 wages in Leisure and Hospitality have actually gone up 14% almost 14.5% so they’ve gone up quite a bit more,” said Jansen.
Employment levels at local hotels is also included in the KBTX article.
The April 2022 issue of Economic Indicators of the College Station-Bryan MSA can be found here