US Retail and Food Services Sales Growth Update
24
24
•
Sources:
1.
2.
3.
PNC Financial Services, Global Economic Highlights (January 2022).
4.
U.S. Bureau of Labor Statistics, "The Employment Situation - December 2021", 7 January 2021.
Job openings remained high at 10.9 mil in Dec
20212
Through December 2021, the labor market has
recovered nearly 19 million of the 22 million jobs
lost in March and April 2020 due to the COVID-19
pandemic³
Within retail, warehouse clubs and supercenters
(Costco, BJ's, Walmart, Target) posted the highest
month-over-month employment increases in
December 2021 at 15.0%4
4Q 2021 Annualised Real GDP Growth: +6.9%¹
Outperforming estimate, the GDP growth is led by
higher personal consumption and business
activities
US Economy Update
Jan 2022 Unemployment Rate: 4.0%²
-20%
Nonfarm payroll employment rose by 467,000 in
Jan 20222
-40%
2017
2018
40%
20%
0%
U.S. Bureau of Economic Analysis, "Gross Domestic Product, Fourth Quarter and Year 2021 (Advance Estimate)", 27 January 2022.
U.S. Bureau of Labor Statistics, "The Employment Situation - January 2022", 4 February 2022, and "Job Openings and Labor Turnover Summary - December 2021",
1 February 2022.
Dec-20
Jan-21
US Unemployment Rate²
6.7% 6.3% 6.2% 6.0% 6.1% 5.8% 5.9%
2019
2020
2021
Real GDP Growth¹
L
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
5.4% 5.2% 4.8% 4.6% 4.2% 3.9% 4.0%
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
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