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The June 2022 Jobs Report: What Is the Current U.S. Employment Situation?

The June jobs report from the U.S. Department of Labor is out, revealing the labor market added 372,000 new nonfarm jobs and far outpaced economists’ expectations of 272,000. As far as what industries are hiring now, professional and business services, leisure and hospitality, and healthcare were among the top sectors for job gains.

The number of unemployed persons decreased to 5.9 million, back down to what we saw in April 2022 yet still higher than February 2020’s total of 5.7 million. U.S. jobs data shows a 3.6% unemployment rate for the fourth month in a row.

 

Unemployment Rate

 

Number of Unemployed Persons

 

Change in Nonfarm Payroll Employment

 

With rising cases of COVID-19, the pandemic made a significant impact on metrics in the labor department jobs report:

  • 2.1 million people reported being unable to work because their employer closed or lost business due to the pandemic (up from 1.8 million in May 2022).
  • 610,000 people were prevented from looking for work due to the pandemic (up from 455,000 in May).

Interestingly, slightly fewer employed persons teleworked (7.1% in June vs. 7.4% in May), possibly signaling an increase in return-to-work policies.

 

Change in Employment by Industry

 

Overall, the U.S. employment situation is showing a strong job market amid record inflation and talks of recession, making Q3 2022 an interesting one to watch. Whether you’re looking for your next great hire or next great job, iHire is here to help.

by: Natalie Winzer
July 08, 2022