Employment Blog May 2022

This Employment Blog is taken from the U S Labor Department, Bureau of Labor Statistics. Nonfarm payroll employment increased by 428,000 in April, and the unemployment rate was unchanged at 3.6 percent. Job growth was widespread, led by gains in leisure and hospitality, in manufacturing, and in transportation and warehousing.  Nonfarm employment is down by 1.2 million, or 0.8 percent, from its February 2020 level before the onset of the coronavirus (COVID-19) pandemic.

 In April, employment growth continued in leisure and hospitality (+78,000), with gains in food services and drinking places (+44,000) and accommodation (+22,000). Employment in leisure and hospitality is down by 1.4 million, or 8.5 percent, from its February 2020 level.

Manufacturing employment increased by 55,000 in April. Employment rose by 31,000 in durable goods, with gains in transportation equipment (+14,000) and machinery (+7,000). Nondurable goods added 24,000 jobs, including gains in food manufacturing (+8,000) and plastics and rubber products (+6,000). Employment in durable goods is 105,000 below its February 2020 level, while employment in nondurable goods is 49,000 above its February 2020 level. Overall, manufacturing employment is down by 56,000 since February 2020.

In April, transportation and warehousing added 52,000 jobs. Employment increased in warehousing and storage (+17,000), couriers and messengers (+15,000), truck transportation (+13,000), and air transportation (+4,000). Employment in transportation and warehousing is 674,000 above its February 2020 level, with particularly strong growth in warehousing and storage (+467,000) and in couriers and messengers (+259,000).

Employment in professional and business services continued to trend up in April (+41,000) and is up by 738,000 since February 2020.

In April, employment rose by 35,000 in financial activities. Job gains occurred in insurance carriers and related activities (+20,000); in nondepository credit intermediation (+6,000); and in securities, commodity contracts, and investments (+5,000). Employment in financial activities is 71,000 higher than in February 2020.

Health care added 34,000 jobs in April, with most of the gain occurring in ambulatory health care services (+28,000). Health care employment is 250,000 below its February 2020 level.

Employment in retail trade increased by 29,000 in April. Job gains in food and beverage stores (+24,000) and in general merchandise stores (+12,000) were partially offset by losses in building material and garden supply stores (-16,000) and health and personal care stores (-9,000). Retail trade employment is 284,000 higher than in February 2020.

Employment growth continued in wholesale trade, with the addition of 22,000 jobs in April. Employment in the industry is down by 57,000 since February 2020.

Employment in mining increased by 9,000 in April, with a gain in oil and gas extraction (+5,000). Since a recent low in February 2021, mining employment has grown by 73,000.

Employment showed little change over the month in other major industries, including construction, information, other services, and government.

The labor force participation rate, at 62.2 percent, and the employment-population ratio, at 60.0 percent, changed little in April. Both measures are up over the year but are 1.2 percentage points below their February 2020 levels.

Real average weekly earnings were essentially unchanged over the month due to the change in real average hourly earnings combined with no change in the average workweek.   Real average hourly earnings decreased 2.6 percent, seasonally adjusted, from April 2021 to April 2022. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 3.4-percent decrease in real average weekly earnings over this period.