Job Market

April 2022 Job Report: U.S. Economy added 428,000 jobs

The April 2022 Jobs Report sees unemployment unchanged at 3.6%. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 428,000 and the number of unemployed people was relatively unchanged at 5.9 million. These measures are similar to February 2020 levels, when the unemployment rate was 3.5% and 5.7 million individuals were unemployed.

Unemployment remains unchanged from March 2022 at 3.6% in April 2022 

The unemployment rate for college-degreed professionals 25 years and older also remained unchanged at 2.0% from last month. Job seekers with some college or an associate degree saw a slight uptick in unemployment from 3.0% in March to 3.1% in April. 

Leisure and hospitality, manufacturing, and transportation and warehousing saw notable job gains 

Jobs added by industry:

  • Leisure and Hospitality 78,000 jobs added 
  • Manufacturing 55,000 jobs added  
  • Transportation and Warehousing 52,000 jobs added 
  • Professional and Business Services 41,000 jobs added 
  • Financial activities 35,000 jobs added
  • Healthcare 34,000 jobs added
  • Retail Trade 29,000 jobs added

Specifically, employment in professional and business services is up by 738,000 

Wage growth was little changed in April 2022 

According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents to $31.85. Over the past 12 months, average hourly earnings have increased by 5.5%.

Finding employees for open roles remains a challenge

Many employers continue to find it challenging to fill their open professional positions in the current labor market. We’re here to help! Our team has insights into the local market and hiring trends and can help connect you with qualified candidates. Contact your local branch today to discuss your hiring plans and learn more about how we can be a resource to you.