The August 2022 Jobs Report saw the unemployment rate increase from 3.5% in July to 3.7% in August. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 315,000 and the number of unemployed people is at 6 million.
August’s growth brings total nonfarm employment 240,000 higher than its pre-pandemic level in February 2020.
The unemployment rate for college-degreed professionals 25 years and older decreased slightly from 2.0% in July to 1.9% in August. Job seekers with some college or an associate degree saw a slight increase in unemployment from 2.8% in July to 2.9% in August.
Professional and business services, health care, and retail trade saw notable gains.
Jobs added by industry:
- Professional and Business Services: 68,000 jobs added
- Health Care: 48,000 jobs added
- Retail trade 44,000 jobs added
- Leisure and Hospitality: 31,000 jobs added
- Manufacturing 22,000 jobs added
- Financial activities 17,000 jobs added
Wage growth rose by 10 cents in August 2022.
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents or 0.3% to $32.36. Over the past 12 months, average hourly earnings have increased by 5.2%.
Be aware of current hiring trends and job market stats
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Visit our website to learn more about Roth Staffing Companies including Ultimate Staffing, Ledgent Finance & Accounting, Ledgent Technology, Adams & Martin Group and About Talent and how we can be a resource to you for your administrative, office support, accounting and finance, legal, and technology staffing and recruitment needs.