Job Market

March 2022 Job Report: U.S. Economy added 431,000 jobs

The March 2022 Jobs Report sees a slight decline in unemployment to 3.6% from 3.8% the month prior. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll grew by 431,000 and the number of unemployed people further declined to 6 million in March. These measures are closer to pre-pandemic numbers in February 2020, when the unemployment rate was 3.5% and 5.7 million individuals were unemployed.

Unemployment decreased in March 2022 and is now at 3.6%

College-degreed professionals 25 years and older saw a decrease in the unemployment rate to 2.0% from last month’s 2.2%. Job seekers with some college or an associate degree saw a healthy decrease from 3.8% in January to 3.0% in March.

Leisure and hospitality, professional and business services, retail trade and manufacturing saw notable job gains

Jobs added by industry:

  • Leisure and Hospitality 112,000 jobs added
  • Professional and Business Services 102,000 jobs added
  • Manufacturing 38,000 jobs added
  • Retail Trade 49,000 jobs added
  • Financial activities 16,000 jobs added

Specifically, retail trade employment is 278,000 above its pre-pandemic level in February 2020.

Wage growth was little changed in March 2022

According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 13 cents to $31.73. Over the past 12 months, average hourly earnings have increased by 5.6%

Finding employees for open roles remains a challenge…the skills gap is real

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.