Job Market

May 2022 Job Report: U.S. Economy added 390,000 jobs

The May 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 390,000 and the number of unemployed people was relatively unchanged at 6 million. These measures are relatively similar to the February 2020 levels, when the unemployment rate was 3.5% and 5.7 million individuals were unemployed.

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

The unemployment rate for college-degreed professionals 25 years and older also remained unchanged at 2.0% from the month prior. Job seekers with some college or an associate degree saw an increase in unemployment from 3.1% in March to 3.4% in May.

Leisure and hospitality, professional and business services, and transportation and warehousing saw notable gains.

Jobs added by industry:

  • Leisure and Hospitality: 84,000 jobs added
  • Professional and Business Services: 75,000 jobs added 
  • Transportation and Warehousing: 47,000 jobs added
  • Healthcare: 28,000 jobs added
  • Manufacturing: 18,000 jobs added

Employment in retail trade declined.

Wage growth was little changed in May 2022

According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents to $31.95. Over the past 12 months, average hourly earnings have increased by 5.2%.

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.