In this special year-to-year comparison article about the job market, I wanted to highlight some significant changes that have occurred over the past year.
The Corona virus still has a grasp on unemployment in many industries, and with the additional hurdles of inflation and huge market fluctuations, it may be difficult to see the upside. However, I hope this article sheds some light on the positives.
Job Market Statistics
Source: The U.S. Bureau of Labor Statistics
| U.S. Unemployment Rate (Reported July 8, 2022) | 3.6% |
| Number of Unemployed Persons | 5.9M |
| Jobless Rate for Women | 3.3% |
| Jobless Rate for Blacks | 5.8% |
When comparing the labor statistics from this same quarter in 2021, the improvements are clear to see. This time last year, the U.S. unemployment rate was 5.9%, and the number of unemployed persons was 9.5M. The jobless rate for women was 5.5%, while the jobless rate for blacks was 9.2%.
The Corona virus vaccine and boosters have helped people feel safer about going to work, whether that be in office or working from home. This will only continue as children under the age of 5 are now able to receive the vaccine as well.
For women, the return of child care services and the reopening of schools, was the catalyst for returning to work, even in a remote capacity.
The Job Market by Industry
Top 4 Industries With Job Losses
- Retail Trade (declined by 61,000 jobs in May 2022)
- Construction (no significant change)
- Financial Services (no significant change)
- Government (no significant change)
Inflation and the fear of a recession has directly impacted the job market, specifically in terms of retail trade, construction, and financial services industries. In May 2022 alone, roughly 8,000 jobs were lost in food and beverage stores alone.
Top 5 Industries With Job Gains
- Leisure + Hospitality
- Manufacturing
- Transportation & Warehousing
- Professional & Business Services
- Health Care
The Leisure + Hospitality industry reflects significant improvements over the quarter, which is similar to last year. This year, the jobs market added in April (78K), May (84K), and June (67K), contributed to the over 1M total nonfarm payroll employment rate.
In June 2022 alone, over 41K jobs were created in the food services and drinking places. Translation, people have become more confident in dining out, possibly due to the Corona vaccines.
This statistic will be interesting to watch as inflation continues to affect the price of gas and groceries.
Top Companies Hiring
There is an ongoing debate about the longevity of remote work. While the jury is still out, I personally believe that remote work is here to stay in some way.
“U.S. economic productivity during the pandemic was driven entirely by firms with remote work capacity…” according to Olivia Rockeman Bloomberg.
The jobs are out there, however, finding the right fit for your particular lifestyle is key.
Virtual Events + Job Fairs
- July 27, 2022 – Government/Non-Profit Virtual Hiring Event
- July 27, 2022 – Centers for Disease Control and Prevention (CDC) Virtual Hiring Event
- August 3, 2022 – IT/Sales/Maintenance Virtual Hiring Event
- August 9, 2022 – Southwest Airlines Virtual Career Connections
- August 25, 2022 – Washington DC Virtual Job Fair
- September 2, 2022 – National Virtual Teacher Job Fair (Nationwide)
Virtual job fairs are a great way to see what is out there, especially if you are considering relocating. Register by the deadlines and remember to treat them as face-to-face interviews.
She Works For It Happenings
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