HICKEY Jobs Report Update April 2022
Hickey Jobs Report Update – U.S. surprisingly beat expectations by adding 678,000 jobs in February 2022
Despite inflationary concerns and economic hurdles, the American economy added 428,000 jobs in April. While slightly lower than the previous month, the job numbers outpaced many economist predictions. The nation’s unemployment rate went unchanged at 3.6 percent, per the latest U.S. Bureau of Labor Statistics Jobs Report.
Leading industries seeing gains in April were Leisure & Hospitality, Manufacturing, and Transportation & Warehousing. Hourly wages increased once again, which was by 10 cents, or 0.3 percent in April. Over the previous 12 months, hourly wages have increased by 5.5 percent.
We’re tracking these latest updates, along with labor force participation rates, wage shifts, and inflationary concerns – here are the five things you need to know from the latest U.S. Jobs Report:
Robust job growth continued across the U.S. economy, again beating expectations with 428,000 jobs in April. America has now added over 2.1 million workers since the beginning of 2022.
The Transportation & Warehousing sector has continued to be the true darling of the economy adding 52,000 jobs in April. The dynamic industry now has 674,000 more workers than pre-pandemic levels, which will continue to add hiring strains and wage inflation in the already tight sector workforce.
Hourly wages rose once again in April, this time by 10 cents, or 0.3 percent. Wage inflation is now at 5.5 percent over the past twelve months. Hourly compensation is still trailing the consumer price index, which increased to 8.5 percent in April, a key inflationary measurement.
Following a strong spring break season in the U.S., the Leisure & Hospitality industry added 78,000 jobs in April. Primarily led by Food Services & Drinking Places and Accommodations, the decimated sectors altogether are still 1.4 million below pre-pandemic levels.
The jobless rate maintained the same level of 3.6 percent from the previous month, nearly returning to pre-COVID levels of 3.5 percent. Nevertheless, little change was seen in the total Labor Participation Rate, another core metric tracking economic health.
For more information and insights on the latest U.S. Jobs Report, check the latest update from our Hickey Location Analytics and Incentives Team: Bureau of Labor Statistics Employment Situation Summary website.
Report Summary
According to the latest U.S. Jobs Report, the May 2022 Employment Situation Summary, U.S. Bureau of Labor Statistics Jobs Report, America continued a strong stretch of employment growth in April. With another 428,000 jobs added, the U.S. economy added more than 2.1 million jobs since the beginning of 2022.
For the first time this year, the federal labor agency reduced estimates for previous months. For February and March, the new job count was revised down by 36,000 and 3,000, respectively. Altogether, these modifications decreased the estimates by 39,000.
Strongest gains were in Leisure & Hospitality, Manufacturing, and Transportation & Warehousing, among others.
The nation’s unemployment rate maintained at the same level of 3.6 percent. The overall labor force participation rate slightly ticked down 0.2 percent to 62.2 percent from the previous month. America’s jobless rate remains close to returning to pre-pandemic levels of 3.5 percent.
Per the latest report, hourly wages continued to rise in April. Across the economy, hourly wages increased by 10 cents to $31.85. Total wage inflation over the previous 12 months was little changed at 5.5 percent. According to another Bureau of Labor Statistics survey, the consumer price index continued to increase in April by another 0.8 percent, which is a total increase of 8.5 percent over the previous year when seasonally adjusted.
Key Industries
Leisure and Hospitality
The Leisure & Hospitality sectors continued surging by increasing payrolls with 78,000 jobs in April. Altogether, the largest gains came from Food Services & Drinking places at 44,000 new jobs, with Accommodations adding 22,000 workers. Overall, industry employment is still down by 1.4 million, or 8.5 percent.
Professional and Business Services
Professional & Business Services sectors added 41,000 jobs in April and are now 738,000 above pre-pandemic levels.
Manufacturing
Manufacturing added 55,000 jobs in April. Employment in Durable Goods added 31,000 jobs, led by transportation equipment with 14,000 new workers. Nondurable Goods manufacturers also added 24,000 jobs with Food Manufacturing increasing payrolls by 8,000 employees. In total, Manufacturing employment is down by 0.4 percent, or 56,000 jobs, compared to pre-COVID levels.
Retail Trade
Retail Trade continued their growth curve by adding 29,000 jobs in April. Led by Food and Beverage Stores with 24,000 new workers, the sector is 284,000 above February 2020 levels.
Transportation and Warehousing
Maintaining their incredible stretch of sector growth, Transportation & Warehousing added another 52,000 jobs in April. Warehousing and Storage continued to be a true darling of the economy by adding 17,000 more jobs, with Couriers and Messengers slightly trailing with 15,000 new workers. Altogether, the industry has 674,000 more workers than pre-pandemic levels, having Warehousing and Storage with 467,000 above February 2020 alone.
Other Notable Industries
In other notable industries, Financial businesses added 35,000 jobs, Health Care rose by 34,000 workers, Wholesale Trade increased employment by 29,000, and Mining added another 9,000 to sector payrolls.
For more information on the latest Jobs Report, including additional details on the data concepts and statistical methodologies utilized, visit the Bureau of Labor Statistics Employment Situation Summary website.
If you are interested in learning more about the jobs reports, along with how we support our clients with dynamic labor analytics, we would be excited to connect one of our location strategy experts: