The August 2022 Jobs Report: What is the Current U.S. Employment Situation?

The U.S. Department of Labor August 2022 jobs report is here and shows a slight slowdown in the economy after a surge in July. Total nonfarm employment increased by 315,000 in August, but the unemployment rate also increased .2 percentage points to 3.7% and the number of unemployed persons increased by 344,000 to 6.0 million. Hourly wages rose by 10 cents to $32.36, which is up 5.2% from the same time last year.

The nonfarm and wage growth falls just below economists’ predictions, while the unemployment rate peaked slightly higher than expected – it’s now back to above pre-pandemic levels.

The pandemic’s effect on employment appears to be lessening in August. According to the BLS report:

• 1.9 million people were unable to work because their employer closed or lost business due to the pandemic, down from 2.2 million in July.
• 6.5% of employees teleworked because of the pandemic, down from 7.1% last month.
• 523,000 persons were prevented from looking for work due to the pandemic, similar to July.

Among the top industries hiring this month are the professional and business services, healthcare, retail trade, and leisure and hospitality industries.

While August’s employment numbers are lower than July’s, there is still opportunity out there. Whether you’re a job seeker or an employer, iHire’s platform is built to help you succeed.