528 thousand jobs 3.5% unemployment rate

by Calculated risk on 05/08/2022 08:43:00 AM

From BLS:

Total Nonfarm Employment increased by 528,000 in July, unemployment rate fell to 3.5%The US Bureau of Labor Statistics reported today. Job growth was broadly based, driven by gains in leisure and hospitality, professional and business services, and health care. Both total non-farm employment and the unemployment rate returned to pre-pandemic levels in February 2020.

The change in total non-farm payrolls employment for May was revised up by 2,000, from +384,000 to +386,000, and the change for June was revised up by 26,000, from +372,000 to +398,000. With these reviews, Employment in May and June combined is 28,000 higher than previously reported.
Confirmations added

Click on the chart for a larger picture.

The first chart shows job losses since the start of the employment recession, in percentage terms.

The current slump in employment was by far the worst slump since World War II in percentage terms.

However, 29 months after the start of the current employment slump, All jobs are back.

Change of employment on an annual basis
The second graph shows the annual change in total non-farm employment since 1968.

In July, the annual change was 6.15 million jobs. This was a significant increase year on year.

Total salaries increased by 528K in July. Private salaries increased by 471 thousand, and public salaries increased by 57 thousand.

Payroll for May and June was revised up to 28K, combined.

The third graph shows the percentage of the working population and the participation rate.

Employment rate and participation rate
The labor force participation rate fell to 62.1% in July from 62.2% in June. This is the percentage of the working-age population in the labor force.

The employment-population ratio increased to 60.0% from 59.9% (blue line).

I will publish the employment-to-population ratio graph for the 25-54 age group later.

Unemployment rateThe fourth graph shows the unemployment rate.

The unemployment rate in July fell to 3.5% from 3.6% in June.

This was far above the agreed expectations. Payrolls were revised in May and June by 28,000 communities.

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