The U.S. Bureau of Labor Statistics (BLS) reported on July 8th that total nonfarm payroll employment increased by 372,000 in June. In alignment with the average monthly gains of 383,000 over the past three months.
Total nonfarm payroll employment is down by 524,000, or 3%, from its pre-pandemic level in February 2020. Private-sector employment has recovered the net job losses due to the pandemic and is 140,000 higher than in February 2020, while government employment is 664,000 lower.
In May, the unemployment rate was 3.6%, unchanged for the fourth consecutive month, and the number of unemployed persons was essentially unchanged at 5.9 million. These measures are little different from their values in February 2020 (3.5% and 5.7 million, respectively), prior to the COVID-19 pandemic.
In June, job growth was widespread, with notable job growth occurring in professional and business services with 74,000 jobs added. Leisure and hospitality added 67,000 jobs. Health care rose by 57,000 in June. Transportation and warehousing added 36,000 jobs and manufacturing increased by 29,000 jobs. Wholesale trade added 16,000 jobs in June. Mining added 5,000 new jobs. Employment in other major industries, including construction, financial activities, government, retail trade and other services were little changed over the month.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
THE EMPLOYMENT SITUATION — JUNE 2022