Monday, May 9, 2022

BLS: total nonfarm payroll increased 428,000, unemployment flat at 3.6%

From the Bureau of Labor Statistics and Calculated Risk:
Total nonfarm payroll employment increased by 428,000 in April, and the unemployment rate was unchanged at 3.6 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, in manufacturing, and in transportation and warehousing.

The change in total nonfarm payroll employment for February was revised down by 36,000, from +750,000 to +714,000, and the change for March was revised down by 3,000, from +431,000 to +428,000. With these revisions, employment in February and March combined is 39,000 lower than previously reported.

This comment from Calculated Risk is notable: 

Excluding leisure and hospitality, the economy has added back all the jobs lost at the beginning of the pandemic.  Leisure and hospitality gained 78 thousand jobs in April.  At the beginning of the pandemic, in March and April of 2020, leisure and hospitality lost 8.20 million jobs, and are now down 1.44 million jobs since February 2020.  So, leisure and hospitality has now added back about 83% all of the jobs lost in March and April 2020.  

It is worth noting that the seasonally adjusted employment in the chemical manufacturing subsector for April 2022 was 889,000 employees. That level in January 2020 was 853,700, so there's been fairly significant job growth since then. 

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