Employers in the US added 372,000 jobs in June 2022. According to the US Department of Labor, the unemployment rate in June 2022 stood at 3.6%, which had remained unchanged since March 2022. The unemployment rate is only marginally higher than what it was before the COVID-19 pandemic, which was at a 50-year low. The labor force participation rate, or the proportion of working-age Americans who either have a job or are searching for one, decreased marginally from 62.3% in May 2022 to 62.2% in June 2022.
Jobs Creation by Sector
Education and health services registered the biggest jump month-over-month, adding nearly 96,000 jobs, followed by professional and business services with 74,000 jobs. The leisure and hospitality sector added 67,000 jobs, extending its recovery. Retail trade saw 15,400 new jobs, and transportation and warehousing added 35,500 jobs. The government sector was the only sector with a negative employment trend in June 2022, losing 9,000 positions, owing to a decline in federal employment. Manufacturing added 29,000 jobs and recouped all the jobs lost during the pandemic, while jobs in construction increased by 13,000.
Active Jobs in the US by Companies
According to GlobalData’s Job Analytics, the US had 2,989,448 active jobs in June 2022. With 68,192 open positions, Pizza Hut had the highest number of active jobs out of all the companies in June 2022. Dollar General Corp came second with 61,811 jobs. Amazon Inc. reported 49,595 jobs, while Walmart Inc. had 48,019 active jobs.
Is Recession a Possibility?
Fears of a recession increased despite the strong recovery of the labor market as a result of the Federal Reserve's aggressive interest rate increase to temper consumer demand and control high inflation. The robust creation of jobs could mount pressure on the Fed to continue with its aggressive rate hikes. There is concern that companies could respond to higher borrowing prices by cutting back on production and firing staff, which could push the economy into a recession.
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