Key Takeaways:
- Job listings may have taken a dip from April to May.
- The labor market is trending back to pre-pandemic levels.
- Leisure, hospitality, warehousing and transportation industries are still leading in job availability.
The recent May Jobs report has confirmed our prediction that the labor market is projected to continue to get back to pre-pandemic status as the number of job listings are on a slight decline.
According to the U.S. Labor Department’s job report for May 2022, employers added 390,000 jobs and the unemployment rate is still holding steady at 3.6%.
Average hourly earnings are up 5.2% compared to 2021, and the leisure and hospitality industry is still leading in hiring rates as travelers all over the world get ready to embark on summer holidays. Warehousing and transportation are also creating many new jobs to keep up with the current supply and demand.
Stay tuned for more valuable data insights and predictions for Greenwich HR. Interested to know how your company can gain valuable key insights of the labor market? Learn more about our compensation and labor insights today and stay tuned for the June pre-job report.
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