Research Brief: Employment – August 2022

Hiring accelerates in July, underscoring labor market strength. Concerns over the economy’s trajectory, following the reporting of GDP contractions in the first two quarters, may be somewhat assuaged by the robust jobs figures posted for July. Last month employers created 528,000 positions, the second-highest total for the year and a 32 percent increase over hiring in June. These new hires bring the total employment base back to the February 2020 level, with additional private sector roles offsetting a reduction in the public sector. These gains have also restored the unemployment rate to 3.5 percent, tying the record low achieved just before the main onset of COVID-19 in the U.S.

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