Unemployment Rate 2022
The March 2022 unemployment rate dipped below 3.6% for the third time, since 1972. The U.S. labor market appears to be improving, as most states have lifted COVID-19 restrictions. But, does the March 2022 unemployment rate tell the whole story?
The Bureau of Labor Statistics (BLS) reported on Friday, April 1, that the nation’s monthly unemployment rate for March 2022 dropped to 3.6%. That means, the number of unemployed people dropped by 318,000 to 6 million unemployed. In addition, U.S. employers added 428,000 jobs in April, capping a full year of solid growth.
The U-6 Measure
The BLS measure, called U-6, is different from the official unemployment rate. This measure counts those who are technically unemployed, as well as, people who are working part-time, but, prefers full-time work. As well as those who want a job, but have not looked for work in the last four weeks. The U-6 rate for March 2022 was 6.9 percent. So, what can we expect for the rest of 2022? The forecasters, surveyed by the Federal Reserve Bank of Philadelphia, expects the 2022 annual unemployment rate to be 3.7%, which the U.S. last saw in 2019.
But the labor market is still short 1.2 million jobs from before the pandemic. Transportation, warehousing, as well as, professional and business services, all have around 700,000 more employees than they did in February of 2020.
The job market’s rapid rebound has been a cornerstone of the pandemic recovery. Employers posted a record 11.5 million openings in March, nearly double the number of job seekers, according to a Labor Department Report. As a result, the Federal Reserve took an aggressive action to curb inflation. The central bank raised its benchmark rate by half a percentage point, in hopes to cool off the economy, without sinking it into recession.
Job Referrals and Networking
A landmark research in the early 1970s, on how people find good jobs by Mark Granovetter remains relevant today, despite the big changes in recruitment since then. In fact, this study showed that professional, technical, and managerial job seekers found good jobs through their “personal contacts”. Which means someone told the applicant about the position, referred them to or recommended them to someone inside that organization.
Cardinal Staffing Services
It is important to us that you to succeed. We understand how important benefits are to you and your family. We believe that you should have access to benefits, beyond just your paycheck. Cardinal offers various hands-on and computer-based training programs, designed to aid in the professional development of our candidate’s job skills and abilities. Contact Cardinal Staffing Today!
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