Employers added about 462,000 more jobs in the 12 months through March 2022 than originally reported, according to new benchmark revisions by the U.S. Bureau of Labor Statistics (BLS). Releasing annual revisions is a typical practice for the agency. Final revisions will be issued in February 2023.
We've rounded up articles from SHRM Online and other trusted outlets on the news.
Opposite Directions
The new data highlights the divergent paths of private- and public-sector employers. As of this past March, there were 571,000 more private-sector jobs and 109,000 fewer government jobs than originally estimated. The private sector has far surpassed pre-pandemic payrolls, while government employers have lagged behind, struggling to fill roles in schools, transit systems and hospitals.
Retail Is Most Troubled Sector
While most industries produced more jobs during the recovery than previously thought, the latest downward revisions to retail are striking. Retailers have struggled to hire since the pandemic began and have lost 323,000 more jobs than previously reported.
(U.S. Bureau of Labor Statistics)
Summer Surprise
U.S. employment returned to pre-pandemic levels in July, as 528,000 new jobs were added. Gains were broad-based, with the biggest increases reported in professional and business services, leisure and hospitality, and health care. The unemployment rate ticked down to 3.5 percent, close to what is considered full employment and a half-century low.
Not Like Any Recession We've Seen Before
Is the United States in a recession? Some signals indicate yes, yet labor market data such as the BLS revision is strong evidence against being on the cusp of a looming recession—at least not in the way such economic downturns have historically been experienced.
Working Through an Unstable Economy
This SHRM Online resource tries to make sense of labor market data that continues to confound. On the one hand, job openings are near an all-time high and job growth is surpassing expectations. On the other hand, employers are still reporting labor shortages, and layoffs and hiring freezes are becoming more widespread.
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