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In July, the unemployment rate edged down to 3.5 percent, and the number of unemployed persons edged down to 5.7 million. These measures have returned to their levels in February 2020, prior to the coronavirus (COVID-19) pandemic.
The number of long-term unemployed (those jobless for 27 weeks or more) decreased by 269,000 in July to 1.1 million. This measure has returned to its February 2020 level. The long-term unemployed accounted for 18.9 percent of the total unemployed in July.
Both the labor force participation rate, at 62.1 percent, and the employment population ratio, at 60.0 percent, were little changed over the month. Both
measures remain below their February 2020 values (63.4 percent and 61.2 percent, respectively).
In July, average hourly earnings for all employees on private nonfarm payrolls rose by 15 cents, or 0.5 percent, to $32.27. Over the past 12 months, average hourly earnings have increased by 5.2 percent. In July, average hourly earnings of private-sector production and nonsupervisory employees rose by 11 cents, or 0.4 percent, to $27.57.
Among the unemployed, the number of permanent job losers, at 1.2 million in July, continued to trend down over the month and is 129,000 lower than in February 2020. The number of persons on temporary layoff, at 791,000 in July, changed little from the prior month and has essentially returned to its pre-pandemic level.
Economists surveyed in July projected GDP in 3Q 2022 will increase 1.5%. The Wall Street Journal conducts an Economic Forecasting Survey among a group of nearly 80 economists on more than 10 major economic indicators on a quarterly basis, including GDP.
Temporary help employment was 2.07 percent of total nonfarm employment in July, which is the same as last month.
Temporary help jobs in July increased 10.2 percent, seasonally adjusted, from the same month last year.
Total nonfarm payroll employment rose by 528,000 in July, larger than the average monthly gain over the prior 4 months (+388,000). Total nonfarm employment has increased by 22.0 million since reaching a low in April 2020 and has returned to its pre-pandemic level.
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Almost everyone works from home if they can. When offered, 87 percent of workers take the opportunity to work flexibly at least one day a week.
58 percent of employed workers—or 92 million people from a cross section of jobs and employment types— report having the option to work from home for all or part of the week. 35 percent can work from home fulltime, and 23 percent can work from home part-time.
Employers are far more likely to offer remote work now than before the pandemic, with 9.4 percent of postings on Indeed advertised as remote in May 2022 compared with 2.7 percent in 2019, a 6.7 percentage point increase.
While every sector is more likely to advertise these options, the span is large, ranging from 0.5 percent in beauty and wellness to 38.6 percent in software development in May 2022.
Those frustrations include:
• 66 percent feel they are experiencing burnout
• 55 percent feel like they are being spread too thin
• 49 percent are experiencing anxiety
• 38 percent are working extra hours without appropriate compensation
• 34 percent are experiencing physical symptoms such as headaches and body aches
Around the globe, there has been a 43 percent increase in teams who feel under-resourced compared to last year. As a result, in just the last year, they have
turned to technology to help reallocate the resources that they do have to successfully meet their talent demands.