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The unemployment rate remained at 3.6 percent in April, and the number of unemployed persons was essentially unchanged at 5.9 million. These measures are little different from their values in February 2020 (3.5 percent and 5.7 million, respectively), prior to the coronavirus (COVID-19) pandemic.
In April, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.5 million. This measure is 362,000 higher than in February 2020. The long-term unemployed accounted for 25.2 percent of all unemployed persons in April.
Both the labor force participation rate, at 62.2 percent, and the employment-population ratio, at 60.0 percent, were little changed over the month. These
measures are each 1.2 percentage points below their February 2020 values.
Average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $31.85 in April. Over the past 12 months, average hourly earnings have increased by 5.5 percent. In April, average hourly earnings of private-sector production and nonsupervisory employees rose by 10
cents, or 0.4 percent, to $27.12.
Among the unemployed, the number of permanent job losers remained at 1.4 million in April, and the number of persons on temporary layoff was little changed at 853,000. These measures are little different from their values in February 2020.
Economists surveyed in May projected GDP in 2Q 2022 will increase 2.9 percent. 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 April, approximately the same as last month (2.09 percent).
Temporary help jobs in April increased 12.9 percent, seasonally adjusted, from the same month last year.
Total nonfarm payroll employment increased by 428,000 in April. Nonfarm employment is down by 1.2 million, or 0.8 percent, from its pre-pandemic level in February 2020.
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65 percent of leaders believe they have defined what success looks like for an employee working in a hybrid environment, but less than half of employees agree. Because of this, employees are confused, uncertain, and anxious about how to advance their careers as hybrid workers and it’s impacting their overall wellbeing.
92% of Americans want a four-day work week citing improved mental health and increased productivity as the perceived benefits. 74 percent feel they would be able to complete the same amount of work in four days, but most (72 percent) say they would have to work longer hours on workdays to do so.
Other key four-day work week study takeaways:
• 81 percent said it would make them feel more loyal to their employer
• 79 percent said their mental health would improve
• 38 percent said it would encourage employees to slack off
• 60 percent said it would not encourage them to slack off
• 89 percent said mental health days would help them recharge and be more productive
• 87 percent said mental health days would reduce burnout and improve mental health
The survey also found that 61 percent of workers—that are seriously considering looking for a new job—feel there are many job openings, but few job opportunities offering pay that can keep up with the rising cost of living.