A sign in a street scene displays the words "For Hire."

“It’s extremely hard to find help and even harder to keep help.”

Business owner Lou Salameh, who owns 10 sandwich shops in Florida. The April jobs report shows that the U.S. added jobs last month, but also showed signs that job recovery is cooling.

Published on

may 7, 2022

  • The U.S. economy added 428,000 jobs in April — slightly above expectations — and the unemployment rate stayed at 3.6% (it had been expected to drop to 3.5%).
  • Why It Matters: Overall, the jobs report showed strong job growth, BUT also raised some concerns about inflation.
    • For example: Wages increased from last year, but the increase does not match the rate of inflation — so while you may earn more, you may also still feel like you can't keep pace with the rise in prices.
    • Salameh, the sandwich shop owner whom we quoted above, says that despite offering higher wages and better benefits, he still can't find workers. This challenge is not unique, and the U.S.'s overall labor force participation rate fell again after two months of gains — in other words, there are fewer people actively looking for jobs (typically, you want the participation rate in a healthy job market to increase). The economy remains 1 million+ jobs short of where it was before the pandemic.
  • Big Picture: “The job market continues to plow forward, buoyed by strong employer demand. After just over two years of the pandemic, the job market is remaining resilient and on track for a return to pre-pandemic levels this summer. However, the job market is showing some signs of cooling as it turns the corner and the recovery enters a new phase.” Daniel Zhao, senior economist at jobs review site Glassdoor

U.S. unemployment rate remains at pandemic low of 3.6 percent

Employment Situation Summary

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