By Manuel Gutierrez, Consulting Economist to NKBA

Total employment in May was within 800,000 of the pre-pandemic level of 152.5 million.

  • Seventy-five percent of the new jobs, or 295,000, are part time.
  • Employment in Interior Design reached 52,600, nearly 18 percent above January 2020 levels, while Residential Building is rose 7.6 percent.
  • Sectors that surpassed their pre-pandemic peak are Transportation & Warehousing, 12 percent higher; and Professional & Business Services,  3.8 percent higher.
  • Hospitality added a healthy 68,000 jobs, but remains 8.4 percent below its pre-pandemic peak.
  • The unemployment rate of 3.6 percent remained unchanged. For men, it improved to 3.6 percent from 4.0 percent, while for women, it went to 3.6 percent from 3.5 percent.   
  • The employable population working remains 60.1 percent, a significant improvement over the 51.3 percent during the early days of the pandemic.
  • The possibility of a recession in 2023 has increased, however, it’s unlikely to have a significant negative impact on employment given the challenge of finding qualified workers.