United States Employment Situation

Written by Philip Rich, Chief Investment Officer,  June 6, 2022.

The Bureau of Labor Statistics' monthly jobs report indicates a slight easing in the extremely tight labor market. Demand for workers may have started to ease, or establishments may have started adapting to the labor shortages. Evidence suggests that employable persons are returning to labor force, but total employment is still below pre-pandemic conditions. Wage pressures are down slightly.

US unemployment rate held steady at 3.6% in May 390,000 new jobs added.

  • Robust employment gains, however slowest pace of growth in past 12 months

  • Gains have been averaging over 500,000 jobs per month

  • Total employment 0.5% below pre-pandemic

  • Jobs added in leisure and hospitality, professional & business services, transportation and warehousing

  • Wage growth slowed to 5.2%; down from 5.5%
  • ​Labor force participation ticked up to 62.3%; still below pre-pandemic
  • Job openings ticked down to 11.4 million in April, remain close to historic highs
  • ​6 million unemployed, almost two openings for every unemployed person

Source: U.S. Bureau of Labor Statistics, fred.stlouisfed.org


Never miss an update!

Subscribe to our e-blast series and stay up-to-date with the latest Seaside Wealth Management news. 

Contact our economic experts today.

NoraBagby Image

Nora Bagby

Director Private Banking Sales & Service

BenJohnson, CFA Image

Ben Johnson, CFA

Senior Portfolio Manager and Client Service Manager

LanceHopegill, CFP Image

Lance Hopegill, CFP

Chief Fiduciary Officer

AdamMartin, CFA Image

Adam Martin, CFA

Senior Portfolio Manager

PhilipRich Image

Philip Rich

Chief Investment Officer

This information is for informational purposes only and does not constitute investment advice.


  • GDP – Bureau of Economic Analysis
                            Employment & Inflation – Bureau of Labor Statistics
                            Interest Rates – Federal Reserve
                            P/E S&P 500 – multpl.com
Non-Deposit investment products and services, and Insurance products and services offered through Seaside Insurance, Inc., an independent insurance agency, are:
  • NOT Insured by FDIC or Any Other Government Agency;
  • NOT Guaranteed by Seaside Bank and Trust, a division of United Community Bank or any affiliate of Seaside Bank and Trust or United Community Bank;
  • NOT a Deposit or Obligation;
  • Subject to Risk and May Lose Value
This content is not intended as, and shall not be understood or construed as, financial advice, investment advice, or any other advice.  This content is provided for informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose.  United Community Bank and Seaside Bank and Trust shall not be liable for any damages of any kind relating to such information nor as to the legal, regulatory, financial or tax implications of the matters referred herein. All views and opinions expressed are those of the writer/commentator and do not reflect the views or positions of Seaside Bank and Trust. Seaside Bank and Trust is a division of United Community Bank that provides investment, administrative and trustee services to customers of United Community Bank.