U.S. Economy Adds 390,000 Jobs in May 2022 U.S. Economy Adds 390,000 Jobs in May 2022
May US Jobs Report

U.S. Economy Adds 390,000 Jobs in May 2022

In early 2020, the United States economy lost more than 22 million jobs. Now, just over two years later, the deficit has been chipped down to fewer than one million jobs. This milestone comes as the economy faces new headwinds, yet continues to see job gains.

According to the latest Bureau of Labor Statistics report, the United States economy added 390,000 jobs during the month of May. Despite amounting to the fewest jobs added in the past 13 months, the figure did exceed economist expectations. Additionally, April jobs numbers were revised upward, now reported as 436,000 compared to the initial 428,000. In total, the U.S. is now 822,000 jobs shy of a February 2022 high. Meanwhile, the unemployment rate remained steady at 3.6% and the “participation rate” ticked up from 62.2% to 62.3%.

As for wages, the results were a bit of a mixed bag for workers. On the plus side, hourly wages rose by 10¢ (0.3%) in May, with an average wage of $31.95. However, while year-over-year growth now sits at 5.2%, that’s down from the 5.5% YOY gains observed in April. Also notable is that this 5.2% increase comes as inflation (as measured by the BLS’s Consumer Price Index) has exceeded 8%. Nevertheless, Marketwatch notes that this level of wage growth is the highest seen since the early 1980s.

Commenting on the latest report, Indeed Hiring Lab’s director of research Nick Bunker stated, “The U.S. labor market keeps barreling along. Despite concerns about a slowing economy, employers continue to add jobs at a torrid pace. The labor market will eventually slow down, but for now it’s still humming.”

As for what the figures mean for the economy at large, Comerica Bank chief economist Bill Adams explained, “Another month of solid job growth in May is further evidence that the U.S. economy was not in a recession in the spring. Americans continue to return to the labor force as the rising cost of living pressures household finances.”

With these latest gains, the U.S. draws even closer to regaining all of the jobs lost at the start of the COVID-19 pandemic. Unfortunately, the economy is currently walking a tightrope as it tries to balance inflation while staving off a recession. Luckily, May’s figures suggest it’s been able to do just that. Of course, there’s still plenty of uncertainty ahead, leaving economists and workers to continue taking things one day (or month) at a time.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....