Job Growth
The U.S. added 1.7 million jobs in Q1 2022, with 1.6 million jobs still to go to reach the Feb 2020 pre-pandemic peak.
Total jobs by month, U.S.
Jan 2000 - Mar 2022
Source: Bureau of Labor Statistics. Note: Seasonally adjusted. Data for Feb 2022 and Mar 2022 are preliminary.
Change in jobs by state
March 2022 compared to February 2020
Source: Bureau of Labor Statistics Note: Seasonally adjusted. Data for Mar 2022 are preliminary.
The Covid recession sparked the loss of almost 22 million jobs, which have been largely recouped only two years later. In contrast, the Great Recession resulted in a loss of more than 8 million jobs, which took more than four years to recoup. Though the nation still has 1.6 million fewer jobs than at its pre-Covid peak in February 2020, enough people have dropped out of the labor force that the March 2022 unemployment rate of 3.6% on par with the pre-Covid low.1 Since Covid hit, workers have retired in record numbers (Quits Rates), and others have had to quit jobs due to lack of childcare (Child Care Disruptions). Employers have responded with wage increases (up 4.9% compared to one year ago) but it’s not clear these increases are enough for sidelined workers to pay for needed child and elder care — particularly when wage increases have not kept up with inflation, which grew 8% over the last year.2 Meanwhile, corporate profits increased 25% in 2021, suggesting capacity to increase wages even higher.3,4,5,6
Among Southern states, 5 now have more jobs than they did in February 2020 before the pandemic hit. AR has 0.9% more jobs, TN has 1.4% more, GA has 1.6% more, FL is up 1.7%, and NC is up 2%. But 7 Southern states still have fewer jobs than in February 2020. Most notably, WV has 3.4% fewer jobs and LA has 4.4% fewer jobs.
“Employment Situation Summary”. U.S. Bureau of Labor Statistics. April, 2022. https://www.bls.gov/news.release/empsit.nr0.htm
“Usual Weekly Earnings Summary”. U.S. Bureau of Labor Statistics. April, 2022. https://www.bls.gov/news.release/wkyeng.nr0.htm
“Corporate Profits”. Bureau of Economic Analysis. March, 2022. https://www.bea.gov/data/income-saving/corporate-profits
“Corporate Profits After Tax (without IVA and CCAdj)”. FRED. April, 2022. https://fred.stlouisfed.org/series/CP
“Corporate profit is at a level well beyond what we have ever seen, and it’s expected to keep growing”. Owens, Poletti. MarketWatch. April, 2022. https://www.marketwatch.com/story/corporate-profit-is-at-a-level-well-beyond-what-we-have-ever-seen-and-its-expected-to-keep-growing-11649802739
“Economist explains record corporate profits despite rising inflation”. NPR. February, 2022. https://www.npr.org/2022/02/13/1080494838/economist-explains-record-corporate-profits-despite-rising-inflation