Hiring? Call The Recruiters at Joseph Michaels International Recruiters at 1-800-786-1099…

Hiring? Call The Recruiters at Joseph Michaels International Recruiters at 1-800-786-1099

Or email us at Info@josephmichaels.com

Helping You Hire Great Employees Since 1990.

​​

The regular unemployment rate remained at 3.6% and the broader U-6 measure rose .1% to 7.1%.

The above 7.1% is referred to as the U-6 unemployment rate (found in the monthly BLS Employment Situation Summary, Table A-15; Table A-12 in 2008 and before). It counts not only people without work seeking full-time employment (the more familiar U-3 rate), but also counts “marginally attached workers and those working part-time for economic reasons.” Note that some of these part-time workers counted as employed by U-3 could be working as little as an hour a week. And the “marginally attached workers” include those who have gotten discouraged and stopped looking, but still want to work. The age considered for this calculation is 16 years and over.

Here is a look at the May U-6 numbers for the previous 19 years:

May 2021 10.2%

May 2020 21.2%

May 2019 7.2%

May 2018 7.7%

May 2017 8.4%

May 2016 9.7%

May 2015 10.7%

May 2014 12.1%

May 2013 13.8%

May 2012 14.8%

May 2011 15.8%

May 2010 16.5%

May 2009 16.4%

May 2008 9.8%

May 2007 8.3%

May 2006 8.2%

May 2005 8.9%

May 2004 9.7%

May 2003 10.1%

The May 2022 BLS Analysis

Total nonfarm payroll employment increased by 390,000 in May and the unemployment rate was unchanged at 3.6%, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, in professional and business services, and in transportation and warehousing. Employment in retail trade declined. The change in total nonfarm payroll employment for March was revised down by 30,000, from +428,000 to +398,000, and the change for April was revised up by 8,000, from +428,000 to +436,000. With these revisions, employment in March and April combined is 22,000 lower than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors).

The unemployment rate is also published by the BLS. That rate is found by dividing the number of unemployed by the total civilian labor force. On June 3rd, 2022, the BLS published the most recent unemployment rate for May 2022 of 3.6% (actually, it is 3.620% down .001% from 3.621% in April.

The unemployment rate was determined by dividing the unemployed of 5,950,000 (–up from the month before by 9,000—since May 2021, this number has decreased by 3,301,000) by the total civilian labor force of 164,376,000 (up by 330,000 from April 2022). Since May 2021, our total civilian labor force has increased by 3,575,000 workers.

(The continuing ‘Strange BLS Math’ saga—after a detour in December 2016 when the BLS {for the first time in years} DECREASED the total Civilian Noninstitutional Population—this month the BLS increased this total to 263,679,000. This is an increase of 120,000 from last month’s increase of 115,000. In one year, this population has increased by 2,469,000. For the last 3 years the Civilian Noninstitutional Population has increased each month—except in December 2016, December 2018, December 2019, & December 2020—by…)

Up from April 2022

by

120,000

Up from March 2022

by

115,000

Up from February 2022

by

120,000

Up from January 2022

by

122,000

Up from December 2021

by

1,066,000

Up from November 2021

by

107,000

Up from October 2021

by

121,000

Up from September 2021

by

142,000

Up from August 2021

by

155,000

Up from July 2021

by

142,000

Up from June 2021

by

131,000

Up from May 2021

by

128,000

Up from April 2021

by

107,000

Up from March 2021

by

100,000

Up from February 2021

by

85,000

Up from January 2021

by

67,000

Down from December 2020

by

379,000

Up from November 2020

by

145,000

Up from October 2020

by

160,000

Up from September 2020

by

183,000

Up from August 2020

by

184,000

Up from July 2020

by

185,000

Up from June 2020

by

169,000

Up from May 2020

by

157,000

Up from April 2020

by

151,000

Up from March 2020

by

138,000

Up from February 2020

by

130,000

Up from January 2020

by

126,000

Down from December 2019

by

679,000

Up from November 2019

by

161,000

Up from October 2019

by

175,000

Up from September 2019

by

207,000

Up from August 2019

by

206,000

Up from July 2019

by

207,000

Up from June 2019

by

188,000

Up from May 2019

by

176,000

Subtract the ‘civilian labor force’ from the ‘civilian noninstitutional population’) and you get 99,302,000 ‘Not in Labor Force’—down by 211,000 from last month’s 99,513,000. In one year, this NILF population has decreased by 1,107,000. The government tells us that most of these NILFs got discouraged and just gave up looking for a job. My monthly recurring question is: “If that is the case, how do they survive when they don’t earn any money because they don’t have a job? Are they ALL relying on the government to support them??”

This month, our Employment Participation Rate—the population 16 years and older working or seeking work—rose to 62.3%. This rate is .1% lower than the historically low rate of 62.4% recorded in September 2015—and, before that, the rate recorded in October 1977—9 months into Jimmy Carter’s presidency—almost 40 years ago!

Final take on these numbers: Fewer people looking for work will always bring down the unemployment rate.

Thanks for reading. I look forward to working with you.

Joe Pelayo

Joseph Michaels International Recruiters

Recruiting Great Employees Since 1990.

1 (800) 786-1099

Email: info@josephmichaels.com