Labor Statistics for 2022 Give Way to Labor Trends for 2023

According to Brookings, as of June 2022, the size of the hot — but smaller — labor force reduced relative to its pre-pandemic path, ending roughly three- to three-and-a-half million smaller than its projection before the pandemic began.

In short, two things are true: Labor supply has not returned to pre-pandemic projections, and labor demand is strong in relation to supply.

With Labor Day on our minds, let’s take a closer look at some numbers.

Hiring stats

The labor force is projected to increase by 8.9 million jobs from 2020 to 2030, yet labor force participation is projected to decline, from 61.7 percent in 2020 to 60.4 percent in 2030 due to the aging of the baby-boomer population; the continued decline in men’s participation; and a slight decline in women’s workforce participation
Employment in the leisure and hospitality sector is expected to increase the fastest, accounting for 7 of the 20 fastest-growing industries
Healthcare and social assistance will add the most jobs by 2030, totaling about 3.3 million jobs between 2020 and 2030
Occupations in which employment fell in 2020 are expected to see robust growth; however, some industries and occupations are thought to have altered long-term structural demand arising from pandemic-fueled economic changes
The retail trade is projected to lose 586,800 jobs over the 2020–30 decade, the most of any sector
Healthcare support occupations are projected for the fastest employment growth among all occupational groups
Wind and solar-powered jobs are expected to be among the top five fastest-growing jobs
Restaurant cooks are among the fastest growing occupations, thanks to an anticipated cyclical recovery

(Stats brought to you by BLS, learn more here.)

Unemployment stats

Unemployment currently sits at 3.7%, and total nonfarm payroll employment increased by 315,000, with notable job gains occurring in professional and business services, health care, and retail trade
From 2019 to 2021, 3.6 million workers were displaced from jobs they held for at least three years
Among those unemployed, the number of permanent jobs lost increased by 188,000 to 1.4 million in August 2022; the number of people temporarily laid off was virtually unchanged at 782,000
Washington, D.C. and New Mexico have the highest unemployment rates in the U.S at 5.2% and 4.5%, respectively
Minnesota has the lowest unemployment rate in the U.S at 1.8%
The retail trade added 44,000 jobs in August 2022 and 422,000 jobs over the past 12 months
The number of people not in the labor force who currently want to work declined by 361,000 to 5.5 million in August 2022

(Unless otherwise stated, stats are brought to you by BLS, learn more here and here.)

New labor trends

The labor force participation rate for those 16 and older is expected to decline, from 61.7 percent in 2020 to 60.4 percent in 2030
The only age group whose labor force participation rate is projected to rise are people age 75 and older, increasing from 8.9 percent in 2020 to 11.7 percent by 2030
By 2030, all baby boomers will be at least 65 years old, while 9.5 percent of the civilian labor force is expected to be older than 65
Remote work isn’t going anywhere — in fact, the projection is that 25% of all professional jobs in North America will be remote by the end of 2022
Remote opportunities jumped from below 4% of all high-paying jobs pre-pandemic to about 9% at the end of 2020 and to more than 15% today
Nearly 75% of workers said they would prefer the option of hybrid working to a 10% pay raise
Recruitment marketing data and people analytics are no longer a consideration, but a necessity