Employment–population ratio at 60.0 percent in October 2022
- James IV
- Nov 10, 2022
- 2 min read
NOVEMBER 09, 2022
The employment–population ratio—the proportion of the population that is employed—was 60.0 percent in October 2022 for people age 16 and older. The ratio was about unchanged over the month and has shown little change since early this year. The October 2022 ratio was 1.1 percentage points higher than in October 2021 (58.9 percent) and is 1.2 percentage points below its February 2020 value, before the COVID-19 pandemic.
Total nonfarm payroll employment increased by 261,000 to 153.3 million in October 2022. Monthly job growth has averaged 407,000 thus far in 2022, compared with 562,000 per month in 2021.
From December 2021 to March 2022, gross job gains at opening and expanding private-sector establishments were 8.4 million. Gross job losses at closing and contracting private-sector establishments were 6.9 million. The difference between the job gains and the job losses yielded a net employment gain of 1.5 million jobs during the first quarter of 2022.
On the last business day of September 2022, the total number of job openings increased (+437,000) to 10.7 million. The overall job openings rate was 6.5 percent. There were 2.1 million job openings in health care and social assistance, yielding a job openings rate of 9.2 percent. Professional and business services had 1.9 million job openings (a 7.9 percent job openings rate), while accommodation and food services had 1.4 million (9.5 percent).
Employer costs for total compensation in private industry rose 5.2 percent from September 2021 to September 2022. After adjusting for consumer price inflation, constant-dollar total compensation declined 2.8 percent in the private sector from September 2021 to September 2022.
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