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Published
Jul 19, 2022
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Updated
Sep 6, 2022

Unpacking the Latest U.S. Jobs Report | August 2022

Becca Dershowitz

What industries are hiring the most right now? We're taking a look at the latest U.S jobs report.

Unpacking the August 2022 U.S. Jobs Report

The labor market continues to recover from the job losses of the pandemic-induced recession. According to the Bureau of Labor Statistics, employment increased by 315,000 in August 2022. This growth brings total nonfarm employment 240,000 higher than pre-pandemic levels. The unemployment rate rose by 0.2% from July, reaching a rate of 3.7%. 

While we still saw notable hires in August, the job growth cooled in comparison to July. This is due to the fear of rising interest rates and talk of a recession. 

What Industries Are Hiring Right Now

Here are the three industries that led hiring gains in August:

Professional & Business Services:

This industry is hiring for computer systems designs and related services, management and technical consulting services, architectural and engineering services, and scientific research and development services. 

Some companies hiring in the professional & business services industry:

  • Deloitte: Deloitte is one of the largest professional services organizations in the United States. Employing over 150,000 professionals, Deloitte audit and assurance, tax, consulting, and risk and financial advisory services. Enhancements to employee benefits have been made
  • Perkins & Will: The employees at Perkins & Will share a goal to design places that make a difference in the world. Each project is designed with the purpose to help enliven neighborhoods and build communities.
  • MRINetwork: MRINetwork is an employment agency that teaches people how to build great companies. They provide support, expertise, and training to accelerate success and connect with top recruiters and business owners around the world. 

Healthcare:

This industry is hiring in offices of physicians, hospitals, and nursing and residential care facilities. 

  • Akumin & Alliance HealthCare Services: Akumin & Alliance are a people company powered by an incredible team of health professionals who provide essential services and high quality patient care. This company partners with hospitals, health systems, and physician groups. 
  • Envision Physician Services: With a main focus on patient care, Envision provides anesthesiology, emergency medicine, hospital medicine, radiology, surgical services, and women’s and children’s health services. You can find an opportunity that fits your needs, schedule, and goals at any stage of your career. 
  • Summit Medical Consultants: The mission at Summit Medical Consultants is to provide patients and their families with exceptional care in a compassionate and friendly environment. They offer a range of services from Acute Inpatient Rehabilitation to Assisted Living. You would be joining a team that is provider owned and operated. 

Retail Trade: 

This industry is hiring in general merchandise stores, food and beverage stores, health and personal care stores, and building material and garden supply stores. 

  • Walmart: Walmart is one of the largest retailers in the world. Jobs are offered at all levels, and skills development and training is offered. Walmart invests in its employees to help all jobs lead to careers. 
  • Walgreens Boots Alliance: Walgreens Boots Alliance (WBA) is a trusted, global innovator in retail pharmacy. This company employs more than 315,000 team members across nine countries. You can find jobs in-store, pharmacy, warehouse, corporate, and more. 
  • Costco Wholesale Corporation: Costco is a membership only retail chain with more than 800 locations worldwide. A wide variety of merchandise is offered at these stores. You can easily apply online for roles across different departments. 

Notable Layoffs

Layoffs in the tech sector continued through the month of July. If you or someone you know has been impacted by recent layoffs, we’ve put together a guide to help you navigate these uncharted waters. For the latest in tech layoffs, visit layoffs.fyi.

  • Snap: On August 31, 2022, Snap CEO, Evan Spiegel, announced the layoff news. The layoff plan is for 20% of the 6,400 employee workforce, impacting more than 1,200 staffers. Spiegel shared the reason for the restructure as a focus on community growth, revenue growth, and augmented reality. 
  • 2U: On August 30, 2022, Chip Paucek, Co-Founder and CEO of 2U, shared the news to strategically transform the business to one unified brand, edX. These changes resulted in a loss of 20% of the workforce. This round of layoffs is a response to the merger with edX last year and enrollment declines.
  • Innovaccer: On September 1, 2022, a layoff of 120 employees occurred at the healthtech company Innovaccer. The impacted employees are mostly from the tech team and include team managers and team leads. These layoffs are attributed to the current economic conditions. All laid off employees are being offered three-months salary as a severance package. 
  • Wayfair: On August 19, 2022, Wayfair announced layoffs of about 5% of its global workforce, impacting about 870 employees. The job cuts are part of the company’s plan to manage operating expenses and realign investment priorities. Corporate roles in North America and Europe were primarily affected. 
  • Argyle: On August 26, 2022, a spokesperson for the fintech company Argyle confirmed the workforce reduction of 6.5% of the team, impacting 20 people. These layoffs happened across all departments. 
  • GoodRx: On August 31, 2022, GoodRx said its board approved layoffs of 140 employees, accounting for around 16% of the company’s workforce. The job cuts are mostly in the technology-focused and marketing areas. The layoffs are a result of GoodRx trying to re-balance the company. 

Individual Industry Changes

In addition to professional and business services, healthcare, and retail trade, here are the other industries that saw notable growth in employment last month. 

  • Professional & business services: added 68,000 jobs (hiring for computer systems designs and related services, management and technical consulting services, architectural and engineering services, and scientific research and development services)
  • Healthcare: employment rose by 48,000 (hiring in offices of physicians, hospitals, and nursing and residential care facilities)
  • Retail trade: added 44,000 jobs (hiring in general merchandise stores, food and beverage stores, health and personal care stores, and building material and garden supply stores)
  • Leisure & hospitality: added 31,000 jobs (hiring for accommodation and food services and arts, entertainment, and recreation)
  • Manufacturing: added 22,000 jobs (hiring in durable goods industries)
  • Financial activities: rose by 17,000 (hiring for finance and insurance and real estate, rental, and leasing)
  • Wholesale trade: increased by 15,000 (hiring for durable and nondurable goods)
  • Mining: employment rose by 6,000 (hiring for support activities for mining)

The Tech Industry by the Numbers

  • Professional & technical services: 10,537,900 (increase of 40,900 from July)
  • Management & technical consulting services: 1,778,500 (increase of 13,100 from July)
  • Other professional and technical services: 827,800 (increase of 3,900 from July)

Looking for a new role but not sure where to start? Try Teal’s free job searching platform. Organize your applications by saving listings from various job boards to one central Job Tracker, tailor your resume to each position you’re applying for using the Resume Builder, and optimize your LinkedIn profile with our LinkedIn Review tool so you stand out to recruiters and hiring managers. Here’s to landing a job you love in 2022.

Labor Market Changes in July 2022

As rumblings of a recession continue, the U.S. labor market continued to hold strong in July 2022. According to the Bureau of Labor Statistics, employment rose by 528,000 last month, greatly exceeding the 250k estimate. The unemployment rate for July, at 3.5%, returned to pre-pandemic levels. 

Despite the gains in employment, worker demand remains high. The number of job openings continues to exceed the number of unemployed workers actively seeking employment. Competition for workers remains stiff. Potential remains for aggressive interest rate hikes from the Federal Reserve. Eyes and ears remain open as talk of recession continues.

What Industries Are Hiring Right Now

U.S jobs continue to soar. Here are three industries that led hiring gains in July:

Leisure & Hospitality: 

Hospitality workers continue to be in high demand due to travel. Within the industry, employment in food services and drinking places showed the largest increase. 

Some companies hiring in the leisure & hospitality space:

  • Delaware North: Delaware North manages and provides food and beverage concessions, premium dining, entertainment, lodging, and retail at many large venues. This company is a world leader in culinary and hospitality operating on four continents. Delaware North offers a variety of career opportunities
  • HipCityVeg: This vegan fast food restaurant currently has 22 job openings. HipCityVeg is currently located in New York, Washington, D.C., Philadelphia, and the suburbs of Philadelphia. They are currently hiring for cashiers, line cooks, shift supervisors, and management. 
  • Aimbridge Hospitality: Aimbridge Hospitality is a leading, global hotel management company with a mission to be the best hotel management company worldwide. At Aimbridge, you will find engaging culture, dynamic careers, and community impact offered in 20 countries and approximately 1,500 properties.

Professional and Business Services:

This industry is hiring people in management of companies and enterprises, architectural and engineering services, and scientific research and development. 

  • IBM: IBM offers consulting services for information technology that the company discovers, designs, and develops. The IT company is moving forward and embracing a hybrid work model, transforming the onboarding process to focus on empathy and engagement to help remote new hires feel more connected. 
  • EY: EY wants to build a better working world and employs over 280,000 people in 150 countries. The insights and quality services provided help build trust and confidence in the capital markets and economies. 
  • Blackstone: Blackstone is a leading global investment business investing capital on behalf of pension funds, large institutions, and individuals. The mission is to create long-term value for investors through stewardship of their capital.

Healthcare:

This industry is hiring for ambulatory healthcare services, hospitals, and nursing and residential care facilities. 

  • University of Maryland Medical Center: The medical staff comprises nearly 1,200 attending physicians, as well as 900 residents and fellows in all medical specialties. UMMC’s mission is to deliver superior health care, train the next generation of health professionals, and discover ways to improve health outcomes worldwide. 
  • City of Hope: City of Hope is a national leader in cancer care. Employees are dedicated to delivering optimal outcomes for all patients and are committed to diversity, equity, and inclusion. City of Hope is hiring in the following career areas: clinical, research, business services, and physician careers.  
  • Headspace Health: Headspace Health is a digital-health company with more than 1,000 current employees. They are expected to hire at least 150 employees by the end of 2022. Full and part-time remote jobs are offered. The mission of Headspace is to transform mental healthcare to improve the health and happiness of the world.

Notable Layoffs

Layoffs in the tech sector continued through the month of July. If you or someone you know has been impacted by recent layoffs, we’ve put together a guide to help you navigate these uncharted waters. For the latest in tech layoffs, visit layoffs.fyi.

  • Soundcloud: On August 3, 2022, Soundcloud CEO Michael Weissman informed his employees that the company would lay off around 20% of its workforce. This decision was financially driven in the hopes for sustained profitability. 
  • Robinhood: On August 2, 2022, Robinhood CEO Vlad Tenev announced a 23% staff lay off, following the 9% in April. Due to Tenev’s blames of high inflation and the crypto market crash, this mostly impacts the operations, marketing, and program management departments. 
  • Oracle: On August 1, 2022, Oracle announced layoffs in the U.S, particularly the San Francisco Bay area. The number of impacted employees is unspecified, but there are plans in the coming months to continue layoffs in Canada, India, and parts of Europe, estimating thousands of layoffs. 
  • Shopify: On July 26, 2022, Shopify CEO Toby Lütke announced a 10% cut of its workforce, impacting nearly 1,000 employees. Recruiting, support, and sales will be most affected. Lütke acknowledged he misjudged how long the pandemic-driven e-commerce boom would last. 
  • Rivian: On July 27, 2022, the electric automaker startup laid off about 6% of its workforce, impacting nearly 840 workers. Concerns of rising interest rates, inflation, and increased commodity prices are noted as the cause.

Individual Industry Changes

In addition to leisure and hospitality, professional and business services, and healthcare, here are the other industries that saw notable changes in employment last month:

  • Leisure & hospitality: added 96,000 jobs (hiring for food services and drinking places, arts, entertainment, and recreation)
  • Professional & business services: increase of 89,000 (hiring for management of companies and enterprises, architectural and engineering services, and scientific research and development)
  • Healthcare: rose by 70,000 (hiring for ambulatory healthcare services, hospitals, and nursing and residential care facilities)
  • Government: rose by 57,000 (hiring for local government - mostly in education)
  • Construction: increased by 32,000 (hiring for specialty trade contractors)
  • Manufacturing: increased by 30,000 (hiring for durable goods industries, semiconductors and electronic components, and miscellaneous durable goods manufacturing)
  • Social assistance: added 27,000 (hiring for individual and family services and child day care services)
  • Retail trade: increased by 22,000 (hiring for food and beverage stores and general merchandise stores)
  • Transportation & warehousing: added 21,000 (hiring for air and truck transportation, support activities for transportation, and transit and ground passenger transportation)
  • Information: added 13,000 (hiring for publishing industries (except internet), data processing, hosting, and related services, and other information services)
  • Financial activities: increased 13,000 (hiring for finance, insurance, and commercial banking)
  • Mining: rose by 7,000 (hiring for support activities for mining and oil and gas extraction)

The Tech Industry by the Numbers

  • Professional & technical services: 10,502,600 (increase of 47,300 from June)
  • Management & technical consulting services: 1,767,100 (increase of 11,800 from June)
  • Other professional & technical services: 825,700 (increase of 6,700 from June)

Looking for a new role but not sure where to start? Try Teal’s free job searching platform. Organize your applications by saving listings from various job boards to one central Job Tracker, tailor your resume to each position you’re applying for using the Resume Builder, and optimize your LinkedIn profile with our LinkedIn Review tool so you stand out to recruiters and hiring managers. Here’s to landing a job you love in 2022.

Unpacking the June 2022 U.S Jobs Report

There've been rumblings in recent months of a recession—but the U.S labor market remained strong in June 2022, according to the Bureau of Labor Statistics. There were 372,000 jobs added last month, while the unemployment rate held steady at 3.6%—a level that's stayed consistent for four consecutive months.

Despite the current strong market, high inflation and rising interest rates are contributing to the cooling of the economy and causing fear of a recession—but the biggest impediment to the job market is the availability of workers. Despite the gains in employment, there are still 524,000 fewer jobs than there were in February 2020, before the COVID-19 crisis hit. This creates a tight labor market, with the number of job openings exceeding the number of workers actively seeking jobs.

What Industries Are Hiring Right Now

There've been lots of posts lately on LinkedIn about layoffs—particularly at tech companies. But although the job market is tightening a bit, it isn't all doom and gloom. Here are 3 key industries that led hiring gains in June: 

Healthcare:

Healthcare occupations are projected to be one of the leading industries in hiring. This projected growth is mainly due to an aging population, leading to greater demand for healthcare services. Desired jobs in this industry include registered nurses, licensed practical and licensed vocational nurses, physical therapists, critical care nurses, medical and clinical laboratory technicians, and acute care nurses.  

Some companies hiring in the healthcare space:

  • UnitedHealth Group: UnitedHealth Group is a health care and well-being company dedicated to helping people live healthier lives and to help make the health system work better for everyone. The company consists of 340,000 employees worldwide, with offices located in all 50 U.S. states and in 33 countries.
  • Oscar Health: Oscar is a technology-focused health insurance company. This company employs 1,001-5,000 people in New York, Dallas, Los Angeles, and Tempe. In-office and remote positions are available.
  • Comfort Keepers: Comfort Keepers is a senior home care provider providing safety, security, and comfort to seniors and their families. Each caregiver completes care training to help seniors achieve a greater quality of life.

Professional & Business Services:

This industry is hiring professionals in management of companies and enterprises, computer systems design, and office and administrative services.

  • Fusion Business Solutions: This IT and BPO outsourcing company helps businesses in their administrative and repetitive jobs as a remote staffing service provider. The company’s vision is to transform lives and deliver world-class business solutions.
  • Epsilon: Epsilon is the leader in outcome-based marketing and helps marketers anticipate, activate, and prove measurable business outcomes. This is a global company with over 8,000 team members in over 40 offices around the world.
  • Accenture: Accenture’s purpose is to deliver on the promise of technology and human ingenuity. Employees at this company meet clients across industries wherever they are on their paths to change and partner with them to create lasting value in every direction. Located in 10 major cities across the U.S., each hub is home to multidisciplinary teams of designers, developers, and other technology experts.

Leisure & Hospitality:

As cities and states reopen their economies, companies in this industry are beginning to regain what was lost in 2020. Hospitality workers are in high demand due to travel. This sector is one showing high jumps in its pay increases. Within the industry, employment in food services and drinking places showed the largest increase.

  • Airbnb: Airbnb is an online platform for making travel, accommodation, and lodging bookings. Its spring 2022 announcement of its remote work policies resulted in overwhelming support and interest in careers at the company—and with 14,210 employees all over the world, they show no signs of slowing their growth.
  • Hilton Hotels: Globally, there are 4,200 hotels in 93 countries and territories. Team Hilton offers positions in hotels, corporate, university programs, and human resources.  
  • Compass Group: Compass Group PLC is the leader in food and support services management, serving award-winning restaurants, corporate chefs, hospitals, schools, arenas, museums, and more. Opportunities are offered across all 50 U.S. states. Employees will receive training, support, advancement, and rewards throughout their careers.

Notable Layoffs

Layoffs in the tech sector continued through the month of June. If you or someone you know has been impacted by recent layoffs, we've put together a guide to help you navigate these uncharted waters. For the latest in tech layoffs, visit layoffs.fyi.

  • Twitter: On July 7, 2022, Twitter announced layoffs of 30% of the talent acquisition team. The company is also currently under a hiring freeze.
  • Gopuff: On July 12, 2022, Gopuff is cutting 10% of its global workforce, impacting 1,500 employees. This delivery startup will also be closing 76 U.S warehouses, about 12% of its networks.
  • Hopin: On July 11, 2022, pandemic-fueled layoffs occurred at Hopin, a London-based virtual events platform. Following the 138 employees laid off four months ago, Hopin announced another round of layoffs. This resulted in a loss of 242 employees, 29% of the company’s workforce.
  • Next Insurance: On July 8, 2022, Next Insurance announced a 17% cut of its workforce, impacting roughly 150 employees in the U.S and Israel. Worsening economic conditions, a shift toward prioritizing profitability, and cost management were driving factors in the reduction of the insurtech’s team.
  • Redfin: On June 14, 2022, Redfin CEO Glenn Kelman announced a round of layoffs. With May demand 17% below expectations, 8% of Redfin employees were let go.
  • LoanDepot: On July 14, 2022, LoanDepot announced more layoffs for 2022. In the first half of the year, the mortgage company already cut 2,800 jobs. There are plans to lay off another 2,000 employees by the end of 2022.

Individual Industry Changes

In addition to professional and business services, leisure and hospitality, and healthcare, here are the other industries that saw notable changes in employment last month:

  • Professional & business services: increase of 74,000 (hiring for business operations specialist, management analysts, market research analysts and marketing specialists, human resources specialists, and accountants)
  • Leisure & Hospitality: added 67,000 jobs (hiring for arts, recreation, entertainment, food services, and drinking places)
  • Healthcare: rose by 57,000 (hiring for registered nurses, licensed practical and licensed vocational nurses, physical therapists, critical care nurses, medical and clinical laboratory technicians, and acute care nurses.  
  • Transportation & warehousing: added 36,000 jobs (hiring for air, rail, water, and truck transportation and warehousing and storage)
  • Manufacturing: increased by 29,000 (hiring within the durable and non-durable goods, transportation equipment, food manufacturing, and machinery sectors)
  • Information: added 25,000 jobs (hiring in the publishing industry, motion picture and sound recording industries, and data processing, hosting and related services)
  • Social assistance: rose by 21,000 (hiring in individual and family services, emergency and other relief services, and child day care services)
  • Wholesale trade: added 16,000 jobs (hiring within the durable and non-durable goods industries, electronic markets, agents, and brokers)
  • Mining: employment rose by 5,000 (hiring in oil and gas extraction, coal and metal ore mining, and support activities for mining)

The Tech Industry by the Numbers

  • Professional & technical services: 10,445,600 (increase of 42,000 from May)
  • Management & technical consulting services: 1,751,600 (increase of 7,200 from May)
  • Other professional & technical services: 814,100 (0 increase from May)

Looking for a new role but not sure where to start? Try Teal’s free job searching platform. Organize your applications by saving listings from various job boards to one central Job Tracker, tailor your resume to each position you’re applying for using the Resume Builder, and optimize your LinkedIn profile with our LinkedIn Review tool so you stand out to recruiters and hiring managers. Here’s to landing a job you love in 2022.

Becca Dershowitz

Becca is a former teacher and Teal's Research Associate.

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