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KLI Employment & Labor Brief No.107: 2022 H1 Labor Market Review and H2 Outlook
KLI Employment & Labor Brief No.107: 2022 H1 Labor Market Review and H2 Outlook
  • Table of Contents

    Table of Contents


    I. Labor Market Overview: H1 2022

    II. Labor Market Sectoral Review: H1 2022

    III. H2 2022 Employment Outlook

     


    Summary


    The first half (H1) of 2022 saw a continuation of the employment recovery that first began in the second quarter (Q2) of 2021. The total number of employed grew by 941,000 persons compared to the same period last year, and this growth was accompanied by a concomitant increase in the employment rate and a decline in the unemployment rate. While it was always likely that the data would suggest employment growth in Q1 of this year owing to a favorable base effect, it is encouraging that this recovery has continued into Q2 and beyond despite the base effect now moving in the opposite direction. The total number of employed began to turn upward in March 2021 and the economy has continued to add jobs on a year-over-year (YoY) basis ever since, marking 16 consecutive months of YoY monthly employment growth. Seasonally adjusted figures also point to a sanguine employment environment, with the total number of employed showing month-over-month increases saving only for March and June of this year. Seasonally adjusted, employment is now at 102.4% of pre-COVID-19 levels.