Economics
U.S. Jobs & Labor Report: October 2022
Report summary
Morning Consult data shows little cause for concern in the labor market. Despite increasing recession risks, financial market volatility and reports of layoffs in certain industries, the U.S. labor market remains strong overall. The Bureau of Labor Statistics’ August jobs report showed continued job growth and an uptick in labor force participation, a welcome sign for the Federal Reserve. But these positive developments were overshadowed by persistently high inflation, which led policymakers to lean in on interest rate hikes and to concede that this path will cause some pain as unemployment rises. Now, the question is likely when, rather than if, aggressive tightening will impact the labor market.
Key Takeaways
- The share of U.S. adults who experienced a loss of pay or income increased modestly from 10.5% in August to 10.9% in September.
- After ebbing throughout much of 2022, the share of U.S. workers who said they were actively applying for a new role moved higher in August and September, reaching 18.6% in the week ending Sept. 24, compared with 17.4% in July.
- From August to September, the share of employed U.S. adults who expected to experience a loss of employment income in the next four weeks fell from 12.5% to 8.5%.
About the authors
John Leer leads Morning Consult’s global economic research, overseeing the company’s economic data collection, validation and analysis. He is an authority on the effects of consumer preferences, expectations and experiences on purchasing patterns, prices and employment.
John continues to advance scholarship in the field of economics, recently partnering with researchers at the Federal Reserve Bank of Cleveland to design a new approach to measuring consumers’ inflation expectations.
This novel approach, now known as the Indirect Consumer Inflation Expectations measure, leverages Morning Consult’s high-frequency survey data to capture unique insights into consumers’ expectations for future inflation.
Prior to Morning Consult, John worked for Promontory Financial Group, offering strategic solutions to financial services firms on matters including credit risk modeling and management, corporate governance, and compliance risk management.
He earned a bachelor’s degree in economics and philosophy with honors from Georgetown University and a master’s degree in economics and management studies (MEMS) from Humboldt University in Berlin.
His analysis has been cited in The New York Times, The Wall Street Journal, Reuters, The Washington Post, The Economist and more.
Follow him on Twitter @JohnCLeer. For speaking opportunities and booking requests, please email [email protected]
Jesse Wheeler previously worked at Morning Consult as a senior economist.
