Economics
U.S. Jobs & Labor Report: July 2022
Report summary
The U.S. labor market remains strong but is showing early signs of cooling as economic uncertainty, inflation and the Federal Reserve’s policies impact workers’ job security. While employment outcomes remain relatively steady, Morning Consult’s proprietary unemployment data has ticked higher across income groups, and workers are beginning to worry.
Key Takeaways
- The share of U.S. adults experiencing lost pay remained steady in June at 11.0%, just off the series low.
- The share of employed U.S. adults actively looking for work has ticked lower again in midJune, after bouncing higher in May.
- Inflation, financial volatility and talk of a looming recession have weighed heavily on consumer sentiment in 2022, and now the mood among workers is souring as well.
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.
