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August 2022 Employment Data Digest

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August 2022 Employment Data Digest

  • The U.S. economy added 315,000 jobs in August, a decrease from the 526,000 jobs added in July. The overall unemployment rate increased from 3.5 to 3.7 percent.
  • The 55+ unemployment rate rose from 2.5 percent to 2.7 percent. For men ages 55+, it increased from 2.5 percent to 2.7 percent. The unemployment rate for women ages 55+ increased from 2.3 percent to 2.6 percent.
  • The percentage of jobseekers ages 55 and older who were long-term unemployed in August was 25 percent, while 18.7 percent of jobseekers ages 16 to 54 were long-term unemployed. 
  • The total labor force participation rate was 62.4 percent. For those ages 55+, it declined slightly, from 38.7 percent in July to 38.6 percent in August. The (unadjusted) rate for those ages 65 and older increased, from 18.9 percent in July to 19.1 percent in August.

OVERALL U.S. WORKFORCE:

  • 315,000 jobs added in August ↓
  • Unemployment rate: 3.7 percent ↑
  • Number of unemployed persons: 6 million ↑
  • Labor force participation rate: 62.4 percent ↑
  • Long-term unemployed ages 16–54: 18.7 percent ↑      

55 AND OLDER U.S. WORKFORCE:

  • 37.2 million 55+ workers employed in August ↓
  • 55+ unemployment rate: 2.7 percent ↑
  • Number of 55+ unemployed persons: 1 million ↑
  • 55+ labor force participation rate:  38.6 percent ↓
  • 55+ long-term unemployed: 25.0 percent ↑

Source: Bureau of Labor Statistics. Arrows denote a directional change from the prior month.

About the PPI Monthly Employment Data Digest

The AARP Public Policy Institute’s (PPI) latest monthly digest of employment data from the Bureau of Labor Statistics (BLS) examines the findings from the Employment Situation Report. It takes a closer look at employment data for people ages 55 and over, including labor force participation, employment rates, and duration of unemployment. 

For more analysis from PPI expert Jennifer Schramm on employment trends and older workers, see our blog

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