Summary: The Eagle highlighted an interview on Sunday, May 27, 2022, with Dennis Jansen that discussed local industry employment recovery.
The May release of Economic Indicators shows a decrease of 0.2% in March's unemployment rate from the previous month to 3.6%. "Months ago, we were saying we finally hit the employment level locally that we were at before the pandemic, and now we're getting close to 2% above that," said Jansen. "It's just continued evidence of not only recovery, pre-pandemic normality, but we're moving beyond that."
Data through March 2022 shows that local employment in many industries has recovered or surpassed pre-pandemic levels. Notably, employment in the Leisure and Hospitality industry fell the greatest percentage, 7.4%, between February and April 2020 and was still 0.4% below its pre-pandemic level.
"It's not there yet and that's true nationally, but the growth rate of wages in Leisure and Hospitality is higher than the average of all worker wages," Jansen said. "Workers in the industry are getting raises on average that exceeds the inflation rate."
"The economy here seems to be doing quite well and I don't see any clouds on the horizon, at least locally," Jansen said.
Read the full article at The Eagle.
The May release of Economic Indicators shows a decrease of 0.2% in March's unemployment rate from the previous month to 3.6%. "Months ago, we were saying we finally hit the employment level locally that we were at before the pandemic, and now we're getting close to 2% above that," said Jansen. "It's just continued evidence of not only recovery, pre-pandemic normality, but we're moving beyond that."
Data through March 2022 shows that local employment in many industries has recovered or surpassed pre-pandemic levels. Notably, employment in the Leisure and Hospitality industry fell the greatest percentage, 7.4%, between February and April 2020 and was still 0.4% below its pre-pandemic level.
"It's not there yet and that's true nationally, but the growth rate of wages in Leisure and Hospitality is higher than the average of all worker wages," Jansen said. "Workers in the industry are getting raises on average that exceeds the inflation rate."
"The economy here seems to be doing quite well and I don't see any clouds on the horizon, at least locally," Jansen said.
Read the full article at The Eagle.
