Unemployment rates were lower in April 2022 than 12 months earlier in all metropolitan areas except Yuma, AZ, but only slightly.

The national unemployment rate was 3.6% as of May. Tightening monetary policy and slower consumer spending are textbook harbingers of a recession, and forecasters predict that unemployment will rise to just under 5% by 2025.

Even so, the economy continues to grow and add jobs. About 372,000 jobs were added in June – roughly on par with recent months. This represents the strongest 12 months of payroll growth on record. The economy has not completely recovered, however, and still trails pre-pandemic levels by roughly 850,000 jobs. Gains are still significantly above the monthly average before the pandemic, however, and if these trends hold the economy will fully recover by 2023.

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