Layoff rate estimates for June 2022 by sector range from less than 0.5% in financial activities and state and local government to 1.7% in construction. Gould said, comparing the data to a year ago, that there hadn’t been “a lot of change over the last year in terms of layoffs. There could be a slight increase in some [occupations]. “There are also many overlaps with different industries. For public and local administration and financial activities, for example, the estimate for layoff rates is the same, at 0.4%. Historically, public administration and financial activities finance retained the lowest layoff rate spot.
In recent months, layoff rates in a few industries have likely hit record highs since at least 2000, when the data began: trade/transportation/utilities, leisure/hospitality and construction. There has been a notable increase in employment in warehousing and transportation. This is due to the popularity of e-commerce, which has caused sharp spikes in demand for workers in the parcel and warehousing industries across the United States. When it comes to leisure and hospitality, this industry still lags behind pre-pandemic employment levels. However, demand for travel and vacations could help boost overall employment growth in the coming months.
In the construction industry, many employers have difficulty retaining their employees. Some of the causes include challenges with cultural recruitment efforts, long commutes between job sites and where workers live, and difficulties in providing workers with stable, well-paying work that helps them build careers.