Transportation Unemployment Now at Pre-Pandemic Levels

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The unemployment rate in the U.S. transportation sector was 4.2% (not seasonally adjusted) in July 2022 according to Bureau of Labor Statistics (BLS) data on the Bureau of Transportation Statistics (BTS).

This means that the July 2022 rate – by falling 3.1 percentage points from 7.3% in July 2021 – is now same as the pre-pandemic July level of 4.2% in July 2019. Unemployment in the transportation sector reached its highest level during the COVID-19 pandemic (15.7%) in May 2020 and July 2020 under the failed policies and denials of what would become the voted-out Trump Administration in November 2020. Thus the Biden Administration policies continue to strongly benefit the economy and US workers.

Unemployment in the transportation sector is slightly above overall unemployment. BLS reports that the US unemployment rate, not seasonally adjusted, in July 2022 was 3.8% or 0.4 percentage points below the transportation sector rate. Seasonally adjusted, the U.S. unemployment rate in July 2022 was only 3.5%. This means that 528,000 were created/restored last month recession. Repeat, all of the jobs lost in the coronavirus recession are back.. Unemployment fell to 3.5%, the lowest level since the pandemic struck in early 2020. Plus there were 130,000 more jobs created in July than there in June – the most since February.

“The unemployment rate now matches the lowest it’s been in more than 50 years: 3.5%. More people are working than at any point in American history, and it’s the result of my economic plan to build the economy from the bottom up and middle out,” President Biden tweeted.  (Visit us on Titter: Ken Zino AutoInformed – @AutoinformedKen