Washington continues adding jobs even as possible recession looms

Aug 4, 2022
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Written by Washington Retail
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Although the hiring rate is slowing, Washington state added an estimated net total of 2,500 jobs in June, according to a report by the Employment Security Department (ESD.) The most jobs added were in the Seattle area, a total of 3,300 jobs, while other areas of the state had lower job numbers.

The state added 85,000 jobs during the first six months of 2021 compared with 58,900 year-over-year in 2022.

“Labor market conditions remain strong for now, but hiring is showing signs of slowing,” said ESD’s State Economist Paul Turek. “Efforts underway to curb high inflation — such as raising interest rates — will likely continue to dampen job growth and hiring as the year progresses.”

The preliminary seasonally adjusted monthly unemployment rate in May dropped slightly to 3.9%. Nationally, nonfarm jobs increased by 372,000 in June, exceeding economists’ expectations.