Below are recent findings and our latest economic report tailored specifically for the USA by the Bureau of Labour Statistics.

1. ECONOMIC UPDATE

2. Lawyer Job Outlook to 2030:
• Employment of lawyers is projected to grow 9% from 2020 – 2030
• About 46K openings for lawyers are projected each year, on average, over the decade.
• Many of those openings are expected to result from the need to replace workers who transfer to different
occupations or exit the labour force, such as to retire
• Demand for legal work is expected to continue as individuals, businesses, and all levels of government
require legal services in many areas.
Source: BLS.gov [Bureau of Labor Statics]
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3.9
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3.6
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USA - Unemployment Rate
• 2022 has experienced a gradual reduction in unemployment as the economy recovers following the pandemic.
• Latest reports from BLS show the total unemployment rate remained at 3.6% for May-22 unchanged from Mar-22 (equal to
c.6M unemployed persons). These levels are similar to those reported pre-pandemic (Feb-20)
• Data shows there were notable job gains in leisure, hospitality, professional/business services, transportation and
warehousing. Unemployment in retail trade continues to increase
• Among the unemployed, the number of permanent job losers remained at 1.4 million in May
• Employment in professional and business services rose by 75K in May (821K higher than in February 2020)
Unemployment rates were lower in May-22 in 16 states and stable in 34
states. All 50 states and the District had jobless rate decreases from a year
earlier
Employment 2020 Projected Employment 2030 % increase Actual
Lawyers 804.2K 875.7K 9% 71.5K
Opal and Gray: USA – Economic Update
Legal Employment Market

3. Opal and Gray: USA – Economic Update
GDP decreased in Q1 by 1.6% across all states
• Real GDP decreased at an annual rate of 1.6% in
Q1 2022, according to the "third" estimate
released by the Bureau of Economic Analysis.
• In the fourth quarter of 2021, real GDP
increased 6.9%
• The decrease is reflected in decreased exports,
federal government spending, private inventory
investment, and state and local government
spending, while imports, which are a subtraction
in the calculation of GDP increased.
• Non-residential fixed investment, PCE, and
residential fixed investment increased
Real GDP decreased in 46 states and the District of Columbia in the first
quarter of 2022
Gross Domestic Income and Corporate Profits
• Real gross domestic income (GDI) increased 1.8% in Q1, compared with an increase of 6.3% in Q4. The average of real GDP and
real GDI, increased 0.1% in Q1, compared with an increase of 6.6% in Q4
• Profits from current production decreased $63.8 billion in Q1, in contrast to an increase of $20.4 billion in Q4
• Profits of domestic financial corporations decreased $51.1 billion in Q1, compared with a decrease of $1.3 billion in Q4. Profits
of domestic nonfinancial corporations decreased $4.8 billion, in contrast to an increase of $5.0 billion.
• In Q1 private good-producing industries decreased 6.9%,
private services-producing industries decreased 0.8%, and
government increased 2.0%. Overall, 9 of 22 industry groups
contributed to the first-quarter decline in real GDP
• Within private good-producing industries, the leading
contributors to the decrease were nondurable goods
manufacturing (led by petroleum and coal products) and
mining
• Within private services-producing industries, the leading
contributors to the decrease were retail trade and finance
and insurance. These were partly offset by an increase in real
estate and rental and leasing.
• The increase in government reflected an increase in state and
local government that was partly offset by a decrease in
federal government Source: U.S. Bureau of Economic Analysis