Large Employment Gains Continue in February

Fri, 10 Mar 2023 13:46:00 GMT

The Bureau of Labor Statistics (BLS) released its monthly Current Employment Statistics (CES) report and Current Population Survey (CPS) for February 2023 on Friday, March 10th. The monthly change in employment given by the CES and the unemployment rate from the CPS are seen as the standard gauges for assessing the health of the U.S. labor market.

Employment in the U.S. rose by 311,000 jobs. The jobs results were above the Geographic Solutions, Inc. forecast of 264,000 but closer than the WSJ forecast of 225,000. Although the gains were smaller than the surprising 504,000 new jobs in January, the performance in February was still strong. It is still a bit early to conclude that employment has reestablished its softening pattern after the growth outburst in January. Geographic Solutions, Inc. derives its employment forecast from internal data on the number of job searchers, job severances, and applications for unemployment benefits filed on Geographic Solutions state client sites. The forecast uses unemployment claims data from the U.S. Department of Labor (USDOL).

The unemployment rate increased to 3.6%, right in line with the Geographic Solutions forecast. The WSJ estimated that the unemployment rate would remain unchanged at 3.4%. The unemployment rate forecast uses internal data on the number of job openings, unemployment applications, and job severances on Geographic Solutions state client sites. The forecast uses unemployment claims data from the USDOL.

Job creation was strongest in Leisure & Hospitality (105,000) and Education & Health Services (74,000). Job growth was mixed in other industries but positive on net.

Leisure & Hospitality and Government are the only major sectors to remain below their pre-pandemic employment level.

The labor force participation rate increased to 62.5% from the previous month. The more expansive U-6 unemployment rate counts discouraged workers who are no longer actively seeking work (and therefore no longer in the labor force) and those that have settled for part-time employment but desire a full-time job. This measure of unemployment rose to 6.8%.

The jobs market is in an interesting spot as it relates to inflation. Typically, large job gains are seen as putting upward pressure on inflation. However, more jobs can also increase production and having more goods and services in the market can alleviate inflation from the supply side. Wage data from the report is signaling that inflation caused by increased salary demands by employees is on the wane. Wage increases have slowed for three consecutive months and are at the lowest growth rate in a year. At this point it is still too early to conclude that inflation rates are definitively heading downward, but this report is giving us reasons for optimism.

10 Ways to Participate in Black History Month Through Media

Mon, 13 Feb 2023 13:49:00 GMT

One way to show support to the Black community during black history month is to further your learning and visibility of their unique history and culture. Featured below are a variety of media to consume in order to learn about the trials black people have overcome in the past and the current hardships they still may face in today’s society. By immersing ourselves in their world for a short amount of time whether it be by reading a book, watching a movie, or listening to a podcast, you come away with a sense of understanding and appreciation for their culture and experiences.

Watch

Just Mercy (2019)

Rated: PG-13

Just Mercy is based on the true story of Bryan Stevenson. Bryan is a high-profile defense lawyer who takes on the case of a wrongly accused, death row inmate, Walter McMillian. The movie is based on the memoir written by Bryan Stevenson, himself.

Watch on HBO Max

Hidden Figures (2016)

Rated: PG

This biographical drama chronicles the careers of three African American women working at NASA, including Kathrine Johnson, who was featured in our previous blog post. They fought discrimination and hardships to become instrumental in one of the greatest NASA operations in history – launching John Glenn into orbit.

Watch on Disney+

Descendent (2022)

Rated: PG

This 2022 documentary features the story of The Clotilda, the last known slavery ship to arrive in the United States in 1860. It chronicles the descendants of the ships passenger’s fight to reveal and honor their family’s legacy.

Watch on Netflix

13th (2016)

Rated: TV-MA

Director Ava DuVernay dives into racial inequality in the United States by taking and in-depth look at the prison system and what led to the mass incarceration of African Americans.

Watch on Netflix

When They See Us (2019) Rated: TV-MA In this limited series based on a true story, five Harlem teens are falsely accused of attacking a white woman in Central Park after being in the wrong place at the wrong time. The accusation permanently alters the rest of their lives. Watch on Netflix		Self Made (2020) Rated: TV-MA Academy Award winning actress, Octavia Spencer, portrays Madam C.J. Walker, an African American washerwoman as she fights her way out of poverty and becomes the first female self-made millionaire by building a beauty empire. Watch on Netflix

Read

The Three Mothers By: Anna Malaika Tubbs You know the names Malcolm X, Martin Luther King Jr. and James Baldwin, but this story is about the women who raised these influential men. Debut author Anna Malaika Tubbs celebrates black motherhood by honoring their indirect contributions to American History. Buy on Amazon		The Hate U Give By: Angie Thomas This fictional novel follows Starr, a sixteen-year-old that witnesses the shooting of her best friend by white police officers. She struggles with how to cope with the events which have become a media sensation. The novel was also adapted into a movie by the same name in 2018. Buy on Amazon

Listen

Code Switch This long running, popular podcast by NPR features weekly stories and topics about race and identity and the impacts they have on every aspect of our society. It offers an educated and in-depth conversation of current events and ideologies. Listen on Spotify		Black Girl Songbook This podcast celebrates the lives and careers of Black female musical artists. With guests such as Jenifer Hudson and Brandy, host Danyel Smith dives into their stories and finds out what made them and their music so legendary. Listen on Spotify

Insights and Perspectives

Large Employment Gains Continue in February

10 Ways to Participate in Black History Month Through Media

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