Read the latest from Geographic Solutions.
Employment noticeably softened during the summer, averaging only 150,000 new jobs per month from June through August after averaging 238,000 from March to May of this year.
According to our staff economist, Phillip Sprehe, jobs are predicted to increase by 180,000 in August.
Employment in the U.S. rose by 187,000 jobs, while the unemployment rate fell to 3.5%. The Geographic Solutions forecast matched the 3.5% result and outperformed the WSJ estimate of 3.6%.
A 244,000 jobs increase, as well as a 3.5% unemployment rate, is predicted for July 2023.
Job creation was strongest in the Education & Health Services and Government sectors.
Our staff economist, Phillip Sprehe, predicts an increase in jobs of 248,000 on June's labor market report from the Bureau of Labor Statistics.
Employment in the U.S. rose by 339,000 jobs. May’s unexpectedly strong results are compounded by the upward revisions in March and April that totaled 93,000 more jobs than reported last month.
Geographic Solutions' Economist is predicting a continuation of the downward trend in the number of new jobs this month.
April’s unexpectedly strong results are the second disruption to the slowing trend we have seen in hiring, since July 2022.
Geographic Solutions’ data is signaling further softening in the number of new jobs in April.