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.
Geographic Solutions’ data is signaling further softening in the number of new jobs in April.
The March Labor Market Report shows that job growth has slowed. Although fewer, the representation remained a solid expansion, with an increase in the labor force participation rate.
Although the gains were smaller than the surprising 504,000 new jobs in January, the performance in February was still strong.
Employment in the U.S. rose by 517,000 jobs, the largest gain since July last year.
Despite employment figures increasing to 223,000 in December, which is 20,000 over The Wall Street Journal's prediction, growth has been gradually weakening since October 2021.
The Bureau of Labor Statistics (BLS) will release its monthly Current Employment Statistics (CES) and Current Population Survey (CPS) report for December 2022 on Friday, January 6th.
Despite fluctuations among indicators pointing to a slower pace of job creation, initial estimates over the last three months have been remarkably locked in place with September reporting 263,000 initial new jobs, October reporting 261,000 initial new jobs, and November reporting 263,000 initial new jobs.
Geographic Solutions’ data is signaling a slowdown in job gains for November.
Job creation was strongest in Education & Health Services, Professional & Business Services, and Leisure & Hospitality.