Read the latest from Geographic Solutions.
The Bureau of Labor Statistics (BLS) will release its monthly Current Employment Statistics (CES) and Current Population Survey (CPS) report for February 2023 on Friday, March 10th. Geographic Solutions, Inc. has produced forecasts of the two most closely watched macroeconomic data series from the report: the monthly change in employment and the monthly unemployment rate.
Geographic Solutions’ data is signaling a softening in the number of new jobs in February after an explosion of job growth in January. We expect the pace of job creation to slow over the next several months. As seen in the chart below, jobs are predicted to increase in February by 264,000. Geographic Solutions 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).
Portrayed in the chart below is the 3.6% unemployment rate that Geographic Solutions forecasts for February, up 0.2% from its January rate. 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.
After the release of the report, Geographic Solutions will post a full analysis of the results.