Insights and Perspectives

Insights and Perspectives


Read the latest from Geographic Solutions.

Labor Market Forecast for May 2023

The Bureau of Labor Statistics (BLS) will release its monthly Current Employment Statistics (CES) and Current Population Survey (CPS) report for May 2023 on Friday, June 2nd. 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 further softening in the number of new jobs in May.  As seen in the chart below, jobs are predicted to increase in May by 189,000. Geographic Solutions derives its employment forecast from internal data on the number of job counts and job severances 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 3.5% unemployment rate that Geographic Solutions forecasts for May, up 0.1% from its April rate. The unemployment rate forecast uses internal data on the number of job openings and gross job posts on Geographic Solutions state client sites. 

 After the release of the report, Geographic Solutions will post a full analysis of the results.

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