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The Bureau of Labor Statistics (BLS) will release its monthly Current Employment Statistics (CES) and Current Population Survey (CPS) report for October 2023 on Friday, November 3rd. 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.
As seen in the chart below, jobs are predicted to increase in October by 226,000 as Geographic Solutions sees slowing job growth over the next six months. Geographic Solutions derives its employment forecast from internal data on the number of job openings, job applications, job severances, and unemployment applications 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 3.8% unemployment rate that Geographic Solutions forecasts for October, maintaining its September rate. The unemployment rate forecast uses internal data on the number of job openings, job severances, and unemployment applications filed 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.