Read the latest from Geographic Solutions.
Employment was quite a bit stronger over the last three months than originally estimated. Revisions in July and August added 119,000 more jobs than reported last month.
Jobs are predicted to increase in September by 153,000 as we foresee slowing job growth over the next six months.
Artificial intelligence stands to increase the need for workforce development.
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.
Since 2019, Geographic Solutions' Apprenticeship Program has produced an 86% advancement rate.