The Bureau of Labor Statistics (BLS) will release its monthly Current Employment Statistics (CES) and Current Population Survey (CPS) report for May 2022 on Friday, June 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.
The labor market has been running hot for several months, but it is uncertain when increasing wage gains are going to have a dampening effect on employment. Geographic Solutions’ data is pointing to a slowdown in job growth for May. As seen in the chart below, jobs are predicted to increase in May by 205,000. Geographic Solutions derives its employment forecast from internal data on the number of job searchers, job applications, 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 May, holding steady from its rate in April. The unemployment rate forecast uses internal data on the number of job openings, job searchers, job applications, job severances, and the number of applications for unemployment benefits 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.