The Bureau of Labor Statistics (BLS) will release its monthly Current Employment Statistics (CES) and Current Population Survey (CPS) report for April 2023 on Friday, May 5th. 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 April. As seen in the chart below, jobs are predicted to increase in April by 212,000. Geographic Solutions derives its employment forecast from internal data on the number of jobs counts and gross posts 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 April, up 0.1% from its March 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.