The Bureau of Labor Statistics (BLS) will release its monthly Current Employment Statistics (CES) and Current Population Survey (CPS) report for January 2023 on Friday, February 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.
Geographic Solutions’ data is signaling a slight uptick in the number of new jobs, even though job additions are expected to slow over the next several months. As seen in the chart below, jobs are predicted to increase in January by 239,000. Geographic Solutions derives its employment forecast from internal data on the number of job openings, job searchers, 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 3.4% unemployment rate that Geographic Solutions forecasts for January, down 0.1% from its December rate. The unemployment rate forecast uses internal data on the number of job openings, job applications, unemployment applications, and job severances on Geographic Solutions state client sites. The forecast uses unemployment claims data from the USDOL.
