The Bureau of Labor Statistics (BLS) will release its monthly Current Employment Statistics (CES) and Current Population Survey (CPS) report for March 2023 on Friday, April 7th. 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 another strong month in the number of new jobs in March. As seen in the chart below, jobs are predicted to increase in March by 317,000. 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 3.7% unemployment rate that Geographic Solutions forecasts for March, up 0.1% from its February 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.