By Tom Burnett CFA
On July 7, 2023, the Bureau of Labor Statistics released its employment report for June 2023. Total nonfarm employment rose by 209,000 jobs in June to a record total of 156.3 million. Total employment one year ago was 153.2 million. Jobs growth has averaged 278,000 per month in 2023. In 2022, the average monthly increase was 399,000. The unemployment rate was unchanged at 3.6% and has ranged between 3.4% and 3.7% since March 2022. The number of unemployed workers was little changed at 6.0 million, well below the latest Job Openings number of 9.8 million (BLS release July 6, 2023). The April and May employment figures were revised down by a total of 110,000 jobs from prior reports.
Hourly earnings rose by $0.12 to $33.58, up 4.4 percent from the previous 12 months.
The next employment report will be released on August 4, 2023.