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Labor Market Statistics | July 7th, 2023

The U.S. Bureau of Labor Statistics has released their May 2023 figures. The highlights:

  • 9.8 million job openings (down 496,000 from April)
  • 5.9% job openings rate (down 0.3% from April)
  • 6.2 million hires (little change from April)
  • 4% rate of hires (little change from April)
  • 5.9 million seperations (4 million quits & 1.6 million layoffs / discharges)
  • 3.8% separations rate (little change from April)
  • 0.6 unemployed people per job opening

What we know about June 2023:

  • 3.6% unemployment rate (little change from May)
  • 6 million unemployed persons (little change from May)
  • 1.1 million people unemployed for 27 weeks or longer (18.5% of total unemployment)
  • 62.6% labor force participation rate (4th consecutive month)
  • 5.4 million people unemployed who want a job but weren’t actively looking or were unavailable in the preceding 4-weeks (not included in unemployment rate)
  • Hourly wages for all employees rose by 12-cents (0.4%) to $33.58 in June. There has been a 4.4% increase over the last 12-months
  • In June, average hourly earnings of private-sector production & nonsupervisory employees rose by 11-cents (0.4%) to $28.83
  • Average workweek for all private-sector hourly employees was 34.4 hours (up 0.1 hour from May)

With only 0.6 unemployed people per job opening, recruiting and retaining enough of the right people remains a tremendous challenge for business leaders. It’s our mission to provide solutions that give business leaders an unfair competitive advantage. Contact us to learn more about our recruitment outsourcing solutions.

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