Key Takeaways:

  • The number of job listings have increased from April 2023.
  • The unemployment rate has risen.
  • There has been an increase in average hourly earnings. 

The economy is continuing to produce jobs with an increase in  jobs in the month of May. This marks the 29th month of continuous job growth since 2020. But, the unemployment rate increases. This paradox continues and the whole country is questioning if a recession is ahead of us.

According to the U.S. Labor Department’s job report for May 2023, employers added 339,000 jobs and the unemployment rate rose 3.7%. Average hourly earnings are also on the rise with a 0.03% increase. 

Stay tuned for more valuable data insights and predictions for Greenwich HR. Interested to know how your company can gain valuable key insights of the labor market? Learn more about our compensation and labor insights today and stay tuned for the June pre-job report.