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Key Points:
- Job openings rates fell in 15 states and increased in one state and the District of Columbia in March.
- The number of job openings decreased in 18 states, increased in 4 states and the District of Columbia, and was little changed in 28 states in March.
- The largest decreases in the job openings level occurred in California (-74,000) and Texas (-52,000), as well as in Colorado and Illinois (-48,000 each). The largest increases occurred in Florida (+55,000), Ohio (+23,000), and Massachusetts (+17,000).
- Nationally, the number of job openings decreased over the month (-384,000).
- The number of hires decreased in 4 states, increased in 2 states, and was little changed in 44 states and the District of Columbia in March.
- The decreases in the hires level occurred in North Carolina (-32,000), Nebraska (-13,000), as well as in Kansas and Mississippi (-11,000 each). The increases occurred in New Jersey (+63,000) and Maine (+8,000). Nationally, the number of hires changed little over the month.
- In March, the number of total separations increased in 8 states, decreased in 2 states, and was little changed in 40 states and the District of Columbia.
- The largest increases in the total separations level occurred in Michigan and Tennessee (+32,000 each), as well as in Pennsylvania (+27,000). The decreases occurred in Texas (-71,000) and Georgia (-30,000).
- Within separations, the number of layoffs and discharges increased in 11 states and was little changed in 39 states and the District of Columbia in March.
- The largest increases in the layoffs and discharges levels occurred in California (+47,000), Tennessee (+45,000), and Massachusetts (+33,000).
- Nationally, the number of layoffs and discharges increased over the month (+248,000).
- The Right Facts will continue to monitor state level employment.
Key Points:
- Total nonfarm payroll employment rose by 339,000 in May and the unemployment rate rose to 3.7%.
- Consensus among economists was a gain of 190,000 jobs.
- Among the major worker groups, the unemployment rates for adult women (3.3%) and Blacks (5.6%) rose in May.
- Professional and business services added 64,000 jobs in May, government employment increased by 56,000, health care added 52,000 jobs, leisure and hospitality added 48,000 jobs, and construction rose by 25,000.
- Employment was little changed over the month in other major industries, including mining, quarrying, and oil and gas extraction, manufacturing, wholesale trade, retail trade, information, financial activities; and other services.
- In May, average hourly earnings for all employees on private nonfarm payrolls rose by $0.11 to $33.44.
- The average workweek for all private employees edged down by 0.1 hour to 34.3 hours.
- The labor force participation rate was unchanged at 62.6% and is 0.7% below its February 2020 level.
- In May, the unemployed population rose to 6.1 million but job openings also rose to 10.1 million in April.
Key Points:
- The number of available jobs since May 2021 continues to outnumber Americans looking for work.
- The tight labor market has pushed total job openings to nearly double the available workers, but hiring has slowed amid a broader economic slowdown.
- Job openings increased by 358,000 to 10.1 million in April, the highest since January 2023 and reversing three months of decline.
- In April, job openings increased in retail trade, health care and social assistance, and transportation, warehousing, and utilities.
- The U.S. added 253,000 jobs in April but there were 5.7 million people unemployed, down from 5.8 million in March.
- In April, the number of hires was little changed at 6.1 million and separations decreased to 5.7 million.
- Within separations, the number of quits changed little at 3.8 million, and layoffs and discharges decreased to 1.6 million.
- The number of quits increased in wholesale trade (+29,000) but decreased in state and local government, excluding education (-18,000).
- Layoffs and discharges decreased in construction (-113,000) and in information (-33,000).
- The labor force participation rate was little changed over the month at 62.6% in April and remains 0.7% below its February 2020 level.
- The Right Facts will continue to monitor unemployment and job openings.
Key Points:
- The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 0.7% in the year that ended in March, down from 2.1% in the previous month.
- The National Home Price Index rose 0.4% in March from April for the second straight month on a seasonally adjusted basis.
- The 20-City Composite posted a -1.1% year-over-year decline, down from 0.4% gain in the previous month.
- The 10-City Composite posted a -0.8% year-over-year decline, down from 0.5% in the previous month.
- Miami reported the highest gains among the 20 cities in March with a 7.7% year-over-year price increase, followed by Tampa with a 4.8% increase, and Atlanta with an 4.7% increase.
- There are 19 of 20 cities reporting lower prices in the year ending March 2023 versus the year ending February 2023, with only Chicago showing an increase at 0.4%.
- The Right Facts will continue to monitor home prices.
Key Points:
- U.S. consumer spending rose by 0.8%, or $151.7 Billion, in April, after rising 0.1% in March.
- Personal income increased by 0.4%, or $80.1 Billion, in April, after rising 0.3% in March.
- The overall personal consumption expenditures price index rose 0.4% in April and is up 4.4% from a year prior.
- The core personal consumption expenditures price index, which excludes food and energy, rose 0.4% in April and is up 4.7% from a year prior, up from 4.6% in March.
- The Right Facts will continue to monitor spending, prices, and income.
Key Points:
- While inflation is down from the Summer 2022 peak, Americans are still feeling the impact of higher prices.
- The costs were determined for 10 people consuming one plate of food.
- One plate consists of 4 oz. burger with lettuce, tomato, and bun, a hotdog, baked beans, potato salad, potato chips, vanilla ice cream, cookies, and a 12 oz soda.
- The costs are 10.6% higher than the same time in 2022.
Key Points:
- Unemployment rates fell in 14 states and remained stable in 36 states and the District of Columbia in April.
- The U.S. unemployment rate was little changed at 3.4% in April.
- Eight states and the District of Columbia had unemployment rates above the U.S. average in April.
- South Dakota had the lowest unemployment rate at 1.9%, followed by Nebraska at 2.0%, and New Hampshire and North Dakota at 2.1%.
- The rates in Alabama (2.2%), Arizona (3.4%), Arkansas (2.8 percent), Kentucky (3.7 percent), Maine (2.4 percent), Maryland (2.5%), Mississippi (3.4%), Ohio (3.7%), West Virginia (3.3%), and Wisconsin (2.4%) set new series lows.
- Nevada has the highest unemployment rate at 5.4%, followed by the District at 5.0%, and California at 4.5%.
- In April, 14 states had over-the-month unemployment rate decreases, the largest of which was in Oregon (-0.4%).
Key Points:
- Existing-home sales fell 3.4% in April from March and 23.2% from one year ago.
- The median existing-home sales price decreased 1.7% from one year ago to $388,800.
- Existing-home sales in the Northeast fell 1.9% from March and 23.9% from April 2022. The median price in the Northeast was $422,700, up 2.8% from the previous year.
- In the Midwest, existing-home sales declined 1.9% from one month ago and 21.5% from the prior year. The median price in the Midwest was $287,300, up 1.8% from April 2022.
- Existing-home sales in the South decreased 3.4% from March and 20.2% from one year ago. The median price in the South was $357,900, down 0.6% from April 2022.
- In the West, existing-home sales slipped 6.1% from the previous month and 31.3% from the previous year. The median price in the West was $578,200, down 8.0% from April 2022.
- The Right Facts will continue to monitor home sales.
Key Points:
- Retail sales, a measure of purchases at stores, restaurants and online, rose 0.4% in April from March after last month was revised to a 0.7% decline.
- Consensus among economists was a 0.7% increase.
- Excluding autos, retail sales also rose by 0.4% over the month.
- Retail sales were 1.6% above April 2022 and total sales for the February 2023 through March 2023 period were up 3.1% from the same period a year ago.
- The Right Facts will continue to monitor retail sales.
Key Points:
- Real average hourly earnings are hourly earnings adjusted for inflation. They are one measure of real wages, which represent the economic return to work.
- Despite average hourly earnings trending up, wages are lower after adjusting for inflation.
- The Consumer Price Index (CPI) rose 0.4% in April from March and is up 4.9% in the last year.
- Real average hourly earnings have fallen from $34.43 in January 2021 to $33.36 in April 2023, a 3.3% decrease.
- Real average hourly earnings have fallen 0.5% in the last year alone, from $33.52 in April 2022 to $33.36 in April 2023.
