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Today's Facts

JOB OPENINGS FELL NATIONALLY IN MARCH, BUT STATE VARIATION PERSISTS

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.

U.S. ADDS 339K JOBS IN MAY

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.

JOB OPENINGS INCREASED IN APRIL, REVERSING THREE MONTHS OF DECLINE

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.

HOME PRICES ROSE IN MARCH FOR THE SECOND STRAIGHT MONTH

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.

CONSUMER SPENDING JUMPS IN APRIL, PRICES REMAIN ELEVATED

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.

YOUR MEMORIAL DAY BBQ WILL COST 10.6% MORE THAN LAST YEAR

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.

10 STATES SET RECORD LOW UNEMPLOYMENT IN APRIL

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%).

EXISTING-HOME SALES FELL 3.4% IN APRIL AND 23.2% IN LAST YEAR

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.

RETAIL SALES RISE 0.4% OVER THE MONTH, MISSING EXPECTATIONS AGAIN

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.

REAL WAGES HAVE FALLEN 3.3% UNDER BIDEN

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.