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A man and woman reading the June 2023 jobs report for labor market trends.

June 2023 Jobs Report: A Look at May's Trends

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Executive Summary

By Nicholas Ault, Aston Carter Market Research Analyst

Job growth accelerated in May with 339,000 jobs added — 90,000 more than last month — 283,000 of which were in the private sector and 56,000 of which were in the public sector. The unemployment rate ticked up to 3.7% from its 50-year low of 3.4%, while the labor force participation rate remained unchanged, still 0.7 percentage points below prepandemic levels. Recovery in the labor force remains stalled overall, only having increased by 0.3 percentage points over the past year. Due to this, unemployed workers per job opening increased, hitting around 1.8 jobs per unemployed worker as job openings hovered around the 10M mark.

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May 2023 job market trends show 339K jobs gained and 3.7% unemployment rate.

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