The recession has reached the labor market

The recession has reached the labor market

📉👷‍♂️The recession has reached the labor market. According to the US Department of Labor, unemployment in May rose to 3.7% (6.09 million). With a forecast of 3.5%. In April, it was 3.4%. In May, the indicator returned to the level of November 2022.

Unemployment in May is the most active growth in the youth segment of 16-19 years (10.3%). Among the main ethnic groups, African Americans have the highest unemployment rates (5.6%). The main trend in May is an increase in the rate of reduction of employees with higher education:
🏫College 3.2%
🎓Bachelor’s degree 2.1%
Previously, high rates were mainly among unskilled labor.

👩‍💼The main groups of unemployed are those laid off in December-February 2023 and May 2023.
Duration of job search:
▪less than 5 weeks +217K
▪️5-14 weeks -50
▪️15-26 weeks +179
▪️More than 27 weeks +3


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