Non-farm payroll data is a crucial piece of information that traders consider. Therefore, US non-farm payroll job addition data is a piece of crucial information that many investors keep an eye on. The US Bureau of Labor Statistics will release the Employment Situation for June on Friday, July 7, 2023, at 8:30 a.m. (ET) or 6:00 pm Thursday, Indian Standard Time (IST)
The BLS releases the Employment Situation report every month and captures statistics from two monthly surveys – The household survey and the establishment survey.
The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry.
Earlier on June 2, the BLS released the data for May 2023. According to the May report, nonfarm payroll employment expanded overall by 339,000, and the unemployment rate increased by 0.3 percentage points to 3.7 percent. The US economy unexpectedly added 339K jobs in May 2023, the most in the previous four months, well exceeding the 190K jobs predicted by the market. As a result of revised March and April data, employment is now 93K more than originally estimated. Gains in employment were seen in social assistance, government, health care, construction, professional and commercial services, and transportation and warehousing.
According to May data, the labor market is still tight, with employment growing by an average of 314K people per month so far this year.
All private nonfarm payroll employees’ average hourly wages increased by 11 cents, or 0.3 percent, to $33.44 in May. The average hourly wage has climbed by 4.3 percent over the last year. Average hourly pay for production and nonsupervisory workers in the private sector increased by 13 cents (or 0.5 percent) to $28.75 in May.
Total nonfarm payroll employment for March was revised up by 52,000 from +165,000 to +217,000, while for April it was increased up by 41,000 from +253,000 to +294,000. With these changes, employment for the months of March and April as a whole is 93,000 higher than originally estimated. Monthly updates come from new reports firms and government organizations have submitted since the last estimates were published, as well as from the recalculation of seasonal elements.