Drop in Unemployment Rate Signals Positive Economic Outlook

Unemployment Rate Decreases to 9.5% in May 2023

According to the latest data from the Household Labor Force Survey, the seasonally adjusted unemployment rate in May 2023 dropped to 9.5%. This is a 0.5 percentage point decrease compared to the previous month.

In terms of gender, the unemployment rate for men was 7.7%, while it was estimated to be 13.0% for women. The number of unemployed individuals aged 15 and over decreased by 193,000 people, reaching a total of 3,328,000.

On the other hand, the seasonally adjusted employment rate remained steady at 48.5%. The number of employed individuals increased by 63,000 people, totaling 31,716,000. The employment rate for men stood at 66.0%, while it was 31.4% for women.

In May 2023, the workforce decreased by 130,000 people, amounting to 35,044,000 individuals. The labor force participation rate experienced a 0.3 point decrease, reaching 53.6%. For men, the labor force participation rate was 71.5%, while for women, it stood at 36.1%.

Among the youth population (15-24 age group), the seasonally adjusted unemployment rate was 17.0%. This represented a decrease of 1.6 percentage points compared to the previous month. The unemployment rate was estimated to be 14.3% for young men and 22.3% for young women.

The average weekly actual working hours for employed individuals, adjusted for seasonal and calendar effects, decreased by 0.3 hours to 44.1 hours in May 2023.

The rate of idle labor force, which includes time-related underemployment, potential labor force, and the unemployed, saw a decrease of 1.2 percentage points to 22.5%. The combined rate of time-related underemployment and the unemployed was 15.8%, while the combined rate of the unemployed and potential workforce was estimated to be 16.7%.

These figures indicate positive developments in the labor market, with a decrease in unemployment and an increase in employment. However, there is still room for improvement, especially concerning gender disparities and youth unemployment rates.

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