UKG: Expect ?Upside Surprise? in May Jobs Report

BY Business Wire | ECONOMIC | 05/30/23 05:00 AM EDT

Live workforce activity briefing to analyze surging shift work, labor market outlook today at 10:00 a.m. ET


This press release features multimedia. View the full release here:


Ahead of Friday?s Employment Situation Report (monthly jobs report) published by the U.S. Bureau of Labor Statistics (BLS), UKG will discuss important and emerging trends from May 2023 shaping the labor market today (Tuesday, May 30) at 10 a.m., including:

  • Surging gains in shift work1 at U.S. businesses in May, with workforce activity jumping 1.0% to post the strongest month since late 2021;
  • Strength across all industries, such as retail, foodservice, and hospitality (1.6%); services and distribution (1.2%); healthcare (1.8%); manufacturing (0.1%); and by size segment, including large and small businesses; and
  • How seasonal industries ? such as retail, foodservice, and hospitality ? are getting a jumpstart on summer hiring, despite a tight labor market.


Register to attend the UKG live labor market briefing.



Dave Gilbertson, vice president and labor economist, UKG

?On the heels of a strong April, shift work in May experienced its biggest non-seasonal surge since late 2021. We?re seeing signs of strength and improvement across every key measurement. We have high confidence May will see an upside surprise in job creation that is not reflected in the current consensus predictions.?



The UKG Workforce Activity Report is a high-frequency index analyzing shift work trends across 4.2 million people at 35,000 U.S. businesses to understand the economy. Reports are published and briefings are held each Tuesday prior to the publication of the BLS Employment Situation Report. Upcoming schedule:

  • June Workforce Activity Report: July 5, 2023
  • July Workforce Activity Report: August 1, 2023


About UKG

At UKG, our purpose is people. As strong believers in the power of culture and belonging as the secret to success, we champion great workplaces and build lifelong partnerships with our customers to show what?s possible when businesses invest in their people. Today one of the world?s leading HCM cloud companies, our unique Life-work Technology approach to HR, payroll, and workforce management solutions for all people helps more than 75,000 organizations around the globe across every industry anticipate and adapt to their employees? needs beyond just work. To learn more, visit

Footnote 1: ?Shifts worked? is a total derived from aggregated employee time and attendance data and reflects the number of times that employees, especially those who are paid hourly or must be physically present at a workplace to perform their jobs, ?clock in? and ?clock out? via a timeclock, mobile app, computer, or other device at the beginning and end of each shift.

Copyright 2023 UKG Inc. All rights reserved. For a full list of UKG trademarks, please visit All other trademarks, if any, are property of their respective owners. All specifications are subject to change.

Follow UKG on Facebook, Instagram, LinkedIn, Twitter, and YouTube.

Source: UKG

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.