Key Takeaways from the August Jobs Report
- The economy added a total of 187,000 jobs, similar to July
- Job growth continues to seem like it is gradually moderating; after 29 months in which job surpassed 200,000, the past three months have been slightly below
- The unemployment rate rose to 3.8 percent from 3.5 percent, but for a positive reason: more people are looking for work (with some people moving from permanently unemployed to job-seeking)
- Economist still are not seeing strong recessionary signals
Assessing the economy in 2023
A mid-year report from JP Morgan identifies several reason for optimism around the economy and job market:
- While job growth seems to be moderating, the labor market remains quite tight.
- The Fed’s interest rate hikes seem to be coming to an end.
- Pandemic-related supply-chain problems seem to be largely resolved.
Industry-specific hiring trends in August 2023
- In August, health care added 71,000 jobs, following a gain of similar magnitude in the prior month. Over the month, job growth continued in ambulatory health care services (+40,000), nursing and residential care facilities (+17,000), and hospitals (+15,000).
- Employment in leisure and hospitality continued to trend up in August (+40,000). The industry had gained an average of 61,000 jobs per month over the prior 12 months. Employment in the industry remains below its pre-pandemic February 2020 level by 290,000, or 1.7 percent.
- Employment in social assistance increased by 26,000 in August, in line with the prior 12-month average gain (+22,000). Over the month, job growth continued in individual and family services (+21,000).
- Construction employment continued to trend up in August (+22,000), in line with the average monthly gain over the prior 12 months (+17,000). Within the industry, employment continued to trend up over the month in specialty trade contractors (+11,000) and in heavy and civil engineering construction (+7,000).
Catch Up With Previous Jobs Reports
- Moderating growth in July
- Signs of a possible “soft landing” in June
- May’s economic resiliency
- Reassessing the strength of the economy in April
- March’s strong growth
- February’s blockbuster growth
- January’s strong growth despite Omicron
- Promising news for hospitality in December
- November’s mixed picture
- October’s robust gains
- A slower-than-expected report in September
- The summer‘s roaring recovery trajectory
- Better than expected growth in June, especially in travel
- Strong signs of recovery in May
- An anemic April jobs report
Stay on Top of Economic Trends Transforming Executive Recruiting
Each week, we here at ACCUR Recruiting Services aim to give you an up-to-the-minute look at the key trends that will affect hiring in your business. We leverage our extensive experience working with Fortune 500 companies, legacy brands and private-equity backed companies to offer the most candid advice possible on attracting and retaining top executive talent.
Be sure to bookmark our regular series:
- Monthly Jobs Report with a quick summary of how the economic picture is affecting your industry
- Ask a Recruiter series which gives candid hiring advice based on questions from our clients.
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