July 2023 Jobs Report | ACCUR Recruiting Services

Key Takeaways from the July Jobs Report

The economy added a total of 187,000 jobs
Job growth seems to cooling gradually, potentially in response to the Fed’s raising of interest rates
July extends the streak of 31 straight months of job growth
The unemployment rate lowered back down to 3.5 percent, near a record low

Industry-specific hiring trends in July 2023

Health care added 63,000 jobs, compared with the average monthly gain of 51,000 in the prior 12 months. Over the month, job growth occurred in ambulatory health care services (+35,000), hospitals (+16,000), and nursing and residential care facilities (+12,000).
Social assistance added 24,000 jobs in July, in line with the average monthly gain of 23,000 in the prior 12 months. Individual and family services added 19,000 jobs over the month.
Employment in financial activities increased by 19,000 in July. The industry had added an average of 16,000 jobs per month in the second quarter of the year, after employment was essentially flat in the first quarter. Over the month, a job gain in real estate and rental and leasing (+12,000) was partially offset by a loss in commercial banking (-3,000).
Wholesale trade increased by 18,000, after showing little net change in recent months.
Employment in the other services industry continued to trend up in July (+20,000), compared with the average monthly gain of 15,000 over the prior 12 months. Employment in personal and laundry services continued to trend up over the month (+11,000).
Construction employment continued to trend up in July (+19,000), in line with the average monthly gain of 17,000 in the prior 12 months. Over the month, job growth occurred in residential specialty trade contractors (+13,000) and in nonresidential building construction (+11,000).
In July, employment in leisure and hospitality was little changed (+17,000).
Employment in professional and business services changed little in July (-8,000). Monthly job growth in the industry had averaged 38,000 in the prior 12 months. Employment in temporary help services continued to trend down over the month (-22,000) and is down by 205,000 since its peak in March 2022. Employment in professional, scientific, and technical services continued to trend up in July (+24,000).

Gauging other Signals in the Summer Economic Picture

Inflation continued to be moderated by the Fed’s action on interest rates, further signaling that the elusive “soft landing” of the economy may be coming to fruition.

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Catch Up With Previous Jobs Reports

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

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Monthly Jobs Report with a quick summary of how the economic picture is affecting your industry
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