The July 2023 Jobs Report shows the unemployment rate edged down slightly to 3.5% in July, a near-record low from 3.6% the month prior. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 187,000 and the number of unemployed people is at 5.8 million, lower than the reported 6 million in June.
The unemployment rate has ranged from 3.4 percent to 3.7 percent since March 2022.
The unemployment rate for college-degreed professionals 25 years and older stayed the same at 2.0%. Job seekers with some college or an associate degree also see unemployment remain the same at 3.1% in July.
Health care, social assistance, financial activities, and wholesale trade saw notable gains.
Jobs added by industry:
- Healthcare: 63,000 jobs added
- Social Assistance: 24,000 jobs added
- Financial Activities: 19,000 jobs added
- Wholesale Trade: 18,000 jobs added
- Construction: 19,000 jobs added
- Leisure and Hospitality: 17,000 jobs added
Wage growth rose by 14 cents in July 2023.
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 14 cents or 0.4% to $33.74. Over the past 12 months, average hourly earnings have increased by 4.4%.
30% of U.S. employees are part of the “hybrid” workforce and 62% of workers say they are more productive while working remotely.
With the ever-changing labor market, how can businesses efficiently manage their workplace and boost employee satisfaction? Our 2023 Mid-Year Market Report includes a snapshot of workplace trends, national and local employment trends, and more designed to keep you informed and ready for success. Contact the team nearest to you today to connect.
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