Key Takeaways:

  • The labor market had an unexpected spike in non-farm payrolls.
  • The unemployment rate has increased. 
  • The future of our economy is uncertain.

Once again the labor market has thrown experts for a loop with increasing non-farm payrolls. After months of record breaking numbers, economists were expecting August to be the month the market finally found stability for the economy’s sake. But, once again the market has thrown us all for a loop.

According to the U.S. Labor Department’s job report for August 2023, employers added 187,000 jobs and the unemployment rate increased to 3.8%. Healthcare has shown the biggest gains this month once again, with hospitality and leisure markets following suit. Many were hopeful that the unemployment rate would continue to fall, and that our economy would start to recover from the aftermath of COVID-19, but the labor market seems hard to predict for many. 

Stay tuned for more valuable data insights and predictions for Greenwich HR. Interested to know how your company can gain valuable key insights of the labor market? Learn more about our compensation and labor insights today and stay tuned for the September pre-job report.