Key Takeaways:

  • The labor market is cooling, but still breaking records.
  • The unemployment rate has decreased. 
  • Odds of a recession are now far and few between.

The labor market is cooling down in the heat of summer 2023 after months of record breaking numbers. But, the July 2023 labor market report is still breaking records that have been set a decade ago for number of jobs added. 

According to the U.S. Labor Department’s job report for July 2023, employers added 180,000 jobs and the unemployment rate decreased to 3.5%. There are still more jobs available than there are workers looking for openings. This is good news for the American economy as odds of a recession are less likely.

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 March pre-job report.