August 2022 Jobs Report: 
A Look at July’s Trends

Executive Summary

With the addition of 528,000 jobs, July’s job growth was well beyond 2022’s monthly average of 453,000. Despite this significant increase, the labor force participation rate fell for the third time this year, landing at 62.1%, a likely signal that a tight job market is here to stay. As job seekers respond to a general feeling of uncertainty related to factors like record-high inflation and looming recession fears, many have been willing to accept offers and settle into roles that provide a sense of security. Companies are also responding to uncertain times with 45% noting they expect to cut spending by reducing the amount of money spent on real estate — a strategy that could make remote work accommodations commonplace at more companies.