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August 2023 Jobs Report: A Look at July's Trends

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Executive Summary

By Nicholas Ault, Aston Carter Market Research Analyst

Job growth continued at a slow rate in July, with 187,000 jobs added (only 22,000 fewer than last month), 172,000 of which were added in the private sector and 15,000 in the public sector. The unemployment rate slightly decreased to 3.5%, only 0.1% higher than the 2023 low of 3.4%. The labor force participation rate remained unchanged for the fifth month in a row, still 0.7 percentage points below pre-pandemic levels.

Unemployed workers per job opening remained the same, about 1.6 jobs per unemployed worker, as job openings continued to cool to 9.58 million, still 41% higher than pre-pandemic levels. Potential workers per job opening — which includes part-time workers who want full-time work, those who left the labor force but want to work and those who are unemployed — remained below historic levels (2.0) at 1.62.

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