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

Executive Summary

By Nicholas Ault, Aston Carter Market Research Analyst

Job growth accelerated at a slower rate in June, with 209,000 jobs added (130,000 fewer jobs than last month), 149,000 of which were in the private sector and 60,000 of which were in the public sector. The unemployment rate decreased to 3.6%, only slightly higher than the 2023 low of 3.4%. The labor force participation rate remained unchanged for the fourth month in a row, still 0.7 percentage points below pre-pandemic levels.

Unemployed workers per job opening increased in June, reaching around 1.6 jobs per unemployed worker as job openings cooled to the 9.8 million mark, still 43% 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 at a historic low of 1.55. The number of workers seeking part-time work for economic reasons increased, partially reflecting cut hours or layoffs.