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

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Executive Summary

By Nicholas Ault, Aston Carter Market Research Analyst

Job growth continued in August, with 187,000 jobs added, 179,000 in the private sector and 8,000 in the public sector. The unemployment rate slightly increased to 3.8%, the highest rate since February 2022, but still remains historically low. The labor force participation rate grew for the first time since March by 0.2% to 62.8%, bringing it closer to the pre-pandemic level (63.3%). Unemployed workers per job opening remained the same (1.5), and job openings remained at 9.58 million.

The core business areas Aston Carter supports saw growth in August, with finance and insurance adding 3,400 jobs and professional and business services spiking by 19,000 jobs.

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August 2023 labor market trends: 187K jobs gained and 3.8% unemployment rate.

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