Jobs Report August 2023

October 3, 2023
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The labor market was sprinting last year and now it’s getting closer to a marathon pace. A slowdown is welcome; it’s the only way to go the distance.

Nick Bunker, head of economic research at the Indeed Hiring Lab, on the August jobs report.

Why It Matters: The U.S. economy added 187,000 jobs in August – slightly better than expected – while the unemployment rate rose slightly as more people started looking for work (often a sign of a healthy job market).

The current unemployment rate is 3.8% – up from 3.5%.

Big Picture: The jobs report reflects a still growing, albeit slowing, job market – that could potentially signal slowing inflation.

US employers added a solid 187,000 jobs in August in sign of a still-resilient labor market

Unemployment rate unexpectedly rose to 3.8% in August as payrolls increased by 187,000

by Emily Hooker, based in Texas