August Labor Report Recap
The latest labor report from the Bureau of Labor Statistics shows steady growth in the job market, with 187,000 new jobs added in August 2023. The number of new jobs remains unchanged compared to July 2023, so we’re still seeing a steady rate of roles added. However, the unemployment rate increased to 3.8% compared to 3.5% last month.
The industries that saw the most jobs added were healthcare, leisure and hospitality, and social assistance.
Similar to previous months, the healthcare industry is growing tremendously, with 71,000 new jobs added this month. This number is an increase of 8,000 jobs compared to last month.
Leisure and hospitality added 40,000 jobs in August. Throughout the last 12 months, leisure and hospitality gained an average of 61,000 new roles per month.
Professional and business services saw a slight increase of 19,000 jobs added in August.
Although the number of new jobs remained unchanged compared to last month, it’s clear that the job market is stable.
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Source: August 2023 Monthly Jobs Report, Bureau of Labor Statistics
