July Labor Report Recap
The recent labor report from the Bureau of Labor Statistics shows growth in the job market, with 187,000 new jobs added in July 2023. Although the number of jobs added decreased by 22,000 compared to June 2023, the job market is still moving in a positive direction. This is further evidenced by the unemployment rate slightly decreasing to 3.5% compared to 3.6% last month.
The industries with the largest increase of new jobs in July were healthcare, social assistance, financial activities, and wholesale trade.
The financial activities industry added 19,000 roles this past month. Although the first quarter saw fewer jobs added, the second quarter saw an average of 16,000 jobs added each month.
Healthcare continues to grow significantly, with 63,000 new jobs added this month. Throughout the past 12 months, the healthcare industry saw an average of 51,000 new jobs added monthly.
Although there were fewer new jobs this month compared to June, it’s evident there is continued growth in the job market.
Hiring is still sizzling this summer, and Addison Group will find you the talent you’re searching for! With more than 20 years of experience, we have experts who can fill roles with candidates in various industries nationwide. Reach out today!
Source: July 2023 Monthly Jobs Report, Bureau of Labor Statistics