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The U.S. economy added 187,000 jobs in July, below expectations but a slight gain from the downwardly revised June number of +185,000. The labor market continues to cool but remains strong, with more job opportunities than candidates looking for work. With a strong labor market, stable unemployment, and wage gains outpacing inflation, many economists now think the U.S. may see a soft landing and avoid the recession that has been looming for more than a year. The market remains resilient against challenges, including 11 Federal Reserve interest rate hikes to reduce inflation.

We are back with the latest jobs data! Employment growth eased in June and came in below expectations. While historically, +209K new jobs added is a strong gain, it’s the slowest month for job creation since December 2020. Overall, the job market remains strong, but it is cooling and getting back to balanced.

It’s another month of interesting results in the roller coaster we call the jobs market! Even as the economy slows and unemployment rises, the labor market remains resilient. Employers are still finding it difficult to fill openings as the number of open jobs moved back above 10M. May marked the 29th straight month of positive job growth.

The Recognition Edition of our 2023 Job Seeker Survey Report includes important information and historical data that underscore the importance of recognition during each stage of the employee life cycle. Based on a survey of 1,500 active and passive candidates across major industries, this report provides compelling evidence you can use to educate your internal stakeholders and gain support for your recognition programs.