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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.

In the post-pandemic work environment, early attrition has become a problem that many organizations struggle to address. Record low unemployment, changes in work attitudes and expectations, and the high cost of replacing people who quit have made retention strategy a high priority for HR leaders.

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.

While it’s true that customers who are treated well and have a great experience will continue to come back and spend more, it’s also true that behind every positive customer experience is a dedicated employee.