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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 jobs market remains resilient even as the U.S. economy slowed through recession worries, interest rate hikes, tech and large company layoffs, and banking sector instability. More workers are entering the labor force and the participation rate for workers aged 25 to 54 is the highest since March 2008. Unemployment remains low, even though the pace of hiring is gradually cooling. Workers can still find jobs and job losses dropped in April.