U.S. Economic Snapshot
August 2023
United States
The labor market showed more signs of cooling in July, with
employers adding 187,000 new jobs in the month — fewer than expected. However, labor supply remains tight, with the unemployment rate dropping to 3.5% and the labor force participation rate hovering at 62.6% for the fifth month in a row. Wage growth also remains elevated, rising 4.4% year over year.