



Recruiting News Network
Recruiting
News
OperationsThe Recruiting Worx PodcastMoney + InvestmentsCareer AdviceWorld
Tech
DEI
People
People on the Move
The Leaders
The Makers
People
People on the Move
The Leaders
The Makers
Brand +
Marketing
Events
Labor +
Economics
SUBSCRIBE





Labor + Economics

The effect of the job market on the economy

September 7, 2023

Labor + Economics

The effect of the job market on the economy

September 7, 2023

Photo by Medienstürmer on Unsplash

The U.S. job market continued its recent monthly trend of slower growth, reflecting the economy’s modest expansion pace. August nonfarm payrolls grew by 187,000, slightly exceeding analyst expectations. However, the unemployment rate moved higher, from 3.5% in July to 3.8% in August, though it remains near 50-year lows.1

The U.S. labor market is a key focus of the Federal Reserve (Fed) in its effort to combat persistent inflation. Fed officials have clarified that one objective for achieving lower inflation is tempering wage growth. A strong jobs market is more likely to push wages higher, which could contribute to higher inflation.

The job market’s resiliency, highlighted by consistently low unemployment and solid job growth, is considered one of the key drivers of a surprisingly steady economy. Some market analysts anticipated a recession in 2023. But led by solid consumer spending, fueled in part by the strong employment picture, modest economic growth continues.

What do recent trends tell us about the direction of the job market? How might the Fed react to these trends as it calibrates monetary policy to lower inflation? Does today’s job market provide any guidance for investors as they set expectations for the rest of the year?

Job growth – solid but slowing

Rapid job growth was a feature of the economy throughout 2021 and 2022. The U.S. Bureau of Labor Statistics reported that for all of 2022, non-farm payrolls grew by an average of 399,000 jobs per month. This represented a slower pace than 2021’s rapid job growth, which topped 605,000 per month.2 In 2023, the pace of new job growth is even slower, though it continues to demonstrate stability.

Click to see full article

The U.S. job market continued its recent monthly trend of slower growth, reflecting the economy’s modest expansion pace.

What we're reading

‘We’re all fighting the giant’: Gig workers around the world are finally organizing

by
Peter Guest
-
rest of world

Gig workers are connecting across borders to challenge platforms’ power and policies

Got Zoom fatigue? Out-of-sync brainwaves could be another reason videoconferencing is such a drag

by
Dr. Julie Boland
-
The Conversation

I was curious about why conversation felt more laborious and awkward over Zoom and other video-conferencing software.

How to Purchase an Applicant Tracking System

by
Dave Zielinski
-
SHRM

Experts say the first step in seeking a new ATS should be to evaluate your existing recruiting processes.

View All Articles

Events
No items found.
View All Events
Related Articles

Generational divides: Benefits for multigenerational workforces

March 25, 2025

Workers say it's a 'tough' time to find jobs with hiring rates below prepandemic levels

February 3, 2025

© 2024 recruiting news network.
all rights reserved.



Categories
Technology
Money
People
TA Ops
Events
Editorial
World
Career Advice
Resources
Diversity & Inclusion
TA Tech Marketplace
Information
AboutContactMedia KitPrivacy Policy
Subscribe to newsletter
