Below, EPI senior economist Elise Gould offers her insights on the jobs report released this morning, which showed 187,000 jobs added in August. Read the full thread here.
Labor market report this morning is mostly positive:
– Payrolls up 187k, still pulling people in off the sidelines every month
– Increase in unemployment due to rise in participation; employment rate held steady
– Black unemployment ticked down
– Wage growth 4.3% year over year— Elise Gould (@eliselgould) September 1, 2023
Job growth strongest in health care and social assistance, followed by leisure and hospitality, construction, and professional and business services. Notable declines in transportation and warehousing and information. pic.twitter.com/JPxDduPQ6k
— Elise Gould (@eliselgould) September 1, 2023
State govt employment was flat, while local govt employment fell. State and local govt education saw losses of 4,900 and 10,200, respectively. Key to track now as students return to their classrooms.
Overall state and local employment remains 1.5% below pre-pandemic levels. pic.twitter.com/OBxcswHiU4
— Elise Gould (@eliselgould) September 1, 2023
The deceleration in nominal wage growth is even more apparent in the most recent numbers. Year over year wage growth is at 4.3%, a mild decline from last month. The annualized monthly change–a notably more volatile series–dropped significantly in August, down to 2.9%. pic.twitter.com/ynVPcx120D
— Elise Gould (@eliselgould) September 1, 2023
The unemployment rate rose as the employment-to-population ratio (EPOP) held steady and the participation rate ticked up. The EPOP for workers 25-54 held steady, above both the pre-pandemic level as well as the peak before the Great Recession. pic.twitter.com/Z2crI7Pfzz
— Elise Gould (@eliselgould) September 1, 2023
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