US Jobs Report Review: July 2023
The great employment market moderation continues, but for how much longer?
Executive summary
The unemployment rate dipped for the second consecutive month in June, falling to 3.5%.
Nevertheless, nonfarm payroll growth continues to moderate, with 3-month moving average growth falling to 218k in July, the lowest since January 2021, while the 3-month annualised growth rate fell to 1.7%.
Lower nonfarm payrolls growth has been driven …