Looking for a New Job? What the Recent Job Market Cooldown Could Mean For You
Written by
Dawn Allcot
Edited by
Nicholas Morine
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Whether you’ve been laid off and seeking employment or just looking to change jobs, you could find fewer opportunities than you had earlier in the summer.
The new August jobs report released by the Bureau of Labor Statistics (BLS) indicated that just 187,000 new positions were added to the job market in July. Experts had predicted a net gain of 200,000 jobs. Meanwhile, June’s job growth was revised down from 209,000 jobs to 185,000 jobs.
While the change is minimal — and the unemployment rate has remained stable at 3.5% — the downward revisions suggest a slowdown in the economy. J.P. Morgan called July’s numbers “a sustained slowdown” compared to the 312,000 average monthly gains reported over the past 12 months.
While the slowdown in job growth bodes well in the fight against inflation, it could be bad news for job-seekers this summer. Of course, it depends on the industry you’re in.
The jobs report showed a slowdown in jobs in leisure and hospitality, with the industry adding just 17,000 jobs in July as compared to 67,000 jobs in the first quarter of 2023. Leisure and hospitality employment remains 2.1% below pre-pandemic levels, J.P. Morgan reported.
However, if you’re looking for a job in the healthcare field, you’re likely to have more options. Job opportunities have increased with a net of 63,000 new jobs added, compared to an average of 51,000 jobs per month added in the past year.
The fields of social assistance and finance also showed strong gains, with 24,000 and 19,000 new jobs added in July 2023, respectively.
If you’re unemployed and looking for work, patience is key, experts say. The latest jobs report showed that 36.9% of unemployed people have been out of work for more than 3.5 months. A willingness to change fields, consider training or adult education in a new industry, or even relocate can improve your odds of finding a job.
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