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September 01, 2023US EMPLOYMENT, AUGUST 2023 US Employment (August 2023 vs July 2023)
The US Bureau of Labor Statistics reports that US non-farm payroll employment increased 187,000 in August 2023.
US employment rose consistently above pre-pandemic levels starting in June 2022, though the participation rate in the labour force remains lower.
The US unemployment rate increased 0.3 percentage points to 3.8% in August 2023. US unemployment rate returned to its pre-pandemic trend in January 2022 and remained relatively stable during 2022 and in the first eight months of 2023.
The US participation rate increased 0.2 percentage points to 62.8%. At its lowest point in April 2020, the participation rate fell to 60.1%. Although the participation rate has recovered since then, it remains 0.5 percentage points lower than it was prior to the pandemic.
The US employment to population ratio remained stable at 60.4% in August 2023. The US employment rate has maintained a very gradual upward trend since the middle of 2013 and declined sharply in April 2020 due to COVID-19. Since reaching a recorded low of 51.3% ratio in April 2020, the US employment to population ratio increased to April 2022 and then remained largely flat in most of 2022. In the fall of 2022 the ratio returned to its gradual upward trend.
Note: Canadian and US labour force statistics refer to different working-age cohorts.
Statistics Canada's Labour Force Survey results for August will be released on September 08, 2023.
Sources: US Bureau of Labor Statistics news release, Commissioner's Statement on the Employment Situation retrieved using FRED API from Federal Reserve Bank of St. Louis
Statistics Canada. Table 14-10-0287-01 Labour force characteristics, monthly, seasonally adjusted and trend-cycle
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