6 things to know about the job market right now: It's 'near-perfect,' economist says


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1. Job growth has slowed

According to the Labor Department, 187,000 new jobs were added in August. This is down from 201,000 jobs added in June. But August’s reading is “exactly on par” with the average for 2015-2019 of 190,000. She said that job growth in August was broad-based and across all industries. CEA reported that while still high, this is down from 4.9% in August and a peak 6.4% in January of 2022. Labor Department data shows that inflation was outpacing the growth of average hourly wage for two years between April 2021 and April 2023. The average worker’s living standard was eroded.

In July, real average hourly earnings rose 1.1% from a year earlier, following increases of 1.3% and 0.2% in June and May, respectively, according to the Labor Department.

6. Pollak: Jobseekers must be “on their game”. She said that there are still opportunities, but they will be harder to come by. “Apply as early as possible and apply often.” “Speed is important. “