The U.S. economy added 187,000 jobs in July – the most modest gains since late 2020. Job growth appears to be normalizing while strong wage growth and a steadily low unemployment rate reflect the labor market's resiliency.
The gap between job openings and available talent remains significant at nearly 1.6 jobs for every available worker. And while the labor participation rate remains steady at 62.6%, it's still below the 63.3% last seen in February 2020.
This means employers need to get creative about addressing the skills gap — leveraging a combination of upskilling, reskilling and outside talent. As RGP CEO Kate Duchene told Bloomberg’s The Tape Podcast last month, “This imbalance in available work and available talent is going to persist. That’s not something that’s going away when recession worries go away.”
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