Pedestrians cross 5th Avenue near Trump Tower in New York on April 3, 2023.
A look beneath solid headline jobs numbers shows some cracks are starting to form in the U.S. labor market. Here are the signs:
1. Growth Slowdown
Employers added 209,000 workers to their payrolls in June—the smallest monthly increase since the end of 2020—and downward revisions to the prior two months showed hiring slowing more than previously thought. In August, the Bureau of Labor Statistics (BLS) will publish preliminary annual revisions to payroll numbers, which could show further softening for the first few months of the year.
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