The U.S. labor market is slowing, gradually. In June, the US economy added 209,000 jobs and the unemployment rate ticked down to 3.6%. Overall, this jobs report neither shows the bottom falling out, nor sustained overheating. Instead, it’s a slow and steady normalization.
Put them in, Coach! Participation increases again
Prime-age labor force participation increased yet again, to 83.5%, the highest since 2001. Though demand for labor remains unmatched, the labor shortages that employers sighed over a year ago have definitely subsided some. This strong labor market has pulled workers in from the sidelines.