The U.S. economy witnessed the most insignificant jobs increase since December 2020

August 7, 2023: The U.S. economy witnessed the most insignificant jobs increase since December 2020. Still, Acting Labor Secretary Julie Su said the number reflects what experts increasingly believe is a “soft landing” for the U.S. economy.

Nonfarm payrolls increased by 187,000 in the previous month, slightly below expectations, and the unemployment rate decreased to 3.5%.

“This is an example of slow and steady growth,” Su told on Friday.

“This is still less than 4% for the longest stretch since the 1960s,” Su said of the unemployment rate, which has remained low for the past 18 months.

She also touted the “very high labor force participation rate, especially among prime-age workers aged 25 to 54.”

The percentage of women in the labor force rose to 49.9% in July, a rate seen only twice before in public data, in December 2019, just before the pandemic, and 2009, when it rose as a result of the high number of men who lost jobs in the Great Recession.

Despite the encouraging numbers, Su said the government can still do a better job supporting women’s transition back to work in the post-Covid economy.

“I think that what it’s going to take to increase labor force participation further is going to be addressing some of the structural issues that keep workers out of the labor market,” said Su. Securing childcare that is affordable and reliable will be crucial, she added.