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Special Report

Employment Research Brief

July 2023

Sturdy Labor Market Sustains Positive
Momentum for Multifamily and Retail

Employment growth strong, but down from recent periods. Monthly hiring dropped below the 300,000 mark for the fourth time this year with the creation of 209,000 jobs in June. While the softest period for employment growth since December 2020, June’s total is still well above the past 30-year average of 126,000. Staff additions were led by 60,000 new public sector positions, while payroll gains in private industry were most apparent in healthcare, social assistance, and construction. Amid this hiring, the unemployment rate dipped 10 basis points to 3.6 percent, staying within the 3.4 percent-to-3.7 percent band maintained since March 2022. A still-tight labor market is translating to above-average year-over-year wage growth of 4.4 percent, which has been sustained since April, supporting household budgets.

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