A steady market, but fewer Americans got jobs in July than expected.

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The entire economy is fending off a recession. Though unemployment dipped to 3.5% in the past month, US employers only added 187,000 jobs in the last month which was fewer than expected. Economists forecasted 200,000 new jobs in July. 

Still, these numbers were solid enough to ease the pressure on employers having to raise wages to attract and keep good talent. 

As interest rates rise (11 times since March 2022), unemployment and wages are something to look out for. 

For employers, interest rates directly impact budgets given that businesses would much rather wait out the current market when borrowing costs are too high. This hampers hiring and tightens the labor market, unfortunate news for aspiring applicants.

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