August 2023 Employment Data Digest

August 2023 Employment Data Digest

• The U.S. economy added 187,000 jobs in August, an increase from the 157,000 jobs added in July.
• The overall unemployment rose from 3.5 percent in July to 3.8 percent in August. The 55+ unemployment rate increased from 2.3 percent to 2.7 percent. For men ages 55+, it increased from 2.2 percent to 2.8 percent. The unemployment rate for women ages 55+ increased from 2.3 percent to 2.5 percent.
• The percentage of jobseekers ages 55+ who were long-term unemployed in August was 27.1 percent compared to 19.5 percent of jobseekers ages 16 to 54. 
• The total labor force participation rate increased from 62.6 percent to 62.8 percent. For those ages 55+, it increased from 38.6 percent to 38.8 percent. The (unadjusted) rate for those ages 65+ was unchanged at 19.3 percent.

U.S. WORKFORCE:

• 187,000 jobs added in August ↑
• Unemployment rate: 3.8 percent ↑
• Number of unemployed persons: 6.4 million ↑
• Labor force participation rate: 62.8 percent ↑
• Long-term unemployed ages 16–54: 19.5 percent ↑

55 AND OLDER U.S. WORKFORCE:

• 37.7 million 55+ workers employed in August ↑
• 55+ unemployment rate: 2.7 percent ↑
• Number of 55+ unemployed persons: 1.0 million ↑
• 55+ labor force participation rate: 38.8 percent ↑
• 55+ long-term unemployed: 27.1 percent ↑

Source: Bureau of Labor Statistics. Arrows denote a directional change from the prior month.