U.S. Jobs & Labor Report: August 2023

Report summary

The U.S. labor market remains incredibly resilient, even as the Federal Reserve in July pushed up its benchmark interest rate to the highest level in 22 years. Morning Consult data shows that the incidence of lost pay or income across regions and demographic groups is still relatively modest as unemployment remains near historic lows.

Key Takeaways

  • Morning Consult’s Lost Pay and Income Tracker declined again in July, falling to 10.4% from 10.6% in June.
  • A steep drop in the incidence of lost pay among high earners drove the decline, but the monthly average for low-income adults ticked higher. Overall, the share of U.S. adults reporting pay and income losses is low.
  • Pay losses are down across all regions of the United States, reflecting relatively low rates of unemployment and tight labor markets nationwide.

About the author

A headshot photograph of Jesse Wheeler
Jesse Wheeler
Senior Economist

Jesse Wheeler previously worked at Morning Consult as a senior economist.