RECRUITMENT & RETENTION

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The US economy unexpectedly lost jobs in July, the latest jobs report from the Bureau of Labor Statistics reported, further dashing hopes that the summer months would warm the cooling labor market.

Diving into the data. Total payrolls for July declined by 23,000 from the month prior, significantly below the gain of 95,000 that economists predicted. Additionally, jobs gains for May and June were revised down, from 129,000 to 63,000 and 57,000 to 20,000—that’s 103,000 fewer than first reported.

The unemployment rate fell slightly, from 4.2% in June to 4.1% in July, and was down from 4.3% year over year. But that was likely tied to a decline in the labor force participation rate, which fell to 61.4%, continuing its downward slide since May. Two months of data isn’t enough to declare a trend, but Daniel Zhao, Glassdoor’s chief economist, noted that “the decline in labor force participation is a more concerning indicator that workers are giving up on finding a job.”

Zoom out. Despite concerning topline numbers, there are signs that the labor market is stable. Looking ahead, HR leaders should craft their talent strategies to be resilient and adaptive to uncertainty. It’s difficult to gauge which direction the labor market is headed when turnover is slow, Zhao said.

For more on what HR needs to know about the latest jobs report, keep reading here.—PM

      

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DEI

Anna Kim

While women spent decades making progress in corporate America, new research indicates a widening gender pay gap and new hurdles for advancement.

Widening pay gap? Some 63% of women said they would feel pressure to accept a lower-paying job after a layoff, compared to 52% of men, according to a recent Glassdoor survey seen by Bloomberg. That could exacerbate the pay gap that’s been widening since 2024, the Economic Policy Institute reported.

“In a weakening labor market, it’s the most exposed workers who are going to feel it the hardest, and they’re going to feel it first,” Chris Martin, senior economist at Glassdoor, told Bloomberg.

The gap is worse for Black women. While Black women in the US are just as likely to have advanced education as white men, the average Black woman makes 69% of what the average white man earns, according to a recent report from The 75 Million.

For more on the challenges facing women in the workforce, keep reading here.—KP

      

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Tom Samuelson

Metabolic diseases such as Type 2 diabetes can be expensive for employers to cover, especially if employees are prescribed GLP-1s, which can cost $1,000 to $1,500 per person per month. Startup Twin Health aims to change that. Its technology, offered to employers, uses a combination of AI and wearable devices that track metrics such as blood sugar, weight, and activity levels to create “digital twins” of employees with metabolic conditions. Employees receive health coaching and can view meal recommendations and health data on an app.A Cleveland Clinic study found that, over one year, 71% of diabetics using Twin Health were able to lower their blood sugar. The percentage using GLP-1s dropped from 41% to 6%.

Twin Health, founded in 2018, has nearly 200 companies as customers, including giants like Blackstone and Walmart. A Series E round last year brought in $53 million, taking the company’s valuation to $950 million. But its business model rests on a proposition more closely associated with law firms than health care startups: In some cases, Twin Health doesn’t get paid unless employees enrolled in the program reach certain benchmarks, such as lower weight or blood sugar, or using fewer medications.

For more on Twin Health, keep reading on CFO Brew.—CV

      

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Francis Scialabba

Today’s top HR reads.

Stat: Some 68,000 job seekers attended a job fair in north Texas where 670 employers were looking to hire, illustrating the challenges workers are facing amid the tight job market. (CBS News)

Quote: “Instead of asking ‘how do I file a form to request my vacation’ from our employee agent, they’re telling the employee agent, ‘hey I’m taking a vacation, you need to enter this form for me, and here’s the details.’”—Joe Inzerillo, president of enterprise and AI technology at Salesforce, on how AI agent usage is evolving (CIO)

Read: Nevada Sen. Catherine Cortez introduced legislation that would authorize the Department of Health & Human Services to study and develop workplace reforms to prevent suicide in the construction industry. (Construction Dive)

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