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Learn more Talk to salesThe #1 ATS in market share, our cloud-based recruiting software is built for both commercial and large, global employers.
Learn more Talk to salesAttract the best talent for your business with powerful, on-brand career websites that excite candidates and drive engagement.
Learn more Talk to salesBuild talent pipelines, engage candidates with multi-channel marketing campaigns, and use machine learning to automatically surface the right talent for the job.
Learn more Talk to salesEmpower candidates with automated self-service, qualification screening, and interview scheduling through an AI-enabled digital assistant.
Learn more Talk to salesSimplify employee onboarding with automated processes that maximize engagement and accelerate productivity.
Learn more Talk to salesCompliment your sourcing and engagement efforts with award-winning lead scoring and advanced campaign personalization.
Learn more Talk to salesImprove employee experience, retention, and reduce internal talent mobility friction with the iCIMS Opportunity Marketplace.
Learn more Talk to salesVerify skills with game-changing levels of automation and simplicity to improve the quality of hire at scale.
Learn more Talk to salesModernize, streamline, and accelerate your communication with candidates and employees.
Learn more Talk to salesTransform the talent experience by showcasing your authentic employer brand through employee-generated video testimonials.
Learn more Talk to salesGet robust analytics that help you make sense of your data and illuminate your talent pool.
Learn moreSimplify recruiting, dynamically engage talent, and reduce hiring bias with job matching and recruiting chatbot technology.
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September 7, 2018 
3 min read
The August jobs report showed numerous signs of normalization and late-cycle dynamics. There were the higher wages of course, but also slower trend payroll growth, a leveling off of the unemployment rate, and “involuntary” part-time work and other forms of under-employment converging toward already-low unemployment. If we are seeing the labor market re-normalize, that raises a lot of questions about the questions we have been asking about the old models. Maybe they work after all, but what are the right trigger points and what’s wrong with how we’ve been calibrating them? For investors and policy wonks, this all makes Fed Chairman Powell’s recent speech about the inherent uncertainty in economic forecasting appear prescient. While the cyclical outlook is center stage in this report, it’s worth keeping an eye on the few signs that trade tensions may finally be unnerving some employers.
The Highlights
The Rundown
The Outlook
This is a report that will strengthen the Fed’s resolve to hike, including in December. Markets are responding accordingly, pricing out the lower-probability possibility of the Fed skipping a December hike. Many commentators interpreted Chairman Powell’s Jackson Hole speech as dovish, but this employment report will lead them to reappraise that speech’s even-handedness and its emphasis on managing uncertainty and focusing on inflation expectations.
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