> July 2023 Jobs Report: Payrolls +187k, Unemployment 3.5%
> Source: https://interestratedecision.com/jobs-report/july-2023/ · Content last changed: 2026-11-09
> InterestRateDecision.com: free to quote with a link to the page above.

US jobs report for July 2023: payrolls +187k, unemployment 3.5%, hourly earnings +0.4% on the month. EUR/USD moved +30.7 pips in 15 minutes.

# July 2023 jobs report

The July 2023 jobs report showed US employers added +187k jobs (+209k in the June 2023 report as first published). The unemployment rate was 3.5%, down from 3.6%, and average hourly earnings rose +0.4% on the month and 4.4% on the year.

Jobs added**+187k**+209k the report before

Unemployment**3.5%**3.6% the report before

Earnings a year**4.4%**+0.4% on the month

EUR/USD, 15 min**+30.7**pips against the last price before

## The July 2023 figures

Released Friday, August 4, 2023 at 8:30 AM EDT. Source: U.S. Bureau of Labor Statistics, as first published.

| Measure | July 2023 | June 2023 |
| --- | --- | --- |
| **Nonfarm payrolls, jobs added** | **+187k** | +209k |
| **Unemployment rate** | **3.5%** | 3.6% |
| **Average hourly earnings, a month** | **+0.4%** | +0.4% |
| **Average hourly earnings, a year** | **4.4%** | 4.4% |

As first published: later reports revise these figures. This compares with earlier reports, not with what economists expected.

## What the dollar did in the hour after

Pips against the last price before the release (8:30 AM EDT), from one-minute candles. A negative EUR/USD, GBP/USD, AUD/USD or NZD/USD move, or a positive USD/JPY, USD/CHF or USD/CAD move, is a higher dollar.

| Pair | 1 min | 5 min | 15 min | 60 min | Furthest up, 15 min | Furthest down, 15 min | At 15 minutes |
| --- | --- | --- | --- | --- | --- | --- | --- |
| **EUR/USD** | +23.2 | +14.7 | **+30.7** | +72.1 | +34.8 | −14.1 | dollar lower |
| **GBP/USD** | +27.6 | +11.0 | **+26.9** | +67.7 | +36.1 | −17.4 | dollar lower |
| **USD/JPY** | −22.4 | +3.6 | **−23.4** | −68.5 | +32.0 | −34.7 | dollar lower |
| **USD/CHF** | −15.2 | +1.1 | **−17.3** | −49.2 | +17.8 | −20.9 | dollar lower |
| **AUD/USD** | +16.1 | +5.5 | **+15.4** | +33.6 | +20.4 | −10.8 | dollar lower |
| **USD/CAD** | +0.7 | +18.5 | **+9.8** | −3.3 | +28.7 | −6.6 | dollar higher |
| **NZD/USD** | +13.3 | +5.0 | **+11.2** | +32.9 | +16.6 | −12.3 | dollar lower |

Past reactions describe what happened; they are not a forecast. All 46 reports since Jan 6, 2023 are compared on the [jobs report](https://interestratedecision.com/jobs-report/) page.

## What it means for the next Fed decision

The Fed decides next on [Wednesday, December 9, 2026](https://interestratedecision.com/fed/) at 2:00 PM EST. Data like this jobs report is part of what the committee weighs: see [the Fed rate forecast](https://interestratedecision.com/blog/fed-rate-forecast/) for the dots against today’s rate.

The odds from the record for that meeting: **hold 62%**. They are counted from every Fed decision since 2008 by fixed rules, not from markets and not from this report: [how they are made](https://interestratedecision.com/fed/rate-odds/).

Cut **1%** Hold **62%** Hike **37%**

## More

The next jobs release, for November 2026, is due on Friday, December 4, 2026. Also: [the US CPI report](https://interestratedecision.com/cpi/), [the jobs report](https://interestratedecision.com/jobs-report/), [PCE inflation](https://interestratedecision.com/pce/), [retail sales](https://interestratedecision.com/retail-sales/) and [GDP](https://interestratedecision.com/gdp/).

[← June 2023](https://interestratedecision.com/jobs-report/june-2023/) [August 2023 →](https://interestratedecision.com/jobs-report/august-2023/)

## Questions

What was the July 2023 jobs report?

The July 2023 jobs report showed US employers added +187k jobs (+209k in the June 2023 report as first published). The unemployment rate was 3.5%, down from 3.6%, and average hourly earnings rose +0.4% on the month and 4.4% on the year.

How did the dollar react to the July 2023 jobs report?

Measured on one-minute candles against the last price before the release, EUR/USD moved +23.2 pips in one minute, +14.7 in five, +30.7 in fifteen and +72.1 in sixty (a negative move is a higher dollar). In the first 15 minutes it went as far as +34.8 up and −14.1 down. Past reactions describe what happened, not what will.

Was it higher or lower than the report before?

The headline figure, nonfarm payrolls, jobs added, was +187k, lower than +209k in the June 2023 report. That compares with the report before, not with what economists expected, which this site does not publish.

Where do the figures come from?

U.S. Bureau of Labor Statistics, as first published, read automatically and never typed by hand. Reports are later revised, so a later figure for the same month can differ; check the agency’s own site.

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