This Month's Labor Report Could Make or Break Your Fall Revenue — Here’s Why
If you’ve been wondering whether the economy is helping or hurting your business right now… you're not alone.
July’s jobs report just dropped, and it’s sending a clear message: the hiring boom is over — but we’re not in crisis mode yet. What does this mean for your spa, therapy practice, or online coaching biz? A whole lot more than you might think.
While most headlines skim over the numbers, we dug into the data to find the five biggest implications for business owners — plus five specific action steps you can take today to stay profitable, well-staffed, and resilient in the months ahead.
Let’s get into it.
🔎 The July Labor Market at a Glance
Hiring is slowing fast. The U.S. added just 73,000 jobs in July — the weakest gain in years. Job growth has practically flatlined, with May and June figures revised way down.
Unemployment is stable but rising slightly. July’s jobless rate inched up to 4.2% — still low, but enough to signal a plateau.
Healthcare and wellness jobs are the only ones growing. Health and social assistance added over 70,000 jobs. Almost every other sector was flat or in decline.
Wage growth is modest. Pay rose 3.9% year-over-year, which is just enough to keep up with inflation.
Employees are staying put. Job openings are fewer. Quits are down. Workers want stability — and small business owners can use that to their advantage.
So what’s the takeaway? The red-hot job market is cooling — but wellness remains a bright spot.
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💡 What This Means for Business Owners
Here’s how this economic shift could show up in your day-to-day:
1. Your Clients Are Still Employed — But Getting Cautious
Most people still have jobs and income, which supports spending on self-care… for now. But with hiring stalled, some clients will start thinking twice before committing to high-ticket services. Expect more value-conscious behavior: shorter packages, longer sales cycles, or skipping the “extras.”
Pro tip: Highlight ROI. Emphasize how your services reduce stress, improve health, or save money long-term.
2. Health & Wellness Are Still Non-Negotiables
The only major sectors still adding jobs? Healthcare and wellness. That’s a signal. Consumers may pause on new cars or vacations, but they’re still investing in their health.
Pro tip: Align your messaging with preventative care and stress reduction. Partner with local healthcare providers or offer wellness workshops that speak to essential needs.
3. Now’s a Better Time to Hire (Yes, Really)
With fewer companies aggressively hiring, and more people staying put, you may finally get quality candidates for open roles. The hiring crunch of 2022 is easing.
Pro tip: Refresh your job posts to speak directly to what today’s job seekers want: flexibility, purpose, stability. Your small business might be more attractive than a faceless corporate job.
4. Keep the Great Team You Already Have
Retention is your competitive edge right now. Employees are looking for consistency and care. Give it to them, and they’ll stick around.
Pro tip: Ask your staff what matters most — then act. Small raises, schedule flexibility, or even a shout-out in team meetings can go a long way toward loyalty.
5. Stay Light on Your Feet
This is not the time for rigid plans. With the Fed considering rate cuts, and economic signals mixed, agility is everything.
Pro tip: Have a “Plan A” and “Plan B.” Be ready to pivot your pricing, offerings, or marketing. Build flexibility into your cost structure and calendar.
✅ Action Steps for the Week
Let’s turn insight into action:
🧠 Reevaluate Hiring Plans
Ask: Is now the time to hire, pause, or try contractors first? The window for easier hiring might be open — but only if it fits your demand.
🫶 Retain Your People
Hold 1-on-1s with your team. Find out what’s keeping them engaged — and what might make them leave. Then close the gap.
💬 Refine Your Client Messaging
Review your website, mobile app, and emails. Are you selling features or outcomes? Shift toward language that connects your offer to reduced stress, improved health, and long-term savings.
💸 Repackage Smartly
Instead of raising prices across the board, test limited-time bundles, flexible memberships, or bite-sized services.
📊 Track Local Signals
Read your local business journal. Watch neighborhood layoffs or openings. Stay one step ahead of what’s happening on your block, not just in D.C.
📉 Final Thought
The labor market isn’t crashing — but it’s definitely not sprinting ahead anymore. For business owners, this is your cue to tighten up, tune in, and stay nimble. If you’re in the health space, you’re in one of the few sectors still growing, but that growth won’t be automatic.
It will go to the entrepreneurs who listen, adapt, and lead.
Here’s to staying always booked — even when the economy cools.
— Vincent
🧡 Need a smarter way to engage your clients and keep them coming back?
Vyten builds mobile apps for wellness businesses that increase retention, streamline scheduling, and drive referrals. Learn more → vyten.com
✉️ Forward this to a wellness friend who should be tracking the job market!
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