Google announced the release of its August 2023 core update, the first one since March 2023. The rank volatility patterns surrounding this update were peculiar and different from the typical spikes seen in previous updates. The overall rank volatility levels have been consistently high since mid-July, and the August update did not follow the usual trend of a spike in volatility. This indicates a high level of rank volatility not only during the August update but also in the surrounding period. Determining the impact of the update is complicated due to the interconnection of rank volatility patterns. The August 2023 update showed greater peak volatility compared to the March 2023 update, but considering the baseline rank volatility levels, it may not necessarily be stronger. The increase in rank volatility during the update was lower for the August update compared to the March update. However, there were more verticals showing a greater increase in volatility during the August update. The severity of ranking shifts during the August 2023 update was higher, with URLs moving approximately 3 positions up or down the SERPs compared to the average fluctuation of 2.7 positions in March. The update also led to a higher percentage of URLs ranking in the top 10 and 20 that were previously ranking beyond position 20. Overall, the August 2023 core update had a significant impact on rankings.

source: The Unique Rank Volatility Patterns of the August 2023 Core Update