Unemployment Hits Record Low in 2022 as Job Market Strengthens, But Inflationary Pressures Build
• The annual unemployment rate for 2022 fell to a record low of 7.6%, showing the strength of the job market • 13 million people experienced unemployment in 2022, down from 16.1 million in 2021 • Labor force participation increased in 2022, with 2.1 million more people working or looking for work • The "Great Resignation" gave workers confidence to quit jobs seeking better pay and conditions • While strong job growth helped the economy rebound, it may have contributed to surging inflation