Posted 12/20/2023, 10:06:18 PM
U.S. Unemployment Hits Record Low in 2022 as Job Market Tightens Dramatically
- The annual unemployment rate for 2022 fell to a record low of 7.6%, according to Bureau of Labor Statistics data
- 13 million people experienced unemployment in 2022, down from 16.1 million in 2021
- The labor force grew by 2.1 million people in 2022 as more people looked for work
- Job openings surged in 2022, fueling the "Great Resignation" phenomenon
- The tight job market may have contributed to surging inflation that peaked at 9.1% year-over-year in June 2022