Posted 4/9/2024, 11:00:00 AM
US Job Market Defies Expectations, Continues Hot Streak Despite Warning Signs
- Economists are continually surprised by the strength of the US labor market, expecting it to slow down but it keeps exceeding expectations
- The current hot streak of low unemployment rates and high monthly job gains is highly unusual historically
- Some see worrying signs in job gains being concentrated in certain sectors and potentially unsustainable
- Reasons the labor market may continue strong still 1.7 million more openings than pre-pandemic, immigration surge fueling labor force growth
- While an eventual slowdown is expected, ongoing labor force growth is providing a tailwind for now