U.S. Job Market Still Resilient Despite Early Signs of Slowing in January
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Economists forecast 176,500 jobs added and unemployment rate rising slightly to 3.8% in January jobs report, showing continued labor market strength.
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Layoffs announced in January declined 20% from last year, but were highest for January since 2009, indicating some weakness.
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Quit rate is at lowest level since fall of 2020 as job switching incentives fade, forcing companies to cut staff.
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US productivity grew solid 3.2% in Q4, helping ease inflationary pressures.
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Job growth remained resilient in 2022, concentrated in healthcare, hospitality and public sector recently, showing vulnerability if those sectors weaken.