Posted 1/18/2024, 7:26:56 PM
Overly Optimistic Job Growth Predictions Clouding 2023 Economic Outlook
- Job gains in 2023 may have been overestimated, with 400,000 fewer jobs added than initially reported
- Overestimated job gains undermine optimism about 2023 GDP growth and 2024 stock market outlook
- Fewer jobs means less money for consumers to spend, threatening corporate earnings rebound
- Job growth concentrated in just a few sectors instead of widespread
- Weaker employment outlook casts doubt on Wall Street profit forecasts for 2023