Posted 1/7/2024, 11:08:31 PM
Job Growth Stalls But Unemployment Steady, Signaling Slowing Economy Ahead
- Employment report for December shows contradictions - no job growth, but unemployment rate unchanged
- Broader trend points to loosening labor market conditions, like declining employment rate since spring
- Unemployment has been rising steadily since 5% rate in spring 2023
- Banks forecast unemployment rate to rise to 6.6% on average by end of 2024
- Despite wage growth spike in December, signs like declining goods employment point to easing wage pressures ahead