U.S. Job Market Stays Resilient in 2023 Despite Economic Headwinds
• U.S. labor market produced strong job gains in 2023 despite high interest rates and cooling economy
• Unemployment rate below 4% for 2 years; wage growth outpaced inflation for first time in years
• December jobs report will provide final look at labor market strength in 2023
• Job gains partially fueled by strikes ending in November; could continue buoying December numbers
• Economists expect cooling in 2024 but layoffs remain low even as economy slows