U.S. Job Growth Defies Recession Fears in 2023, Adding 2.7 Million Jobs
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The US labor market added nearly 2.7 million jobs in 2023, one of the highest totals in the last decade outside of the pandemic recovery years.
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The job market remained strong despite the Federal Reserve's aggressive interest rate hikes, defying expectations of recession-driven job cuts.
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The unemployment rate ended 2023 at just 3.7%, barely changed from pre-hike levels, thanks partly to more people re-joining the workforce.
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Prime-age labor force participation hit its highest annual average in 21 years at 83.3% in 2023 as the workforce continued to rebound.
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Wage growth remained resilient as well, with average hourly earnings rising 4.3% in 2023, the third highest increase since 2008.