Posted 1/4/2024, 2:09:00 PM
U.S. Job Market Shows Resilience in 2023 Despite Challenges, Adds 2.8 Million Jobs
- Economists predict 160,000 jobs were added in December, capping off 2.78 million jobs added in 2023 despite various twists and turns
- The job market saw historic gains in 2023, including record low unemployment rates for Black workers and record high labor participation among women
- 2023 saw a surge of worker strikes across multiple industries as tight labor market empowered workers to demand better pay and benefits
- Job openings declined but layoffs remained low in late 2023, indicating continued economic growth ahead
- Slowing job growth aligns with Fed’s plans to cut interest rates in 2023 after aggressive hikes aimed to reduce inflation