From Fortune Magazine:

According to the Labor Department’s Friday report, December’s job gain exceeded November’s number, with a 3.7% unemployment rate.

Despite fewer job openings, employers have not laid off many workers. However, public dissatisfaction with the economy in light of higher prices presents a unique issue for policymakers.

Dissolving concerns of recession, the American labor market added 2.7 million jobs in 2023, despite the Fed’s decision to raise interest rates. The U.S. GDP grew by 4.9% from July to September, driven by strong consumer spending and business investment.

While Fed Chair Jerome Powell warned of hard times amid rising interest rates, the unemployment rate remains low, with the labor market still creating enough jobs to curb inflation.

Consumer prices have risen by 3.1% in November, which is lower compared to the 9.1% increase in June 2022. Despite concerns of a recession, the economy and labor market have remained strong.



Read more: December hiring grew by 216,000, surprising economists