To close out 2023, the economy added 216,000 new jobs in December, exceeding the expectations of economists and finishing off a strong year for the economy.
The year’s steady job growth has continued despite high interest rates implemented by the Federal Reserve in an attempt to combat inflation (that is largely supply-driven).
Although unemployment increased slightly over the course of 2023, it has now remained below 4 percent for nearly two full years—with December’s unemployment rate sitting at 3.7 percent.
In an otherwise stable jobs report, December saw a slight decrease in labor force participation. Read more on the details of this month’s data from the Roosevelt Institute’s director of macroeconomic analysis, Mike Konczal.
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