The U.S. economy exhibited resilience in 2023, adding 216,000 jobs in December and maintaining an unemployment rate of 3.7%. This outcome surpassed economists’ predictions of 170,000 new jobs, marking a strong year despite concerns over interest rate hikes potentially leading to a recession. December’s job gain extends the longest period of unemployment below 4% since the mid-1960s.
Despite robust job growth, there were downward revisions in past job gains, with November’s and October’s figures adjusted to 105,000 and 173,000, respectively. The average hourly wage rose by 4.1% over the year, outpacing November’s inflation rate of 3.1%. The robust labor market in 2023, with 2.7 million new jobs created, may impact the Federal Reserve’s decisions on interest rates, with a March rate cut now appearing less likely.
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