A Solid Labor Market — Even If It Doesn’t Feel Like It

Jan 25, 2024ERE.net
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The U.S. labor market remains promising despite the strain of the pandemic, according to data from the Bureau of Labor Statistics. Key indicators aligning with this assessment include a falling jobless rate, rising wages, and increasing job openings. Although the current U.S. unemployment rate of 5.2% is higher pre-pandemic figures, it is much lower than the peak 14.7% of April 2020. Furthermore, wage growth has been accelerating, which may also help attract more job seekers. Additionally, the number of job openings has exceeded the number of unemployed individuals looking for employment. Thus, while the labor market still faces challenges, the positive indicators suggest a solid and recovering employment landscape.