Most economists expect Friday’s numbers to show that hiring is solid but slowing, especially compared to the boom days of 2021-2023
Hurricanes and a big strike at Boeingthrew off the October jobs numbers, pushing them down and setting up a payback rebound in November that likely exaggerated the strength of hiring.
If the forecasters are right about December hiring, the American economy generated about 2.1 million jobs last year, not bad but down from 3 million in 2023, 4.5 million in 2022 and a record 7.2 million in 2021 as the economy roared back from COVID-19 lockdowns and massive layoffs in 2020. The unemployment rate is forecast to have remained at a low 4.2 per cent in December.
American workers enjoy unusual job security. Layoffs are running below the pre-pandemic trend. On Thursday, the Labor Department reported that just 211,000 people applied for unemployment benefits last week, the fewest in nearly a year.
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