The U.S. labor market has continued to add jobs at a pace that seems to have the market going in the right direction upwards. The unemployment rate has gone down to 3.5% which is a record low in over half a century. The department of labor reported that almost half a million jobs were added in January. With the nearly half a million jobs added the average hourly earnings have risen almost .5% since January. With these statistics going up the labor force participation rate has increased .1% since february which shows that the job market has not cooled down at all. This is positive news for our economy after Silicon Valley Bank was taken over by the government. The labor force continues to stay strong which shows promise for our economy which people were certain was doom to fail at this point. With the wages going up though we can expect to see a markup in many products and services. Gasoline prices are still going up and down at an unpredictable rate.
5 comments:
This is a good post and topic. It is positive news for the US economy since there have been struggles in the last few weeks. It's good that wages are also going up because that means that more people can support themselves because of the better wages.
The increase in job openings is very interesting considering the amount of layoffs we’ve seen in the mega corporations such as Amazon and Meta. This seems like a positive to small businesses which were hurting badly a few years ago due to COVID. As economic outlook remains bleak, the job market remains strong. It offers an assurance that the economy may not be in as much trouble as most people think. Only time will tell truly in which direction the economy is going.
I'm really curious to see what the Fed does now. They've been trying to cool down the economy especially the job market by increasing interest rates, however, the job market is obviously still hot. It'll be very interesting to see whether the Fed throws in the towel or keeps raising rates.
Overall, great post! As someone about to graduate in a couple of weeks, I have personally noticed a lot of entry level job openings that relate to economics, which is a good sign for all of us (hopefully!).
It is interesting to see how the economy is adding jobs given current economic conditions. In 2023 we have seen significant layoffs in the tech industry and recent layoffs in the financial sector. It will be interesting to see how the labor market will be impacted in the rest of 2023
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