After four long years of tumultuous market trends, it would seem the US job market is finally starting to return to something resembling its pre-pandemic stability. Looking back on some of the predictions made last year regarding the possibility of a recession, it’s safe to now say experts were right when suggesting the economy was in for a ‘soft landing’.
While the inflation rate still hovers around 3.4%, which is higher than the central bank’s target of 2%, economists are very pleased with how the US recovered after the disastrous inflation and unemployment peaks of the last few years. According to Brett House, economics professor at Columbia Business School, “We already have a soft landing. The Fed has threaded the needle of the economy very artfully.”
Not only did the gross domestic product grow at a faster rate than expected, but the job market remained steady into the end of last year, which seems to have led to more reasonable consumer spending. With this positive outlook in mind, let’s take a closer look at some of the specific trends and predictions we see on the horizon for the coming year.
Thankfully, it seems the situation is finally starting to balance out, with companies looking to strengthen their existing workforces and workers staying in their current positions instead of hopping from job to job.
Additionally, the unemployment rate remained unchanged from November to December, at 3.7%, and job gains were quite a bit higher than projected for the last month of the year, which is great news.
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