The labor market’s continued strength helped fuel consumer spending and economic growth during the past 12 months.
The job market has indeed cooled down but did not derail despite 11 Fed hikes that brought the benchmark interest rate 5 percentage points higher in under two years’ time.
“We’ve lived through something quite unprecedented:
A large INCREASE IN INTEREST RATES.
A SHARP DROP IN INFLATION
WITHOUT MEANINGFUL INCREASE IN UNEMPLOYMENT.
“It’s NEVER HAPPENED BEFORE.” (Ziprecruiter)
Let’s hope 2024 is just as good!
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