Conn. (WTNH_) — If landing a new job in 2023 is one of your resolutions, it’s important you’re looking in the right place. We’re Stretching Your Dollar with where jobs and wages are growing.
Economists said that while the U.S. economy produced jobs at a slower pace at the end of 2022, it’s still a solid job market. The U.S. economy added 233,000 jobs in December, down slightly from previous months. The unemployment rate dipped to 3.5% — a half century low.
Economists called it a “Goldilocks Report.”
“We’re seeing slower demand for labor but still a fairly robust labor market overall and we are starting to see some initial signs that wage growth is moderating which is really what the fed has been looking for in its fight against inflation,” Chief Economist of EY Parthenon Gregory Daco said.
So, where are the jobs?
The biggest job gains were in leisure and hospitality, health care, and construction. For all of last year, the economy added 4.5 million the jobs – the second most on record.
Wages rose 4.6% from the previous year, but well below a March peak of 5.5%. Still, consumers are struggling to pay bills with paychecks that are not keeping up with inflation.
Recent high-profile layoffs at companies including Amazon, Salesforce, Redfin, and Goldman Sachs signal a further slowdown ahead as businesses brace for a possible recession.
It’s important to make moves knowing this. The Fed predicts that the unemployment rate will rise to about 4.6% by the end of the year as it’s string of interest rate increases force companies to tighten their belts.