The latest reports surrounding the job market showcases the resilience of the U.S. economy.
A report from the Labor Department showed that December’s job gain exceeded the 173,000 that were added in November.
For North Carolina, the U.S. Chamber of Commerce reported that North Carolina’s labor market made significant strides to recovery and showed continuous signs of improvement last year.
In August, the state’s unemployment rate improved to 3.3%, while the labor force participation rate is nearly at pre-pandemic levels, according to the U.S. Chamber of Commerce.
“We’ve lived through something quite unprecedented, which is such a large increase in interest rates and such a sharp drop in inflation without a meaningful increase in unemployment,” Julia Pollak, senior economist at ZipRecruiter, told CNN. “It’s never happened before.”
According to Pollak, the latest report also showed that the labor market and the economy remain at a turning point, with a possibility of interest rates coming down from 22-year highs.
“We are seeing the labor market slow pretty substantially,” Pollak told CNN. “The underlying rate of job growth is around 150,000/140,000, and that will continue to gradually slow in the coming months until the Fed takes its foot off the brake pedal.”
Read more at CNN.