U.S. ECONOMY: Perhaps a “Soft Landing” After All?

Posted on December 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

YET- HEALTH CARE IS GROWING!

By Staff Reporters

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The US economy is looking like it could avoid a downturn and achieve a soft landing after all. US employers added a more-than-expected 199,000 workers to their payrolls last month, the Bureau of Labor Statistics said recently. The solid result calmed many analysts’ fears that a steeper economic slowdown is imminent due to the Federal Reserve’s earlier interest rate hikes. And, it brings us closer to the coveted “soft landing” scenario, in which the Fed tames inflation on the economy. For example:

  • The unemployment rate unexpectedly ticked down for the first time since July, to 3.7%.
  • Average hourly pay increased by 0.4% and is now up 4% for the year, beating the projected pace of annual price growth.
  • But the job market isn’t quite what it used to be

Last month’s 199-k jobs created were below the average of 240,000 added in the preceding 12 months. Plus, November hiring was confined to just a handful of industries:

  • Healthcare and the government were responsible for two-thirds of the headcount growth, adding 77,000 and 49,000 jobs, respectively.
  • The manufacturing sector gained 28,000 workers—but that was largely due to folks returning to work after striking against the Big Three automakers.
  • CITE: https://www.r2library.com/Resource/Title/082610254

Finally, in another sign that employers might be pulling back from on-boarding new people, the Labor Department reported earlier this week that job openings in late October were at their lowest since March 2021.

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