Key Takeaways:

  • The labor market finished 2023 out strong.
  • The unemployment rate has stayed consistent. 
  • This is good news for our economy, as the labor market is finding a balance after a rocky year.

The labor market finished out strong in 2023, with hiring still on the rise and exceeding expectations. After a rocky year of ups and downs in the labor market, there is hope that it will finally find the balance it needs for the benefit of our economy. 

According to the U.S. Labor Department’s job report for December 2023, employers added 216,000 jobs and the unemployment rate remains at 3.7%. This concludes 2023 with 2.7 million jobs added, with an average of 225,000 jobs added each month. 
Stay tuned for more valuable data insights and predictions for WageScape. Interested to know how your company can gain valuable key insights of the labor market? Learn more about our compensation and labor insights today and stay tuned for the January pre-job report.