US labour market – no sign of a major slowdown underway — Bill Mitchell

Last Friday (December 8 , 2023), the US Bureau of Labor Statistics (BLS) released their latest labour market data – Employment Situation Summary – November 2023 – which showed payroll employment rising by 199,000 which is a good sign. The unemployment rate also fell as employment growth outstripped the growth in the labour force – down to 3.7 per cent (from 3.9 per cent). The participation rate rose by 0.1 point, indicating optimism among workers. I see no sign of a major slowdown emerging. Real wages have also started rising – modestly.

William Mitchell — Modern Monetary Theory
US labour market – no sign of a major slowdown underway
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia