Today's Article

"The labor market continues to 1fire on all cylinders."

The Labor Department's final 2unemployment reading of 2023 came in at 3.7%. 

"Overall, it looks like a very 3solid picture for the 4labor market to 5underlie that continuous consumer spending that drives the U.S. economy."

Areas like government healthcare and construction saw growth in December. Transportation and warehousing saw losses. Looking ahead into 2024, Andy Challenger of outplacement firm Challenger, Gray and Christmas says industries where 6hiring spiked during the Covid-19 pandemic like tech, will continue to 7shed jobs as the labor market cools. 

"As the economy and the world has moved into a post-Covid period, those industries that saw the biggest spikes are also the ones seeing the biggest cuts now." 

And while overall labor growth 8eased 9amid the Federal Reserve's rate hike campaign to 10temper inflation, challenger says job seekers should feel comfortable looking for new opportunities in 2024. 

"There are times when it is 11risky. This is a little bit more of a 12stable labor market that I think people can feel comfortable switching jobs." 

The December jobs report, 13pointing to a 14resilient job market 15in the face of the highest interest rates in 22 years.