November 2023 U.S. Labor and Jobs Report
The U.S. economy continues to hum, with surging growth in the third quarter fueled by strong consumer spending. Wage growth has now exceeded inflation for some time, allowing rising real incomes to support demand, and Morning Consult’s high-frequency labor data suggests there is no reason to suspect this would change in the near term. The incidence of lost pay or income is low, job search activity is rising and workers are feeling confident in their bargaining power. Morning Consult data aligns with recent Bureau of Labor Statistics data showing a robust job market. In September alone, the U.S economy added 336,000 jobs, with the unemployment rate steady at 3.8%.
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